Complementary & Alternative Medicine Market Is Expected To Accomplish A Valuation Of Around USD 296.3 Billion By 2027

Inhale the future, exhale the past….

So goes a saying in yoga, which means to embrace the present and what’s about to come, and leave the past behind and every baggage that came with it. It goes without saying that Yoga has widely come to be integrated into many a person’s daily routine, crossing the boundaries of both region, and religion. However, it is not only yoga that has captured the attention of the global citizen. Tai-chi, homeopathy, Ayurveda and reiki are some of the other phenomenon that have caught the world by storm. Exactly what are they, and how have they managed to convince people to practice them?

To answer simply, they are all forms that come under the concept of Complementary and Alternative Medicines (CAM). The next question would be, what exactly is this ‘CAM’? Simply put, complementary and alternative treatment include a number of traditional medicinal treatments where a disease is attended to with the help of organic products, natural methods, and faith healing. They are generally used in the treatment of chronic ailments and pains.

CAM - On A Blazing Trail…

Most prominent forms of complementary and alternative medicine in usage include application of ayurvedic medicine and naturopathic treatment, acupuncture, mind/body healing, yoga and magnetic intervention. Ayurveda and Naturopathic treatment involves usage of nature derived products that are believed to possess therapeutic properties for various medical conditions. Although the various forms of alternative medicine seem to be viable treatment options, they seldom have any documented and/or approved backing from any clinical data, and work on word-of-mouth and personal faith.

The complementary and alternative medicine market has been classified according to the medium of their application, that is, whether they are traditionally used, or body healing, external energy, mind healing, or through the use of diet and herbs. Another form of treatment is through the senses.

Traditional complementary and alternative medicine - Includes therapies and practices that have been practiced for centuries, and are more mainstream as compared to other CAM types. Examples are acupuncture, Ayurveda, homeopathy, naturopathy, and Chinese or Oriental medicine. 

Body healing - Is based on the idea that injury or illness in one area of the body adversely affects other bodily functions. Steps involve the use of manual manipulation so that the other body parts can be brought back to their normal functioning, which would allow full focus on the actual site of injury or illness. Often, body healing techniques are combined with those of the mind. Examples of this type include massage, tai chi, yoga, body movement therapies, and chiropractic & osteopathic medicine.

Diets and herbs - Today’s society is plagued with health issues on account of the shift towards food substances that are rich in oils, fats and complex carbohydrates. Previously, a person’s diet simply consisted of fruits, meat, vegetables and grains, which provided high nutritional value to the body. That is why this complementary and alternative medicine technique is making a big return, especially among the current working population who really need to maintain their physique and health. The approach includes herbal medicines, dietary supplements and nutrition/diet.

External Energy - It is an age-old ad popular belief that external energies from various sources have a direct bearing on a person’s health. Techniques such as electromagnetic therapy, Reiki and Qigong help in quietening the mind and removing and releasing the blocked energies, thus helping the body, mind and spirit to reach balance and harmony.

Mind - A healthy mind resides in a healthy body, it is said. There’s no better way to put forth the dependence that one has on other. This is even recognized by conventional science, and studies have proved that the healing process is faster and smoother if a person has positive emotional and mental health. Meditation, biofeedback and hypnosis are some of the techniques that are involved in the exercise of the mind.

Senses - A relatively different approach in the complementary and alternative medicine market that makes use of art, dance and music forms, as well as visualization and guided imagery, to improve overall health. This technique makes use of the five human senses of touch, sight, hearing, taste and smell.

Alternative Medicine and Advancements

These treatment forms have a history that dates a long way back into time and a number of them have documented origins in key Asia Pacific countries like India, China, and Japan. The techniques were limited to Asian countries for a considerable amount of time; however, they have rapidly gained popularity almost all over the world. Earlier, the practitioners of complementary and alternative medicines were considered as quacks; however, now it is rapidly being recognized across the globe as a genuine practice, with licensing being applied in this space.

A study by the National Center for Health Statistics (NCHS) and the NCCIH in 2017 found that in the United States:

• Adults showed an increase in the usage of complementary health practices, when compared to 2017.
• Yoga, meditation and chiropractorvisits all witnessed a rise in these five years, with meditation showing a three-fold increase from 4.1% in 2012 to 14.2% in 2017.
• Gender-wise, all of these alternative complementary and alternative medicine approaches have seen a higher acceptance in the female population of the country, with yoga showing the highest disparity in terms of percentage adoption in males and females (6% for males vs. 19.8% for females).

Alternative medicines have seen both support and opposition in every country. Several governments are taking steps to introduce alternative medicine as legal form to improve lives of people. For instance, the government of India launched the “AYUSH” ministry in 2014 that is expected to support and develop alternative forms of medicine and improve the medical tourism in the field of alternative medicine. The department saw huge allocation of funds in the 2017-18 budget, to the tune of ₹ 1428.7 crore. Several scientific bodies are striving to develop scientific support for the claims made by naturalists and followers claiming the medical effects of complementary and alternative medicine.

There have also been many incidents where complementary and alternative medicine practices have been used illegally, as in a recent case of a practitioner in the U.S. state of Virginia who was caught practicing without a license, leading to him being sentenced to 12 months in jail. Also, with the growing threat of coronavirus, there has been a boom in the number of false claims about alternative medicines helping in combating the virus without any substantiated proof, which is harming the image of genuine complementary and alternative medicine practices.

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Complementary And Alternative Medicine: Market Snapshot

A recent report by Grand View Research has projected the complementary and alternative medicine market to be worth USD 296.3 billion by 2027, progressing at an astonishing CAGR of almost 20%. The key drivers impacting the growth of this industry include:

• Increasing adoption of alternative medicine across developing countries
• China and India have heavily contributed to the growth of the Asia Pacific region, and are expected to continue generating major revenue
• A rapid rise in the number of trained physicians in complementary and alternative medicine space is expected to shift patient preference towards these forms of treatment
• Integration of technological advancements
• Government initiatives to improve and provide scientific back-up

We have segmented the Complementary And Alternative Medicine market based on intervention type for which it is used:

Botanicals (Ayurveda, Naturopathy and Homeopathy), Acupuncture, Mind, Body & Yoga and Magnetic Intervention. Botanicals held a significant share in 2019 and are likely to grow at a steady CAGR over the forecast years, while magnetic intervention has been projected to show fastest growth through 2027.

The market is also segmented on the basis of distribution channels, into direct sales, e-sales and distance correspondence, wherein direct sales have dominated with almost three-quarters of the market share.

Some of the major complementary and alternative medicine market players include Nordic Nutraceuticals, Columbia Nutritional, Ramamani Iyengar Memorial Yoga Institute, Herb Pharm, John Schumacher Unity Woods Yoga Centre, Pure Encapsulations, LLC., The Healing Company Ltd, AYUSH Ayurvedic Pte Ltd, and Sheng Chang Pharmaceutical Company.

