Automated Material Handling Systems (AMHS) Market to Reach $57.6 Billion by 2028

 

Automated Material Handling Systems Market by Type (ASRS, AGV, Robotic Systems), Component, Function (Assembly, Picking, Sorting), End-use Industry (Automotive, Healthcare, Semiconductor, Manufacturing, Retail, Aviation, Postal) - Global Forecast to 2030

The Automated Material Handling Systems Market is projected to reach $70.1 billion by 2030, at a CAGR of 8.3% during the forecast period 2023–2030. The growth of the automated material handling systems market is mainly attributed to the growing importance of AMHS across the industry, enterprises’ increasing focus on improving floor space utilization and order processing capabilities, and rising demand for warehouse automation. Although the high initial cost involved in deploying AMHS may hinder the growth of this market, the growing significance of online retail platforms and associated ted supply chains, increasing utilization of RFID and barcode technologies, integration of cloud and IoT technologies in AMHS, and the advent of industry 4.0 are expected to propel the growth of the automated material handling systems market in the coming years. In addition, expansion and automation of warehouses without hampering operations and cybersecurity risks are major challenges for the players operating in this market.

 

Increasing deployments of automated material handling equipment for warehouse automation, rising investments in automation, increased focus on Industry 4.0, the rapidly growing e-commerce sector, favorable government initiatives and increasing investments to support digital infrastructure, rising need to reduce labor costs, and consistent technological advancements are the key factors driving the growth of the automated material handling systems (AMHS) market. Moreover, increasing industrialization, rising safety concerns, the growing popularity of automated systems among SMEs, and growing strategic partnerships among advanced technology providers and automated material handling equipment manufacturers to strengthen their product portfolios and positions in the global market are expected to propel the growth of the automated material handling systems market over the forecast period. However, the high initial cost of deploying robotic systems and lack of proficient personnel, particularly in developing countries, may restraint the growth of this market marginally.

 

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The automated material handling systems market study presents historical market data (2019 & 2020), estimated current data (2021), and forecasts for 2028. The market is segmented by type (automated storage & retrieval systems, automated guided vehicles, conveyor systems, sortation systems, palletizing & depalletizing systems, and robotic systems), component (hardware, software, and services), function (assembly, picking, sorting, packaging, shipping, receiving, and storing), end-use industry (automotive, healthcare, pharma, food & beverage, semiconductor & electronics, manufacturing, retail, warehousing, logistics, aviation, parcel & postal, and plastics). The study also evaluates industry competitors and analyzes the market at the country level.

 

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Based on type, the robotic systems segment is expected to account for the largest share of the automated material handling systems market in 2021. The large share of this segment is primarily attributed to the increasing investments in smart factories, high deployment of robotic systems in APAC, and rapid advancements in automated hardware, including sensors and control systems. In addition, the rising demand for high-level production automation, the growing popularity of Industry 4.0, and the increasing integration of advanced technologies with robotic hardware are also expected to support the growth of the automated material handling systems market over the forecast period.

 

Based on component, the hardware segment is expected to account for the largest share of the overall automated material handling systems market in 2021. The large share of this segment is primarily attributed to the increasing adoption of automated material handling equipment, growing industrialization, and increasing investments in product enhancement. However, the software segment is anticipated to record the highest CAGR during the forecast period due to increasing strategic developments among automation companies and software product enhancements.

 

Based on function, the picking segment is expected to account for the largest share of the automated material handling systems market in 2021. The large share of this segment is primarily attributed to the widespread implementation of picking systems across several industry verticals, increasing demand for high-efficiency systems, consumers’ changing outlook toward e-commerce, and increasing developments among provider companies to deliver a better customer experience. This segment is also slated to register the highest CAGR during the forecast period.

 

Based on end-use industry, the automotive segment is expected to account for the largest share of the overall automated material handling systems market in 2021. The large share of this segment is primarily attributed to the rising incorporation of total process simulation, the developed European automotive market, the increasing need to conserve resources and improve safety during loading and unloading, and increasing prominence of smart factories in the automotive industry. However, factors such as the rapid transformation of the healthcare sector, the rising need to meet government regulations, and increasing healthcare investments are expected to support the fastest growth of the healthcare & pharma segment during the forecast period.