The U.S. state of Los Angeles saw a listing platform called “WellSet” being launched in March 2020, which caters to the alternative and holistic healthcare market. The service makes it easy for customers to find acupuncturists, therapists, nutritionists, life coaches and the likes for their line of complementary and alternative medicine treatment.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Structural Heart Devices Market Trends, Company Share, Industry Growth And Future Scope

It’s a well-known fact that heart defects have gripped a large proportion of the world population, as the harms of following unhealthy lifestyle habits have started to take a toll on people’s health. With surgeries related to structural heart diseases on the rise, structural heart devices have proved mightily helpful in medical scenarios.

Some Quick Facts….

• Nearly 5 million Americanscurrently are suffering from congestive heart failure. Approximately 550,000 new cases of CHF are discovered in the S. each year.
• A report by the American Heart Associationstated that 1 out of 3 Americans in 2016 succumbed to cardiovascular diseases, of which CHD and heart failure were responsible for more than half of those deaths.
• Nearly one out of 100 births(i.e., 40000 births) in the United States every year is affected with CHD, with one-fourth of these babies suffering from critical CHD.
• Diseases of the heart have been the major cause of deaths not only in the US, but also worldwide, with WHO stating them as the leading global cause of death. The total number of people who succumbed to CVDs stood at 17.9 million in 2016 globally

All these figures are indeed a cause of concern for us common citizens. A good proportion of the global population is focused on following a healthy lifestyle. However, still more are stuck on an unhealthy one, which act as an open invitation to such diseases. Most structural heart conditions are congenital, but they may also be acquired later in life.

Structural Heart Devices Have Opened New Avenues In Treatment

Till some time back, the way of treatment for such conditions was an open heart surgery. However, catheterization has since surpassed it. The presence of the structural heart devices market has provided surgeons the advantage of performing minimally invasive procedures. Transcatheter procedures are preferred over open-heart surgeries due to advantages such as lesser recovery time and procedural risk. It also avoids cardiopulmonary bypass, which reduces risk, thereby giving enhanced patient care. Operator expertise adds to the improved results of these procedures as compared to open-heart procedures. Also, patients incur less expenses owing to the shorter stay in the hospital.

Positive clinical evidence of structural heart devices are resulting in their increased use in the treatment of CHD. Similarly, other data supporting the results such as the STS National Database and American Heart Association Abstracts also encourage surgeons to conduct these procedures. Guidelines by the American College of Cardiology, American Stroke Association, and American Heart Association also standardize the procedures, thereby reducing the intraoperative risks and improve the outcomes of the surgeries.

Types Of Structural Heart Devices

Structural heart devices are classified into four types - surgical aortic valve replacement (SAVR), transcatheter aortic valve replacement (TAVR), mitral repair, and left atrial appendage closure (LAAC).

• Surgical aortic valve replacement (SAVR)- It is a type of open heart surgery that is performed in order to replace a diseased aortic valve. Typically, the process is more invasive than TAVI and need the patient to be placed on a heart and lung machine, under general anesthesia.
• Transcatheter aortic valve replacement (TAVR)- This is a minimally invasive procedure for replacing a narrowed aortic valve that does not open properly (aortic valve stenosis). TAVR is also known as transcatheter aortic valve implantation (TAVI). It can be performed on patients at intermediate or high risk of complications from SAVR, as well as certain people who cannot undergo open heart surgery.
• Mitral repair- Also known as annuloplasty. It is a procedure for tightening or reinforcing the annulus around a heart valve. The procedure can be performed during open-heart surgery as well as minimally-invasive heart surgery.
• Left atrial appendage closure(LAAC) - A procedure that closes the opening of the left atrial appendage. This is recommended in cases of atrial fibrillation, wherein the blood cannot be effectively squeezed out from the left atrium, leading to its collection in the left atrial appendage, increasing chances of a stroke.

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Shining A Light On The Structural Heart Device Market Scenario

Aging population is driving the overall healthcare segment across the globe. Moreover, increasing focus on the quality of life of this group is further boosting the health care space, which extends to the structural heart devices industry. Cardiac disorders are highly common and people are aware of the consequences and readily seeking treatments for the same. These defects may be present at birth or may occur late in life due to wear & tear of the tissues. This adds to the already existing lifestyle diseases related to heart and results in occurrence of stroke. Thus, operations to reduce the risk of stroke are gaining roots in the market, which is expected to drive the structural heart devices market.

Asia Pacific is expected to be the most lucrative region for the industry. This can be attributed to the rapidly increasing geriatric population, presence of a large patient base, growing awareness & increased healthcare expenditure, and efforts of industry players to enter the market by introducing new products. North America held the largest share in the structural heart devices market in 2016, while it is expected to maintain its dominance over the coming years, with a strong preference for minimally invasive procedures factoring in its growth in the region. 

Competitors Stepping Up Their Game

Several regional and international players are operating in the structural heart devices market. Some of the key players are Biomerics, Boston Scientific Corporation, Medtronic, CardioKinetix, Edwards Lifesciences Corporation, Abbott Laboratories, LivaNova PLC, Comed BV, JenaValve Technology, Inc., and ST. JUDE MEDICAL. Key developments that the structural heart devices industry has seen in the past year include:

• In December 2019, Biomericsand ATL Technology dissolved their joint venture Biomerics ATL LLC, with the former purchasing ATL Technology’s interests in the JV. The business unit will be renamed as Biomerics CRI. The Biomerics ATL JV began with the asset acquisition of CRI Medical, and its facilities in Indiana and Costa Rica in 2018.
• In August 2019, the US FDAapproved Medtronic’s Evolut™ Transcatheter Aortic Valve Replacement (TAVR) system for patients with symptomatic severe native aortic stenosis, who are at a low risk of surgical mortality. The approval comes on the back of a multi-center Evolut Low Risk Trial that monitored and evaluated 3 valve generations in more than 1400 patients.
• In March 2019, Boston Scientificreceived the CE Mark for its next-generation WATCHMAN FLX™ Left Atrial Appendage Closure Device, paving way for a limited market release in Europe. The device is intended to reduce stroke risk in people with non-valvular AF.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Biotechnology Market to Account for USD 727.1 Billion by 2025

Buddha is quoted as saying that “Change is the only constant thing in life” and everybody knows that a growling engine of change in modern age is - Technology. It has the potential to build upon existing systems or completely overthrow redundant tech and substitute them with a modern efficient technology. Biotechnology is one of the shining examples of this phenomenon and will continue to be so until a long time.

What Exactly is Biotechnology?

‘Biotechnology’ is the broad area of biology, involving living systems and organisms and deals with biological processing of those living organisms & systems to develop new technologies. It also exploits cellular & biomolecular processes to create new products & technologies. This leads to improvement in the health of consumers and the planet boosting the growth of Biotechnology market. Along with many things, it also deals with Tissue engineering, DNA sequencing and Nanobiotechnology.

Biotechnology covers broad aspects in the utility arena. Although, it is used in several field, its apt usage is in four sectors, namely, Health care (Medical), Crop production and Agriculture, Non-food (Industrial) uses of crops and other products (e.g. biodegradable plastics, vegetable oil, biofuels), and Environmental uses.

For example, one application of biotechnology is the directed use of microorganisms for the manufacture of organic products (examples include beer and milk products). Another example is using naturally present bacteria by the mining industry in bioleaching. Biotechnology is also used to recycle, treat waste, clean-up sites contaminated by industrial activities (bioremediation), and also to produce biological weapons.

Its Role

Biotechnology is rooted in the science of microbiology, genetics, animal cell culture, embryology, cell biology, etc. The technology provides breakthroughs, developments, and products in biofuels, agricultural biotechnology, regenerative medicines, vaccines, and so on.

Biologists study cell functions & structure to get a better understanding of proteins, genes, and cells. The same helps fight orphan diseases, reduces carbon footprints, and provides cleaner energy. In addition, products developed from the technology boosts food sources, combats pollution, and improves nutritional health.

Its role in following sectors is quite prominent.

Healthcare (Medical): Biotechnology has been leveraged by the R&D professionals to bring more efficiency to medical practice and invade into arenas untouched by medicine. Technologies like Bioinformatics, Nanobiotechnology and DNA sequencing among others, has been of a big help. For example, Biotechnology has contributed to the discovery and manufacturing of traditional small molecule pharmaceutical drugs as well as drugs that are the product of biotechnology – biopharmaceutics. Modern biotechnology can also be used to manufacture existing medicines relatively easily and cheaply.

When it comes to health, genetic modification by biotechnology is also something to be highlighted. It has been applied in modifying the genetic structure of Mosquitoes (GM), resulting in the increase of capability to fight the outbreaks of harmful vector-borne diseases like Zika, Dengue and Malaria etc.

Crop production and Agriculture: Genetically Modified (GM) crops are developed with the help of biotechnology and has proved its worth in raising the yield of crops in the countries battling hunger and poverty. For example, Countries; like Burkina Faso, Nigeria, Egypt, South Africa, and Sudan are cultivating genetically engineered crops; such as Bacillus thuringiensis (Bt) cotton, corn, cow pea, nitrogen, water efficient rice, etc. Apart from this, scientists have also developed 3-D printed biotechnological CellPods that incubate seeds and accelerate their growth (with the help of adequate sunlight, air, & nutrition).

Non-Food (Industrial) Uses: Biotechnology is used in industries worldwide to develop several products, i.e.textile, fermented food products, paper and pulp, detergents as well as chemicals among others. Also, Genetically Modified Organisms (GMOs)

have been developed to enhance the diversity of applications and economic viability of industrial biotechnology.

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Nowadays to alleviate the problems of growing plastic waste, Biotechnology is also being leveraged to develop biodegradable plastics. This provides a huge push to the climate change initiative.

Environmental Uses: - With growing concerns regarding the environment nowadays, countries are looking towards biotechnology for new developments and remedies and biotechnology answers! Bioremediation is a fine example of leveraging biological organisms to treat waste and oil spillage in the seas and oceans.

How is the market faring?

The global biotechnology market size is expected to reach USD 727.1 billion by 2025, at a CAGR of 7.4%. This shows the amount of potential this market has in the current time. The key players in the markets are putting pedal to the metal and investing heavily to cater to the growing need of biotechnological demands.

Key players are Johnson & Johnson Services, Inc., F. Hoffmann-La Roche Ltd, Pfizer, Merck & Co., and Sanofi among others. Mergers, collaborations, and manufacturing activities are the key strategies adopted by them to gain shares.

Recent Developments

• San Diego’s Eurofins Discoveryand Shanghai-based PharmaResources are joining forces to combat issues of lack of speed and efficiency in drug development arena.
• Sanofi's BTK inhibitor SAR442168 hit the primary endpoint in trial of relapsing multiple sclerosis patients, emboldening the French pharma to plot out a broad phase 3 program.
• Rochereported data from the spinal muscular atrophy trial it hopes will establish it as a rival to Biogen and Novartis in the disease.
• MaaT Pharmahas raised an €18 million ($20 million) series B round. The financing equips MaaT to wrap up a phase 2 trial of its lead microbiome therapy in graft-versus-host disease (GVHD) while expanding into solid tumors.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Market For Project Portfolio Management Industry to Witness Tremendous Growth and Expansion by 2027

Project Portfolio Management Market Growth & Trends

The global project portfolio management market size is anticipated to reach USD 11.4 billion by 2027, registering a CAGR of 13.4% from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing trend of bring your own device (BYOD) among businesses is expected to improve employee productivity and real-time project monitoring, thereby, making it feasible to implement project portfolio management (PPM) solutions. Multi-regional businesses are fueling the demand for project portfolio management solutions to foster effective decision-making and prevent complexities. Extensive use of PPM solutions in data analytics to offer convenient services to customers at low costs in the BFSI and IT and telecom sectors is anticipated to drive the market growth.

The global rise in urbanization and digitization has made businesses to switch toward using technology driven solutions to meet the rapid pace of business growth. Emerging businesses that adopt cloud-based services, mainly in developing economies such as Asia Pacific, are expected to fuel the PPM market growth over the forecast period. Furthermore, facilities such as low setup costs, improved security, and increased collaboration opportunities, provided by the cloud-based solutions are expected to increase business productivity and overall growth of an organization.

Project-intensive organizations across different industry verticals have recognized the advantages of the PPM solution and have employed it to automate and simplify several operations and efficiently manage project lifespan. The PPM solution offers managers and organizations with the capability to see the big picture, confirming the use of best practices, principles, solutions, and standards during the project lifespan. For organizations handling multiple simultaneous projects, the PPM solution allows the right set of resources to complete them on defined budget and deadline. Thus, the benefits offered by PPM solutions are propelling the growth of this market.

Access Research Report of Project Portfolio Management Market@ Project Portfolio Management Market Report

Project Portfolio Management Market Report Highlights

• With the evolving business requirements, customers are looking for innovative solutions and services to manage their IT infrastructure, leading to companies adopting various support services. Hence, the service segment is anticipated to grow at a faster pace by 2027
• The cloud management segment is anticipated to witness high adoption over the forecast period, as the deployment of cloud-based solutions stimulates easy service delivery owing to their virtual presence that aids organizations in accessing data anytime, across connected devices
• The Small and Medium Enterprise (SME) segment is expected to witness a high growth rate over the forecast period owing to rapid growth of SMEs in emerging economies such as India and China and increasing proliferation of IT services
• The BFSI segment is expected to grow at a rapid rate over the forecast period due to increasing complexity in banking operations owing to increased multi-regional operations and outsourcing activities
• The project portfolio management market demand in Asia Pacific region is anticipated to grow remarkably by 2027, due to emerging SMEs and increasing adoption of BYOD culture in the region
• The key industry participants include Broadcom; Celoxis Technologies Pvt. Ltd.; Changepoint Corporation; HP Development Company, L.P.; ServiceNow; Planview Corporation; Planisware; Microsoft; Oracle; and Workfront, Inc.