 

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Based on geography, Europe is expected to account for the largest share of the automated material handling systems market in 2021. The large share of this regional market is primarily attributed to factors such as the wide acceptance of innovative technologies, availability of a skilled workforce, presence of leading players operating in this market, growing reliance on automation, the existence of digital infrastructure, and easy availability of automated material handling equipment. However, APAC is projected to record the highest CAGR during the forecast period on account of factors such as rapidly transforming manufacturing and warehousing infrastructure, increasing investments, the growing aviation industry coupled with increasing passenger traffic in the region, and the increasing focus of leading economies, such as China and Japan on robotics and automation.

 

The report also includes an extensive assessment of the key strategic developments by the leading market participants over the past four years (2017–2020). The automated material handling systems market has witnessed new product launches & enhancements that enabled companies to broaden their product portfolios, advance the capabilities of existing products, and gain cost leadership in the automated material handling systems industry. For instance, in March 2020, Material Handling Systems (MHS), Inc., a single-source provider of material handling automation and software solutions, launched MHS Helix, a new warehouse software solution for e-commerce to address the challenges that distribution and fulfillment centers face as a result of e-commerce growth.

 

The automated material handling systems market is fragmented. The major players operating in this market are Daifuku Co., Ltd. (Japan), SSI SCHAEFER AG (Germany), Dematic (U.S.), Honeywell Intelligrated (U.S.), Toyota Industries Corporation (Japan), Murata Machinery, Ltd. (Japan), KNAPP AG (Austria), BEUMER Group GmbH (Germany), Swisslog Holding AG (Switzerland), Material Handling Systems (U.S.), TGW Logistics Group (Austria), WITRON Logistik+Infomatik GmbH (Germany), Kardex Group (Switzerland), Elettric80 S.p.A. (Italy), System Logistics S.p.A. (Italy), DMW&H (U.S.), viastore SYSTEMS GmbH (Germany), LÖDIGE Industries GmbH (Germany), Stöcklin Logistik AG (Switzerland), and Jungheinrich AG (Germany), among others.

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Managed Security Services Market to Be Worth $75.1 Billion by 2030

 According to a new market research report titled, ‘Managed Security Services Market by Service Type (Managed Detection and Response, Managed Identity and Access Management), Security Type (Cloud Security, Endpoint Security), Sector (BFSI, and Healthcare), and Geography - Global Forecast to 2030,’ the managed security services market is projected to reach $75.1 billion by 2030, at a CAGR of 18% from 2023–2030.

 

Managed security services (MSS) is a model to monitor and manage security devices, systems, and software-as-a-service (SaaS) applications. These services have gained popularity among corporate infrastructures, enabling businesses to scale their business continuity.

 

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The growth of the managed security services market is driven by the growing adoption of managed security services in the BFSI sector, rising cybercrimes and ransomware attacks, the rising trend of BYOD (bring your own device) in enterprises, and government initiatives aimed at encouraging the adoption of managed security services. However, the lack of trust among enterprises in giving full control of their system architecture to third-party service providers restrains the growth of the managed security services market.

 

Furthermore, the rising demand for advanced cybersecurity measures and the increasing adoption of cloud-based solutions among SMEs are expected to create growth opportunities in the market. However, one of the major challenges for the players operating in this market is the lack of awareness and misconceptions regarding managed security services among potential customers.

 

The managed security services market is segmented by service type (managed identity and access management, managed detection and response, managed threat hunting, managed security information and event management, managed firewall, and other service types), security type (cloud, application, endpoint, network, and other security types), organization size (large enterprises and small & medium-sized enterprises), and sector (BFSI, retail, IT & telecommunications, government, healthcare, energy & utilities, manufacturing, and other sectors.) The study also evaluates industry competitors and analyzes the market at the regional and country levels.

 

Based on service type, in 2023, the managed detection and response segment is expected to account for the largest share of the managed security services market. The large market share of this segment is attributed to the rising need to monitor network traffic for signs of a possible attack, the growing demand for data protection in various sectors, and growing security breaches and cyber-attacks.

 

However, the managed identity and access management segment is slated to register the highest CAGR during the forecast period. The rising security breaches and identity-related frauds and the rising adoption of cloud-based identity management services are expected to support the growth of this segment.

Based on security type, in 2023, the network security segment is expected to account for the largest share of the managed security services market. The large market share of this segment is attributed to the increasing demand for filtering & monitoring network traffic, the growing need for network security and privacy, and the rising need to protect connected network infrastructure.

 

However, the cloud security segment is slated to register the highest CAGR during the forecast period. The rising need to protect data and connected devices from cyberattacks, malware, hackers, and unauthorized user access through cloud-based security services is expected to support this segment's growth.

 

Based on organization size, in 2023, the large enterprises segment is expected to account for the larger share of the managed security services market. The large market share of this segment is attributed to the high spending capabilities of large enterprises resulting in the increased adoption of managed security services and the availability of skilled IT personnel to manage security platforms. Furthermore, large enterprises focus on desired security channels against data breaches to retain customers, boost sales, and validate necessary steps to overcome market interruptions, which drives the increased adoption of managed security services among large enterprises.

 

 However, the small & medium enterprises segment is slated to register a higher CAGR during the forecast period. The rising awareness about the significance of managed security services is expected to support the growth of this segment.

 

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Based on sector, in 2023, the BFSI segment is expected to account for the largest share of the managed security services market. The large market share of this segment is attributed to the rising fraudulent activities, rising adoption of managed security services for various financial processes, and rising demand for fraud detection. However, the healthcare segment is slated to register the highest CAGR during the forecast period.

 

Based on geography, the managed security services market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the managed security services market. North America’s large market share is attributed to the presence of leading managed security service providers and their increasing focus on developing advanced threat detection services.

 

However, Asia-Pacific is projected to register the highest CAGR during the forecast period. The infrastructural growth in APAC, especially in China, South Korea, India, Australia, Singapore, and Japan; the rapid growth of regional economies; the increasing number of cybercrimes; and the growing awareness about the importance of managed security services among small & medium-sized organizations offer growth opportunities for the players operating in the managed security services market.

 

The key players operating in the managed security services market are IBM Corporation (U.S.), Secureworks, Inc. (U.S.), AT&T Inc. (U.S.), NTT Corporation (Japan), Trustwave Holdings, Inc. (U.S.), Atos SE (France), CrowdStrike Holdings, Inc. (U.S.), Lumen Technologies (U.S.), F5, Inc. (U.S.), Fortinet, Inc. (U.S.), Kroll, LLC. (U.S.), CIPHER SECURITY LLC (U.S.), Nettitude Limited (U.S.), Ascend Technologies, LLC (U.S.), and Avertium, LLC (U.S.).

 

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“Blockchain Gaming Market” to be Worth $165.4 Billion by 2030

 

According to a new market research report titled, ‘Blockchain Gaming Market by Platform (Ethereum, Polygon, Solana, Cardano, EOS, Binance Smart Chain), Model (Free-to-play, Pay-to-play, Play-to-earn), Genre, and Geography - Global Forecasts to 2030,’ the blockchain gaming market is expected to reach $165.4 billion by 2030, at a CAGR of 51.7% from 2023 to 2030.

 

Blockchain technology in the gaming industry offers new opportunities for monetization, security, and transparency. It creates unique digital assets that can be traded and sold on blockchain-based marketplaces, creating new revenue streams for game developers and players. Blockchain-based games offer the potential for more efficient and cost-effective microtransactions, enabling players to pay for small items or features in games without the need for intermediaries, and game developers can receive direct compensation.

 

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Several companies are integrating blockchain technology in games for secure and transparent tracking of transactions and ownership of in-game items. The growth of this market is mainly driven by the proliferation of player-driven economies, the increasing need for secured and transparent gaming environments, and growing investments and funding in blockchain gaming. Additionally, cross-game interoperability in multiple games or platforms, non-fungible tokens (NFTs), and play-to-earn model trends are expected to create market growth opportunities. However, complex standards & regulations for blockchain gaming restrain the growth of this market. Cybersecurity & data privacy issues are major challenges for players in this market.