Project Portfolio Management Market Segmentation

Grand View Research has segmented the global project portfolio management market based on offering, deployment, enterprise size, end use, and region:

Project Portfolio Management Offering Outlook (Revenue, USD Million, 2016 - 2027)

• Software
• Service
  • Integration & Deployment
  • Support & Maintenance
  • Training & Consulting

Project Portfolio Management Deployment Outlook (Revenue, USD Million, 2016 - 2027)

• Cloud
• On-premise

Project Portfolio Management Enterprise Size Outlook (Revenue, USD Million, 2016 - 2027)

• Large Enterprise
• Small & Medium Enterprise

Project Portfolio Management End-Use Outlook (Revenue, USD Million, 2016 - 2027)

• BFSI
• Government
• Engineering & Construction
• Healthcare
• IT & Telecom
• Others

Project Portfolio Management Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
• Middle East & Africa

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Automotive Embedded Telematics Market to Partake Significant Development During 2018 to 2025

The global automotive embedded telematics market size is expected to attain a valuation of USD 37.69 billion by 2025, according to a study conducted by Grand View Research, Inc. It is anticipated to expand at a CAGR of 20.9% over the forecast period. Increased demand for real-time vehicle tracking and advanced driver safety features are some of the factors expected to drive the market growth.

The automotive embedded telematics market is expected to witness significant growth over the forecast period on account of the provision of customization options such as bundled packages, pay-per-use services, and premium subscription services. Moreover, government regulations such as eCall by the European Union (EU) in 2018, CONTRAN 245 by Brazil in 2013, and ERA-GLONASS by Russia in 2013 have encouraged the adoption of these systems.

The increasing volumes of passenger and commercial vehicles and demand for improved in-vehicle connectivity in the Asia Pacific region are expected to accelerate the market growth. The installation/inclusion of features such as automatic collision notifications, hands-free calling, and driver assistance in connected passenger and commercial vehicles further encourages the growing adoption of automotive embedded telematics systems. Introduction of navigation services, along with the implementation of data services such as application-based services, content management, among others are anticipated to further fuel the demand in near future.

Stringent government regulations concerning the safety of passengers have necessitated Original Equipment Manufacturers (OEMs) to install security systems in vehicles. The European Union mandated the inclusion of an eCall alarm system in all passenger cars and light commercial vehicles produced post May 2018. The regulation applies to all new cars manufactured in Europe. In addition to instantaneous deployment of airbags, the eCall system automatically places a call to an emergency response center in the event of an accident or other emergencies. The GPS installed in the car is used to determine the vehicle’s location to facilitate immediate deployment of emergency assistance to that location. Such favorable government policies are anticipated to contribute to the market expansion in the forthcoming years.

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Further key findings from the study suggest:

• Automotive manufacturers are apportioning considerable investment capital and dedicating company resources towards developing autonomous vehicles. This is anticipated to lead to a subsequent rise in the adoption of automotive embedded telematics systems
• Key companies in North America including Verizon and Mix Telematics are developing various advanced solutions in the automotive embedded telematics market and thus expected to encourage regional market growth in near future
• Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period and is projected to reach USD 13.0 billion by 2025
• The key market participants include Ford Motor Company, Continental AG, General Motors, TomTom Telematics BV, Hyundai Motor Company, Toyota Motor Corporation, MiX Telematics International Ltd., INFINITI Motor Company Ltd., BMW AG, and Verizon Connect, to enumerate a few.

Grand View Research has segmented the global automotive embedded telematics market based on component, solution, application, and region:

Automotive Embedded Telematics Component Outlook (Revenue, USD Million, 2014 - 2025)

• Hardware
• Service
• Connectivity

Automotive Embedded Telematics Solution Outlook (Revenue, USD Million, 2014 - 2025)

• Safety & Security
• Information & Navigation
• Entertainment
• Remote Diagnostics

Automotive Embedded Telematics Application Outlook (Revenue, USD Million, 2014 - 2025)

• Passenger Cars
• Commercial Vehicles

Automotive Embedded Telematics Regional Outlook (Revenue, USD Million, 2014 - 2025)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
• Middle East & Africa (MEA)

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Secure Logistics Market Expected to Witness a Sustainable Growth over 2025

The global secure logistics market size is anticipated to reach USD 109.25 billion by 2025, according to a new report by Grand View Research, Inc. ATMs play a vital role in maintaining the core banking touchpoint with consumers. Initially, ATMs were introduced to reduce congestion in branches. However, the types of services provided at ATMs have expanded significantly.

According to the World Bank statistics, in 2014, 62% of the world’s adult population had a bank account compared to 51% in 2011. The increasing trend toward introducing cash recycling ATMs is likely to accelerate the ATM market. Economic size and population density have a positive impact on the financial sector. The densely populated countries have a higher ATM penetration and higher geographic branch.

The transport companies are operating under increasing financial challenges, including fuel prices and various natural disasters. The transport companies are experiencing low-profit margins that enabled industries to have repeated business from a satisfied customer. The lack of appropriate security personnel, coupled with the lack of appropriate training, would delay the detection of stolen freight and incur more loss to firms. Transport security encompasses maritime, aviation, air cargo supply chain, and mass passenger transport system.

Transport industry players are acting as transnational companies, offering international freight service across the globe. This increased the risk of terrorist activities seeking to cause mass casualties and economic damages. In Australia, the air cargo supply chain security is regulated under the Aviation Transport Security Regulations 2005 and Aviation Transport Security Act 2004. Lack of law targeting organized theft of freight is expected to restraint the industry demand over the forecast period.

Though majority of companies have implemented up-to-date technologies to track goods over the Internet, they still suffer losses through theft or compliance owing to various reasons including laziness and lack of time for the employees. Companies are providing training for contractors and employees about freight handling and risk analysis to reduce the shrinkage.

However, the increasing penetration of mobile payments is likely to restrain the market growth. Emerging markets, such as Japan, India, China, Taiwan, Malaysia, and Japan, are localizing their content for mobile platforms for maximizing their potential sales. The NFC technology is widely used at pay terminals using mobile devices. Retailers such as Macy’s (U.S.), Walgreens Company (U.S.), and Target Corporation (U.S.) have started using the technology with Google Wallet.