 

Integration of game finance (GameFi), decentralized finance (DeFi), metaverse, and other virtual worlds are prominent trends in the blockchain gaming market.

 

The blockchain gaming market is segmented by platform (Ethereum, Polygon, Binance Smart Chain (BSC), Cardano, Flow, Solana, Electro-Optical System (EOS), and other platforms), model (free-to-play (F2P), pay-to-play (P2P), play-to earn (P2E), and other models), and genre (action/adventure, sandbox, simulation and sports, role-playing, player vs. player, multiplayer online battle arena, real-time strategy, shooters, racing, puzzlers and party games, survival horror, and other genres), and geography. The study also evaluates industry competitors and analyses the market at the regional and country levels.

 

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Based on platform, the global blockchain gaming market is broadly segmented into Ethereum, Polygon, Binance Smart Chain (BSC), Cardano, Flow, Solana, Electro-Optical System (EOS), and other platforms. In 2023, the Ethereum segment is expected to account for the largest share of the global blockchain gaming market. This segment's large share is attributed to its compatibility with various programming languages for flexible development options, established network and infrastructure for reliable and secure transactions, smart contract functionality and programmable in-game logic, growing need for transparency, immutability, and the seamless transfer of digital assets across games. However, the Binance Smart Chain segment is projected to register the highest CAGR during the forecast period.

 

Based on model, the global blockchain gaming market is broadly segmented into free-to-play (F2P), pay-to-play (P2P), play-to-earn (P2E), and other models. In 2023, the free-to-play segment is expected to account for the largest share of the global blockchain gaming market. This segment's large market share is attributed to its easy accessibility to a wide audience without upfront purchase or subscription fee, continuous content updates, the rise of smartphones and mobile gaming, and its ability to allow players seamlessly switch between different devices and continue their progress. However, the play-to-earn (P2E) segment is projected to register the highest CAGR during the forecast period.

 

Based on genre, the global blockchain gaming market is broadly segmented into action/adventure, sandbox, simulation and sports, role-playing, player vs. player, multiplayer online battle arena, real-time strategy, shooters, racing, puzzlers and party games, survival horror, and other genres. In 2023, the action/adventure games segment is expected to account for the largest share of the global blockchain gaming market. The large market share of this segment is attributed due to the increasing availability of action/adventure games across multiple platforms, including consoles, PCs, and mobile devices, and increasing investment from game developers and publishers for higher-quality productions and greater market visibility for action/adventure games. However, the role-playing segment is projected to register the highest CAGR during the forecast period.

 

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Based on geography, the global blockchain gaming market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global blockchain gaming market, followed by Europe and North America. The large market share of Asia-Pacific is mainly attributed to the increasing advancements in technology and infrastructure, including robust internet connectivity and widespread adoption of mobile devices, the rising popularity of the esports market in countries including China, India, Japan, and South Korea, and the growing supportive regulatory environment for blockchain gaming ventures. This market is also expected to witness rapid growth during the forecast period.

 

The report also includes an extensive assessment of the key growth strategies adopted by the leading market participants in the last three to four years. The key players operating in the blockchain gaming market are Sky Mavis (Singapore), Enjin Pte. Ltd. (Singapore), Immutable (Australia), Decentraland Foundation (China), Gala Games (U.S.), Animoca Brands Corporation Limited (Hong Kong), MyCryptoHeroes (Japan), Dapper Labs, Inc. (Canada), WAX (Worldwide Asset eXchange) (U.S.), Forte Labs, Inc. (U.S.), Lucid Sight (U.S.), Chromia (Sweden), Ultra (France), Mythical Games (U.S.), Splinterlands (U.S.), Wemade Co., Ltd. (South Korea), Dacoco Gmbh (Switzerland), Illuvium (Australia), Uplandme, Inc. (U.S.), and Sorare (France).

 

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Electric Vehicle Charging Stations Market to be Worth $159.7 Billion by 2030

 

According to a new market research report titled, ‘Electric Vehicle Charging Stations Market by Charging Type (Level 1, Level 2, DC Fast Charging), Connection Type, Component, Mounting Type (Wall, Pedestal, Ceiling), Vehicle Type, End User, and Geography - Global Forecasts to 2030,’ the global electric vehicle charging stations market is projected to reach $159.7 billion by 2030, at a CAGR of 28.9% from 2023 to 2030.

 

Electric vehicle charging stations are defined as a site where one or more EVSEs are installed. These sites can be residential, non-residential, or commercial. Electric vehicle charging stations provide electric power to the vehicle and use that to recharge the vehicle's batteries. An electric vehicle charging station, commonly called a charging dock, charging pile or EVSE, includes the electrical conductors, related equipment, software, and communications protocols that deliver energy efficiently and safely to the vehicle.

 

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The growth of the electric vehicle charging stations market is driven by government initiatives to promote EV adoption and the development of associated infrastructure, the rising demand for EV fast-charging infrastructure, the growing implementation of vehicle-to-grid charging stations, and the increasing EV deployment by shared mobility operators. However, the high installation costs of EV charging stations restrain the growth of this market. The increasing adoption of electric mobility in emerging economies and the growing deployment of charging stations by retail MNCs are expected to generate growth opportunities for the players operating in this market. However, high electricity tariffs in developing countries are a major challenge for market growth. Additionally, electric vehicle charging stations powered by renewable energy are a prominent trend in this market.

 

The global electric vehicle charging stations market is segmented by component (hardware [electric vehicle supply equipment {EVSE}, electrical distribution systems, cable management systems], software [charging station management systems {CSMS}, interoperability solutions, open charge point protocol {OCPP}, smartphone applications]), services (maintenance services, system integration, and installation services); charging type (Level 1, Level 2, DC fast charging); connection type (pantograph, connectors, wireless charging [static wireless EV charging, dynamic wireless EV charging]); mounting type (wall mount, pedestal mount, ceiling mount); vehicle type (passenger cars, heavy commercial vehicles, light commercial vehicles, two-wheelers & scooters); end user (commercial EV charging stations [commercial public EV charging stations {on-road charging stations, parking space stations, destination charging stations}, commercial private EV charging stations {fleet charging, captive charging}], residential EV charging stations); and geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

 

Based on component, the global electric vehicle charging stations market is broadly segmented into hardware, software, and services. In 2023, the hardware segment is expected to account for the largest share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the rising adoption of EVs, the increasing deployment of EV charging stations, and the increasing government initiatives aimed at electrifying public bus fleets and deploying associated charging infrastructure. However, the software segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by various factors, such as the increasing need for transparency in electricity consumption and demand charges, the growing need for managing EV fleets in real time, charging reports & insights, maintenance & support, and the increasing deployment of smart remote charging stations.

 

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Based on charging type, the global electric vehicle charging stations market is broadly segmented into Level 1, Level 2, and DC fast charging. In 2023, the Level 2 segment is expected to account for the largest share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the increased adoption of Level 2 chargers for residential and commercial applications. These chargers offer faster charging speeds than Level 1 chargers. Furthermore, government incentives and regulations aimed at promoting the installation of Level 2 chargers contribute to the significant market share of this segment. However, the DC fast charging segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by factors such as government rebates on the purchase of DC fast charging stations, increasing investments from automakers in the development of DC fast charging station infrastructure to support their long-range battery-electric vehicles, the need for significantly faster charging, and the increasing installation of DC fast chargers in public locations including highways, shopping centers, restaurants, and other high-traffic areas.

 

In terms of volume, in 2023, the Level 2 segment is expected to account for the largest share of the electric vehicle charging stations market. The large market share of this segment is attributed due to various factors such as government rebates on the purchase of DC fast charging stations, increasing investments from automakers towards the development of DC fast charging station infrastructure to support their long-range battery-electric vehicle, the need to provide significantly faster charging compared to Level 2 chargers, and increasing installation of DC fast chargers in public locations along highways, shopping centers, restaurants, and other high-traffic areas. However, the DC fast charging segment is projected to register the highest CAGR during the forecast period.