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Further key findings from the report suggest:

• The increasing use of Transportation Management System (TMS) to process a high volume of shipments is likely to spur the market growth
• The diamonds, jewelry & precious metals application is anticipated to witness a significant growth with a CAGR of over 8.9% over the projected period
• The static type is anticipated to dominate the market in terms of revenue in 2015 owing to the increasing need for manned guard for various applications
• The rapid expansion of banking and financial institutions is expected to drive the Asia Pacific region demand
• The key players in the secure logistics market include Loomis (Sweden), Lemuir Group (India), GardaWorld Corporation (Canada), and Maltacourt Global Logistics (UK)
• The secure logistics industry is currently going through a consolidation phase and companies are adopting M&A activities to stay ahead of competition

Grand View Research has segmented the secure logistics market on the basis of application, type, and region:

Secure Logistics Application Outlook (Revenue, USD Billion, 2014 - 2025)

• Cash management
• Diamonds, jewelry & precious metals
• Manufacturing
• Others

Secure Logistics Type Outlook (Revenue, USD Billion, 2014 - 2025)

• Static
• Mobility

Secure Logistics Regional Outlook (Revenue, USD Billion, 2014 - 2025)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Mexico
  • Brazil
• Middle East and Africa (MEA)

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Smart Speakers Market to Witness a Pronounce Growth During 2018 – 2025

The global smart speakers market has seen accelerated growth in recent years, and according to a recent report by Grand View Research, is expected to be worth USD 39.3 billion by the year 2025, advancing at a significant CAGR of 38.7% during this period. Smart speakers make use of voice recognition technology, which makes it possible for the speaker to understand the commands and accordingly act upon them. All the speakers may have a default ‘wake word’, through which they become activated and indicate that they are ready to perform the duties asked. Some of the most well-known smart speakers in the market come from Microsoft (Cortana), Apple (Siri) and Amazon’s Alexa.

Smart speakers have witnessed continuous modifications in their technology so as to be able to become more multifunctional, which has led to high attractiveness from the consumer side. According to a Pew Research survey conducted in June 2019, 25% of the adult population in the US said that they possess a smart speaker in their homes, although the younger adult population has been more embracing of this technology than the older adults. In the same period, Strategy Analytics data revealed that over 20% of the UK households owned a smart speaker, while Germany had smart speakers in 4.8 million households, amounting to 9.5 million potential users.

Smart speakers are being used for informative, entertainment and leisure purposes, with a voice survey by Adobe in early 2019 revealing that 74% of the users in the US used these speakers for playing music, while weather forecast was the next most popular activity at 66%. In comparison, shopping for items witnessed a fall in percentage as compared to their previous survey in August 2018. Automation of domestic activities and the appeal of human-machine interactions has also given the smart speakers market a huge push. Consumers in developed economies such as Western Europe and the United States are increasingly preferring the smart home concept, which is expected to accelerate demand for this market.

Some of the challenges the market faces include the growing penetration of voice-controlled technologies through other means, such as their integration within homes and vehicles. Moreover, there are also privacy concerns raised by many people, which has been a major reason that a significant proportion of the global population has kept away from adopting smart speakers. The Pew Research survey of 2019 revealed that around 54% of smart speaker owners were concerned about the amount of personal data that these smart speakers are able to collect. Moreover, a recent study revealed that smart speakers can potentially record audio at an average of nearly 20 times per day by mistake, which again has become a major issue plaguing the companies, as this can lead to lawsuits against them. As a result, organizations like Apple, Google and Amazon are treading this space carefully.

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Impact Of COVID-19 On The Market

The current outbreak of COVID-19 pandemic has led to government orders for people to stay at home, which has led to an increased usage of smart speakers for gathering information about the disease, along with learning about the pandemic situation in other countries, while also providing relief and recreation in the form of playing music or other recreational activities. According to a very recent data from NPR and Edison Research, 35% of U.S. smart speakers owners say they’re listening to more news and information through their device, and 36% say they’ve increased their consumption of music and entertainment. With the pandemic not showing any drastic signs of slowdown, and the fears of a second wave of the pandemic being considered a reality, the usage of smart speakers can be expected to increase in the coming months.

The smart speakers market has been broadly segmented on the basis of virtual personal assistant, which comprises of Amazon Alexa, Google Assistant and Apple’s Siri, among others, and region.

Some key trends in the market in recent years include:

• Amazon Alexa had the most substantial market share, on the back of immense brand popularity, multiple smart home integrations, support to up and coming market players, and the advantage of being an early mover. According to a survey by Consumer Intelligence Research Partners in 2018, Alexa devices had 70% of market share in the US.
• Google Assistant has also had a fair share in the market, with the emerging economies of India and China expected to play a key role in its growth. According to IDC, 87% of smart speaker sales in Europe go to Amazon and Google, which presents a significant challenge to competitors like Apple and Microsoft to expand their market share.
• North America was the dominant market for smart speakers in 2017, owing to the advanced technologies being practiced in the region, consumer inclination towards smart products, growing demand for IoT-enabled services, as well as presence of the major market players in the region. A study by Loup Ventures in 2019 stated that 75% of US households will possess a smart speaker by 2025.
• Europe is another substantial contributor to the smart speakers market, aided by the growing acceptance of these devices in Western European economies such as Germany, Spain, the UK and France. The Asia Pacific region is expected to advance at a mammoth CAGR of 55% through 2025, with the increase in standard of living in emerging economies, as well as establishment of manufacturing units by major players in the region.

Major companies in the smart speakers industry include Google, Amazon and Apple, with others such as Xiaomi also climbing up the ladder, especially in the price-sensitive Asia Pacific market. These companies focus on providing significant upgradations to their customers, along with continued R&D of their products. Another strategy is acquisition of customers through attractive offers on various products of the particular company on the purchase of their smart speakers.

Some recent developments in the smart speakers space include:

• Pearson India has introduced an English-speaking course on Amazon Alexa called MyPedia. The course can be started by the command “Alexa, open MyPedia”, or “Alexa, I want to learn English,” and consists of a collection of some stories along with quizzes, trivia, fun facts and rewards. The MyPedia skill can be accessed by users on Echo Show smart displays, all Amazon Echo smart speakers, along with Alexa app for smartphones.
• Google Assistant has very recently updated its ‘Your Places’ tab, which would enable users to manually check the weather and traffic conditions in and around the person’s locations of interest, such as one’s office, home or a personal favorite shopping area.

Xiaomi patented a smart speaker design in April 2020, which has been published by China’s National Intellectual Property Administration (CNIPA). Early indications based on the product design point to an absence of buttons, meaning that it will only be controllable through the touchpad or by voice.

Semi-trailer Market Factors Hindering The Growth Rate, Challenges and Restraints For Business Development by 2025

The global semi-trailer market is anticipated to be worth USD 24.8 billion by year 2025, advancing at a CAGR of 3.1% during the forecast period, according to a recent report by Grand View Research. A semi-trailer is a trailer without a front axle, with a large proportion of its weight being supported by a tractor unit. Semi-trailers are preferred over full trailers during transport, with the ease of backing associated with them being a major advantage. Semi-trailers are extremely useful in hauling long objects, such as pipes, beams or railway tracks. Some of the well-known trailer types include flat beds, dry vans, refrigerated, lowboy and tankers.

According to the Federal Motor Carrier Safety Administration (FMCSA), the year 2016 saw around 268.8 million total registered vehicles in the US, of which 11.5 million were large trucks that constitute single-unit trucks and combination trucks. The energy sector can be considered to be a major consumer of semi-trailers, as the rising natural gas production around the globe has necessitated the requirement for tankers in the coming years. Semi-trailers are used in various critical end-use industries, such as energy, construction, automotive and manufacturing sectors, on account of their versatility, reliability and flexibility. Another factor that has led to market growth is the steady phase-out of traditional trucks in developing economies such as India, where the government is pushing towards utilization of efficient transportation methods, which will adhere to emission norms.