 

Based on connection type, the global electric vehicle charging stations market is broadly segmented into pantograph, connectors, and wireless charging. In 2023, the connectors segment is expected to account for the largest share of the global electric vehicle charging stations market. The growth of this segment is attributed to the increasing development and adoption of standardized connector types to ensure compatibility between charging stations and electric vehicles, the increasing need for faster charging connectors compatible with high-power DC fast charging, the growing need for reliable connectors to minimize the risk of electrical faults, overheating, and other potential hazards, and dynamic international standards and regulations for promoting a harmonized charging infrastructure worldwide. Moreover, the connectors segment is projected to register the highest CAGR during the forecast period.

 

Based on mounting type, the global electric vehicle charging stations market is broadly segmented into wall mount, pedestal mount, and ceiling mount. In 2023, the wall mount segment is expected to account for the largest share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the increasing use of either Level 1 or Level 2 electric vehicle supply equipment (EVSE) and the increasing need for high-speed charging in a compact, affordable, and scalable package. Moreover, the wall mount segment is projected to register the highest CAGR during the forecast period.

 

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Based on vehicle type, the global electric vehicle charging stations market is broadly segmented into passenger cars, heavy commercial vehicles, light commercial vehicles, and two-wheelers & scooters. In 2023, the passenger cars segment is expected to account for the largest share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles, environmental concerns and emission regulations, advancements in EV battery technology, and expansion of charging infrastructure networks. However, the two-wheelers & scooters segment is projected to register the highest CAGR during the forecast period. The growth of this segment is driven by various factors, such as the increasing popularity of electric scooters and 2-wheelers, the rising need for cost-effective and nimble modes of transportation,

 

Based on end user, the global electric vehicle charging stations market is broadly segmented into commercial EV charging stations and residential EV charging stations. In 2023, the commercial EV charging stations segment is expected to account for the larger share of the global electric vehicle charging stations market. The large market share of this segment is attributed to the increasing adoption of electric vehicles in commercial fleets for cost savings and reduced emissions, government regulations and incentives for electric vehicle adoption in commercial fleets, infrastructure development for shared mobility services, and installations of commercial EV charging stations for cost savings and reduced emissions. Moreover, the commercial EV charging stations segment is slated to register the highest CAGR during the forecast period.

 

Based on geography, the electric vehicle charging stations market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global electric vehicle charging stations market in terms of volume and value. Asia-Pacific’s major market share is attributed to the growing demand for electric vehicles in countries such as China and Japan and the rising government initiatives to reduce greenhouse gas emissions, which, in turn, is poised to increase electric vehicle adoption. Moreover, the market in Asia-Pacific is projected to register the highest CAGR during the forecast period.

 

The key players operating in the global electric vehicle charging stations market are ChargePoint Holdings, Inc. (U.S.), Tesla, Inc. (U.S.), BP p.l.c. (U.K.), EVgo Inc. (U.S.), Shell Plc (U.K.), Électricité De France (France), EVBox Group (Netherlands), Electrify America LLC (U.S.), AddÉnergie Technologies, Inc. (Canada), Connected Kerb Limited (U.K.), Hangzhou AoNeng Power Supply Equipment Co. LTD. (China), Webasto Group (Germany), EV Charging Installers of America LLC (U.S.), Wanbang Xingxing Charging Technology Co., Ltd. (China), ABB Ltd. (Switzerland), Siemens AG (Germany), and Blink Charging Co. (U.S.).

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Water Quality Testing Market to be Worth $5.1 Billion by 2030

 

According to a new market research report titled, ‘Water Quality Testing Market by Offering, Test Type (Physical Test, Chemical Test), Device Type, Product Type (pH Meter, TOC Analyzer), Sector (Laboratory, Government, Environmental Institutes, Industrial Sector)—Global Forecast to 2030,’ the water quality testing market is projected to reach $5.1 billion by 2030, at a CAGR of 6.4% during the forecast period of 2023 to 2030.