The growth of the cold-chain and logistics industry is another significant factor aiding market growth for semi-trailers. Their versatility in terms of load carrying capacity, as well as the lower cost of transportation per ton per km accrued as compared to rigid trucks, have brought them to the attention of less than truckload (LTL) and full truckload (FTL) freight shipping companies, further enhancing market growth. Additionally, integration of technology such as driver assistance systems, as well as introduction of electric semi-trailer trucks, has also contribute positively to market growth. Companies in this space are also investing heavily in the R&D regarding aerodynamics enhancement, tire safety, electrified axles, tractor-trailer integration, and semi-trailer telematics, which further has solidified the semi-trailer industry.

The current COVID-19 pandemic has had a huge impact on the transportation and logistics industry. The major modes of transportation, such as airways and waterways, have seen a drastic drop in traffic, as countries have shut their borders for the foreseeable future. The logistics and transportation industry faces a challenge as to how to effectively manage the supply chain during this time. Another area of concern is the huge drop in the sales of vehicles that have greatly undermined the importance of trailers. The market may see a gradual lift in the coming weeks, as production gradually commences in the critical industries, which may lead to an upturn in the semi-trailers market. Moreover, the supply of essential goods has witnessed healthy demand in this period, which has been a silver lining for the industry players.

The global market has been segmented based on the semi-trailer type and region. The various types of semi-trailers available in the market include flatbed trailers, dry vans, refrigerated trailers, tankers, and lowboy trailers, and they make up majority of the market share.

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Key findings from the report suggest:

• The dry vans segment is anticipated to witness appreciable revenue-based growth in the coming years, on account of the rapid developments in the retail and FMCG sectors. Dry vans are used for transportation of non-perishable goods, and are the most common type of freight transportation seen in the United States.
• The flatbed segment had a substantial market share in 2018, on account of the rapid increase in demand for heavy cargo transportation. Flatbed trailers are heavily used in the shipping industry for transporting shipping containers of various sizes.
• Refrigerated semi-trailers are expected to have a significant share in the market in the coming years. These trailers are used for the transport of perishable and temperature-sensitive goods, as the help in maintaining the products at optimal temperature.
• Asia Pacific is anticipated to show strong market growth through the forecast period, on account of the increase in inland transportation due to development of well-connected routes, as well as the rise of e-commerce industry in major economies such as India and China. China is a major hub for automotive production, which is again a major growth driver.
• North America held a substantial market share in 2018 on account of presence of a strong road infrastructure network, and favorable initiatives such as installation of “SmartWay”, a verified aerodynamic technology to improve fuel efficiency in tractors and semi-trailers that has been mandated by the California Air Resources Board (CARB).

Some of the major companies in the semi-trailer industry include HYUNDAI Translead; Kogel Trailer GmbH; Schmitz Cargobull; Chassis King, Inc.; MANAC INC.; Wabash National Corporation.; Great Dane Fontaine Commercial Trailer, Inc.; Dorsey Trailer; Polar Tank; Utility Trailer Manufacturing Company; and China International Marine Containers (Group) Ltd. These companies are focusing on integrating advanced technologies, while also collaborating with OEMs for consistent inventory supply.

Some recent developments include:

• Wabash National Corporation introduced a re-engineered version of their Transcraft Eagle combo trailer at the American Trucking Associations’ (ATA) Technology and Maintenance Council (TMC) annual meeting. The trailer features a lighter weight design, as well as the highest standard beam rating to handle the toughest loads, and more load securement versatility.
• In December 2019, Kögel expanded its sales and service network in France through a partnership with G-TRUCK and MP TRUCK, who specialize in the repair and maintenance of commercial vehicles. The partnership would allow for ease of servicing of all Kögel customers in France.
• In October 2019, Hyundai revealed its concept for a hydrogen-powered fuel cell electric truck, called the HDC-6 NEPTUNE, which achieves the company’s vision of a zero-carbon emission fuel cell electric truck technology and design. Along with this, the company also revealed its eco-friendly, high-performance refrigerated concept trailer solution, known as the HT Nitro ThermoTech®.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Agriculture Equipment Market is Thriving USD 244.2 Billion Revenue by 2025

Agriculture Equipment Market Growth & Trends

The global agriculture equipment market size is expected to reach USD 244.2 billion by 2025, expanding at a CAGR of 8.9% from 2019 to 2025, according to a study conducted by Grand View Research, Inc. Rising population has escalated demand for food and has pressurized the agriculture sector to be increasingly efficient and productive. Additionally, increased mechanization in the agriculture sector, rise in demand for agricultural products, and need for profitability and operational efficiency are some of the factors anticipated to drive the agricultural machinery market demand over the forecast period.

Rise in adoption of technology-driven equipment and machinery such as robotics is also anticipated to drive the farm machinery market demand over the forecast years. Farmers in developed regions are adopting modern technologies such as drones, moisture sensors, GPS enabled devices, self-driving tractors, smart irrigation, and terrain contour mapping to increase farm yield and address soaring food demand. Such technological advancements are fuelling the espousal of farm equipment across the globe.

The farm machinery market is also estimated to be driven by increasing sales in developing nations such as India, China, and Brazil, as these countries continue to mechanize their agricultural sectors. Furthermore, strong economic growth and population expansion are expected to impose pressure on the agriculture sectors to be more competent, thus increasing sales.On the down side, high cost of agricultural machinery and financial crisis faced by farmers are some of the major challenges hindering market growth.

The agriculture equipment market is highly competitive and fragmented owing to the presence of few prominent players, along with several medium- and small-scale players accounting for the market share. The key players in the market include John Deere, AGCO, Mahindra & Mahindra, CNH Industrial N.V., Iseki & Co., Ltd., and Kubota.

Several leading vendors are investing in R&D in order to develop innovative equipment and maintain a strong foothold in the market. For instance, in April 2017, Mahindra & Mahindra Limited launched its 24hp 4WD small tractor. It has been available in the Indian market since April 2017. The tractor caters to row cropping and horticulture applications, is capable of lifting up to 750 kg, and is equipped with automatic depth & draft control (ADDC) features.

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Agriculture Equipment Market Report Highlights

• The global agricultural equipment market is expected to register a CAGR of 8.9% from 2019 to 2025, due to technological advancements in agriculture automation and robotics as well as ever-increasing population
• Growing number of government initiatives in developing countries, especially China and India, to enhance agricultural productivity is expected to further spur sale of farm equipment over the forecast period
• By product, the tractors segment held the dominant share of over 25.0% in 2018, which is accredited to the fact that farmers are increasingly preferring tractors to increase production and restrict dependency on farm labor
• On the basis of application, the harvesting and threshing segment is anticipated to witness significant growth over the forecast period and is expected to exceed a CAGR of 10.0% from 2019 to 2025
• The Asia Pacific market is projected to expand at a CAGR of over 9.0%, owing to its existing and improving infrastructure levels, alternative sales channels, and government support
• Key players in the market include John Deere, AGCO, Mahindra & Mahindra, CNH Industrial N.V., Iseki & Co., Ltd., and Kubota.