 

The main goal of testing water quality is to protect humans and the ecosystem from harmful and toxic elements found in water. Water testing facilities use various processes (e.g., physical, chemical, and biological) to test industrial and municipal wastewater, identify contaminants, and analyze the polluted water. The test helps ensure that the water used in various sectors is safe.

 

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In recent years, the rapid population growth and urbanization, the growing emphasis on water quality and public health, the increasing prevalence of water-borne diseases, the increase in industrial demand, and stringent governmental regulations on treating wastewater have boosted the demand for water quality testing equipment.

 

In this market study, all recent dynamics associated with water quality testing were thoroughly analyzed to precisely estimate the future of the water quality testing market. This study also includes profiling key water quality testing stakeholders and segmenting them based on their market standings.

 

Based on offering, in 2023, the solutions segment is expected to account for the larger share of the water quality testing market. The large market share of this segment is attributed to the growing adoption of innovative & advanced solutions and high investments in the R&D of water testing equipment. This segment is also projected to register the highest CAGR during the forecast period.

 

Based on test type, in 2023, the physical test segment is expected to account for the largest share of the water quality testing market. The large market share of this segment is attributed to the increasing adoption of advanced technologies that mainly focus on developing physical testing kits. However, the chemical test segment is projected to register the highest CAGR during the forecast period.

 

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Based on device type, in 2023, the portable device segment is expected to account for the largest share of the water quality testing market. The large market share of this segment is attributed to the increasing demand for portable water testing equipment that can be carried out in the field or in a temporary laboratory to analyze physical, chemical, and microbiological contaminants. This segment is also projected to register the highest CAGR during the forecast period.

 

Based on product type, in 2023, the pH meter segment is expected to account for the largest share of the water quality testing market. The large market share of this segment is attributed to the increasing adoption of pH meters in various industrial sectors and the rising concerns about the adverse effects of acidic or alkaline water in industrial settings. However, the TOC analyzer segment is projected to register the highest CAGR during the forecast period.

 

Based on sector, in 2023, the industrial sector segment is expected to account for the largest share of the Water quality testing market. The large market share of this segment is attributed to increasing industrialization and urbanization, declining freshwater resources, and a rising focus on water quality and public health. This segment is also projected to register the highest CAGR during the forecast period.

 

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Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the global water quality testing market. Asia-Pacific’s significant market share can be attributed to various factors, including the increasing environmental deterioration, declining availability of clean water, rising public-sector investment in water infrastructure, and growing research and development expenditures. This market is also projected to register the highest CAGR during the forecast period.

 

The key players operating in the water quality testing market are Horiba, Ltd. (Japan), Mettler-Toledo International, Inc. (U.S.), Shimadzu Corporation (Japan), Thermo Fisher Scientific, Inc. (U.S.), Tintometer GmbH (Germany), Bureau Veritas (France), Neogen Corporation (U.S.), ALS Limited (Australia), LaMotte Company (U.S.), SGS Société Générale de Surveillance SA (France), Eurofins Scientific SE (Luxembourg), Intertek Group plc (U.K.), Chemetrics, Inc. (U.S.), Geotech Environmental Equipment Inc. (U.S.), Agilent Technologies, Inc. (U.S.), and Applied Membranes, Inc. (U.S.).

 

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Wearable Medical Devices Market to be Worth $184.49 Billion by 2030

 

According to a new market research report titled, ‘Water Quality Testing Market by Offering, Test Type (Physical Test, Chemical Test), Device Type, Product Type (pH Meter, TOC Analyzer), Sector (Laboratory, Government, Environmental Institutes, Industrial Sector)—Global Forecast to 2030,’ the water quality testing market is projected to reach $5.1 billion by 2030, at a CAGR of 6.4% during the forecast period of 2023 to 2030.

 

The main goal of testing water quality is to protect humans and the ecosystem from harmful and toxic elements found in water. Water testing facilities use various processes (e.g., physical, chemical, and biological) to test industrial and municipal wastewater, identify contaminants, and analyze the polluted water. The test helps ensure that the water used in various sectors is safe.