Agriculture Equipment Market Segmentation

Grand View Research has segmented the global agriculture equipment market based on product, application, and region:

Agriculture Equipment Product Outlook (Revenue, USD Billion, 2014 - 2025)

• Tractors
• Harvesters
• Planting Equipment
  • Row Crop Planters
  • Air Seeders
  • Grain Drills
  • Others
• Irrigation & Crop Processing Equipment
• Spraying Equipment
• Hay & Forage Equipment
• Others

Agriculture Equipment Application Outlook (Revenue, USD Billion, 2014 - 2025)

• Land Development & Seed Bed Preparation
• Sowing & Planting
• Weed Cultivation
• Plant Protection
• Harvesting & Threshing
• Post-harvest & Agro Processing

Agriculture Equipment Regional Outlook (Revenue, USD Billion, 2014 - 2025)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Netherlands
  • Spain
  • Denmark
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • Singapore
  • South Korea
  • Taiwan
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Metrology Services Market to Reflect Impressive Expansion During 2019 - 2025

The global metrology services market size is expected to reach USD 939.3 million by 2025, at a CAGR of 5.9% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing adherence to international quality standards in end-use industries and the need for the development of technologically advanced metrology software packages are expected to drive the growth. Moreover, steady growth in the local markets and surge in the aerospace and defense industries across emerging economies, such as China, India, Japan, Russia, Brazil, and South Korea is also anticipated to fuel the demand for metrology services.

Coordinate Measuring Machine (CMM) product provides precise measurement of the object for testing, assembling, design, profiling, and reverse engineering of parts. Therefore, increasing demand for services such as calibration, machine installation, and retrofitting offered by CMM is expected to drive the growth. Increasing demand for metrology services from different applications such as manufacturing, automotive, and power generation among others is projcted to continue driving the market growth over the forecast period.

Metrology services play a vital role across different industrial applications ranging from mining and heavy industrial production, fabrication, refineries, and material analysis. These services are primarily used for crack and failure analysis, grain sizing, cast iron modulatory and flake analysis, and surface analysis application. Different laser scanners are used in this industrial metrology services for precision measurement of a customized component, 3D CAD for inspection of molds and assemblies, laser tracker and large volume scanning for high accuracy, and better quality product output.

Asia Pacific is expected to be the prominent region over the forecast period. China led the region in 2018 as it is among the leading producers of iron, steel, chemical, consumer product, food processing, and transportation equipment manufacturing among others. On the other hand, U.S. led the North America metrology services market in 2018 owing to its extensive application across energy and power generation industry for raw casting, forging inspection, die and mold design and to inspect, repair or modify power generation turbine components. These technological advancements are expected to fuel the regional demand in near future.

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Further key findings from the study suggest:

• North America ODS segment is expected to reach USD 183.6 million, at a CAGR of 5.7% by 2025. These services are explicitly used for reverse engineering operations in the manufacturing sector
• In Germany, the CMM segment is expected to reach USD 45.9 million by 2025, owing to increasing demand for services such as calibration, machine installation, and retrofitting, across various manufacturing industries
• The Asia Pacific automotive metrological services market is expected to reach USD 67.6 million by 2025, attributed to the increasing number of automotive component manufacturing facilities in the region

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

Metrology Services Product Outlook (Revenue, USD Million, 2015 - 2025)

• CMM
  • Gantry Machine
  • Bridge Machine
  • Articulated Arm Machine
  • Horizontal Arm Machine
• ODS
  • 3D Laser Scanner
  • White Light Scanner
  • Laser Tracker

Metrology Services Application Outlook (Revenue, USD Million, 2015 - 2025)

• Automotive
• Aerospace
• Industrial
• Power Generation
• Others

Metrology Services Regional Outlook (Revenue, USD Million, 2015 - 2025)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK.
  • France
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
• RoW

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Commercial Refrigeration Equipment Market is Expected to Enhance USD 48.61 Billion Revenue By 2025

The global commercial refrigeration equipment market size is projected to reach USD 48.61billion by 2025, growing at a CAGR of 5.4% over the forecast period, according to a new report by Grand View Research, Inc. Advancements in refrigeration technologies along with the changing food habits are expected to impel the market growth over the forecast period. The refrigerators & freezers is anticipated to emerge as the fastest-growing product segment with a CAGR of 6.4% from 2019 to 2025.

Innovation in magnetic refrigeration systems and other emerging technologies are also expected to have a positive impact on the market growth. Super markets are one of the most prominent retail channels for such equipment. The segment was valued at USD 2.20 billion in 2018 and is projected to maintain the dominance in future due to increasing number of supermarkets and hypermarkets in developing countries, such as China and India .Growing disposable income levels and improving standards of living in the emerging countries are also boosting the growth of super and hypermarkets.

The convenience store segment is said to register the highest CAGR of 6.1% over the forecast period. North America is a prominent region in the global market as it is the biggest manufacturer and exporter of the product. The region accounted for a market share of more than 32% in 2018. However, Asia Pacific is expected to emerge as the fastest-growing market from 2019 to 2025, owing to rise in the product manufacturing in this region.

Access Research Report of Commercial Refrigeration Equipment Market @ https://www.grandviewresearch.com/industry-analysis/commercial-refrigeration-equipment-market

Further key findings from the study suggest:

• The refrigerators &freezers segment is expected to reach USD 12.31 billion by 2025 at a CAGR of 6.4% from 2019 to 2025
• Technological advancements in refrigerators are anticipated to boost their demand in the food service and production segment
• F&B distribution is expected to be the fastest-growing application segment at a CAGR of 6.3% over the forecast years
• Key companies in the commercial refrigeration equipment market are Dover Corp.; Daikin Industries Ltd.; Carrier Commercial Refrigeration, Inc.; Johnson Control, Inc.; and Haier Group Corp.

Grand View Research has segmented the global commercial refrigeration equipment market on the basis of product, retail channel, application, and region:

Commercial Refrigeration Equipment Product Outlook (Revenue, USD Million, 2015 - 2025)

• Transportation Refrigeration Equipment
• Refrigerators & Freezers
• Beverage Refrigeration
• Display Showcases
  • Self-contained
  • Remotely Operated
• Ice Merchandisers & Ice Vending Equipment
• Others

Commercial Refrigeration Equipment Retail Channel Outlook (Revenue, USD Million, 2015 - 2025)

• Hypermarket
• Supermarket
• Convenience Store
• Specialty Store
• Others

Commercial Refrigeration Equipment Application Outlook (Revenue, USD Million, 2015 - 2025)

• Food Service
• Food & Beverage Retail
• Food & Beverage Distribution
• Food & Beverage Production
• Others

Commercial Refrigeration Equipment Regional Outlook (Revenue, USD Million, 2015 - 2025)

• North America
  • US.
  • Canada
• Europe
  • Germany
  • UK.
• Asia Pacific
  • China
  • India
  • Japan
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Light Duty Vehicles Market to Partake Significant Development During 2019 to 2025

The global light duty vehicles market size is expected to reach USD 922.21 billion by 2025, registering a CAGR of 8.5% from 2019 to 2025, according to a new report by Grand View Research, Inc., The increasing demand for passenger cars for shared mobility services is expected to emerge as one of the major drivers of growth. The continued development of driverless electric cars is also expected to drive the market growth over the forecast period.

The continued development of Electric Vehicles (EVs) and semi-autonomous commercial cars/trucks bodes well for the growth of the market. Several governments are already pursuing initiatives to facilitate the development of EVs. For instance, the Government of India’s National Electric Mobility Mission Plan (NEMMP) targets unit sales of 6-7 million hybrid vehicles and EVs by 2026. As such, the continued adoption of EVs for commercial transportation, owing to the numerous benefits EVs can offer over conventional vehicles, is expected to drive the market growth over the forecast period.

The growing trend of offering shared mobility is expected to drive the growth of the light duty vehicles marketover the forecast period. Online transportation network companies, such as Ola Cabs and Uber Technologies Inc., are increasingly deploying light duty passenger cars to offer shared mobility services that allow passengers to share a ride with people heading towards the same destination. The development of other mobility services, such as micro transit and courier network services, is also expected to drive the market growth over the forecast period.

The e-commerce industry has witnessed noticeable growth in developed as well as developing economies. The unabating growth of the e-commerce industry is prompting logistics & transportation companies to rollout efficient logistics services, thereby driving the market growth. The demand for light duty vehicles is growing, particularly in emerging economies, where the industrial sector is expanding gradually, and the need to transport raw materials and finished products efficiently is increasing subsequently.

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Further key findings from the study suggest:

• Asia Pacific is projected to emerge as the fastest-growing regional market over the forecast period owing to the increasing adoption of light duty vehicles by the incumbents of the e-commerce and tourism industries in the region
• The electric segment is expected to register the highest CAGR over the forecast period owing to the initiatives being pursued aggressively all over the world to encourage the development and adoption of EVs
• The all-wheel drive segment is expected to emerge as the fastest-growing segment over the forecast period owing to the growing use of all-wheel drivetrains in sports utility vehicles (SUVs) and trucks
• The automatic segment is expected to register the highest CAGR over the forecast period owing to the convenience automatic transmission vehicles can offer in heavy traffic conditions
• The key players operating in the light duty vehicles market are BMW AG, Daimler AG, Fiat Chrysler Automobiles N.V., Ford Motor Company, General Motors Company, Honda Motor Company, Ltd., Hyundai Motor Company, Nissan Motor Company, Ltd., Subaru Corporation, and Toyota Motor Corporation, among others.

Grand View Research has segmented the global light duty vehicles market on the basis of vehicle type, fuel type, transmission, drivetrain, and region:

Light Duty Vehicles Type Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)

• Passenger Car
• Van
• Sports Utility Vehicle (SUV)
• Pickup Truck

Light Duty Vehicles Fuel Type Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)

• Diesel
• Gasoline
• Hybrid
• Electric

Light Duty Vehicles Transmission Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)

• Manual
• Automatic

Light Duty Vehicles Drivetrain Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)

• Front Wheel Drive (FWD)
• Rear Wheel Drive (RWD)
• Four Wheel Drive (4WD)
• All-Wheel Drive (AWD)

Light Duty Vehicles Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2014 - 2025)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Intelligent Building Automation Technologies Market Growth in the Coming Years

The global intelligent building automation technologies market size is expected to reach USD 105.2 billion by 2025, registering a CAGR of 7.0% from over the forecast period, according to a new study conducted by Grand View Research, Inc. Rising awareness regarding sustainability in the wake of increasing effects of global warming is expected to drive demand for intelligent building automation technologies (IBAT) over the forecast period. In addition, technological advancements such as internet of things (IoT) and artificial intelligence (AI) are expected to boost market growth.

Growing awareness regarding workplace safety and security, a shift toward green and smart buildings, and improving comfort level of the occupants are major factors that are expected to fuel demand for IBAT. Increasing demand for automated HVAC and safety in the healthcare and hospitality industries is also boosting market growth. Intelligent building automation technologies assist various industries in the optimization of energy usage and reducing its operating expenditure.

Rising establishment of smart infrastructure across the globe is expected to contribute significantly to market growth. Various factors such as increasing green building initiatives, development of cloud-based IoT platforms, and growing environmental concerns are expected to boost market growth over the forecast period. Surging energy prices and urgent need to manage them also serve as key driving factors.

Prominent players are emphasizing on new product launches in order to combat increasing competition. They are also focusing on acquiring a larger market share through inorganic growth strategies like mergers and acquisitions. For instance, Honeywell International Inc. completed the acquisition of Transnorm, a warehouse automation solutions provider, in September 2018. This enabled the former to expand its customer base across Western Europe.

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Further key findings from the study suggest:

• By component, the service segment is expected to exhibit the highest CAGR from 2019 to 2025. Service providers for smart buildings assist in applying intelligent automation technologies for efficient operation and maintenance of buildings in a cost-effective manner
• Based on product, the facility management systems segment dominated the market owing to rising need to achieve economies of scale in manufacturing facilities
• On the basis of application, the commercial segment is expected to continue its dominance through 2025. This growth can be attributed to increasing adoption of IBAT by hotels, airports, and retail and IT companies
• Asia Pacific is expected to register the highest CAGR of 9.4% from 2019 to 2025. Growth can be attributed to increasing investments in infrastructure in order to support smart city initiatives across the region
• Key players in the intelligent building automation technologies market include ABB; Azbil Corporation; Eaton; General Electric; Ingersoll Rand plc.; Siemens Building Technologies Inc.; Schneider Electric; Honeywell International Inc.; Hubbell Inc.; Johnson Control; Rockwell Automation Inc.; and United Technologies Corporation.

Grand View Research has segmented the intelligent building automation technologies market on the basis of component, product, application, and region:

Intelligent Building Automation Technologies Component Outlook (Revenue, USD Billion, 2014 - 2025)

• Hardware
• Software
• Service

Intelligent Building Automation Technologies Product Outlook (Revenue, USD Billion, 2014 - 2025)

• Security Systems
• Life Safety Systems
• Facility Management Systems
• Building Energy Management Software

Intelligent Building Automation Technologies Application Outlook (Revenue, USD Billion, 2014 - 2025)

• Residential
• Commercial
• Industrial

Intelligent Building Automation Technologies Regional Outlook (Revenue, USD Billion, 2014 - 2025)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • France
  • Germany
• Asia Pacific
  • Australia
  • China
  • India
  • Japan
  • Malaysia
  • Singapore
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research    reports, customized research reports, and consulting services. To help clients make informed business    decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.