 

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In recent years, the rapid population growth and urbanization, the growing emphasis on water quality and public health, the increasing prevalence of water-borne diseases, the increase in industrial demand, and stringent governmental regulations on treating wastewater have boosted the demand for water quality testing equipment.

 

In this market study, all recent dynamics associated with water quality testing were thoroughly analyzed to precisely estimate the future of the water quality testing market. This study also includes profiling key water quality testing stakeholders and segmenting them based on their market standings.

 

Based on offering, in 2023, the solutions segment is expected to account for the larger share of the water quality testing market. The large market share of this segment is attributed to the growing adoption of innovative & advanced solutions and high investments in the R&D of water testing equipment. This segment is also projected to register the highest CAGR during the forecast period.

 

Based on test type, in 2023, the physical test segment is expected to account for the largest share of the water quality testing market. The large market share of this segment is attributed to the increasing adoption of advanced technologies that mainly focus on developing physical testing kits. However, the chemical test segment is projected to register the highest CAGR during the forecast period.

 

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Based on device type, in 2023, the portable device segment is expected to account for the largest share of the water quality testing market. The large market share of this segment is attributed to the increasing demand for portable water testing equipment that can be carried out in the field or in a temporary laboratory to analyze physical, chemical, and microbiological contaminants. This segment is also projected to register the highest CAGR during the forecast period.

 

Based on product type, in 2023, the pH meter segment is expected to account for the largest share of the water quality testing market. The large market share of this segment is attributed to the increasing adoption of pH meters in various industrial sectors and the rising concerns about the adverse effects of acidic or alkaline water in industrial settings. However, the TOC analyzer segment is projected to register the highest CAGR during the forecast period.

 

Based on sector, in 2023, the industrial sector segment is expected to account for the largest share of the Water quality testing market. The large market share of this segment is attributed to increasing industrialization and urbanization, declining freshwater resources, and a rising focus on water quality and public health. This segment is also projected to register the highest CAGR during the forecast period.

 

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Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the global water quality testing market. Asia-Pacific’s significant market share can be attributed to various factors, including the increasing environmental deterioration, declining availability of clean water, rising public-sector investment in water infrastructure, and growing research and development expenditures. This market is also projected to register the highest CAGR during the forecast period.

 

The key players operating in the water quality testing market are Horiba, Ltd. (Japan), Mettler-Toledo International, Inc. (U.S.), Shimadzu Corporation (Japan), Thermo Fisher Scientific, Inc. (U.S.), Tintometer GmbH (Germany), Bureau Veritas (France), Neogen Corporation (U.S.), ALS Limited (Australia), LaMotte Company (U.S.), SGS Société Générale de Surveillance SA (France), Eurofins Scientific SE (Luxembourg), Intertek Group plc (U.K.), Chemetrics, Inc. (U.S.), Geotech Environmental Equipment Inc. (U.S.), Agilent Technologies, Inc. (U.S.), and Applied Membranes, Inc. (U.S.).

 

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Human Nutrition Market to Reach $189.2 Billion by 2030

 

According to a new market research report titled, ‘Human Nutrition Market by Type (Vitamins, Proteins, Minerals, Fatty Acids, Carbohydrates), Application (Functional Food, Functional Beverages, Dietary Supplements), Population (Geriatric, Pediatric, Maternal) and Geography - Global Forecast to 2030’ the global human nutrition market is projected to reach $189.2 billion by 2030, at a CAGR of 7.4% during the forecast period.

 

The growth of the human nutrition market is mainly attributed to rising health and wellness trend, growing demand for fortified food products, lifestyle changes, rising incidences of chronic diseases, and increasing application in infant formulas and dietary supplements. Furthermore, product launches and technological innovations by the leading players in the human nutrition market are expected to create market growth opportunities.

 

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The human nutrition market is segmented by type (vitamins [fat-soluble vitamins (vitamin a, vitamin e, vitamin d], water-soluble vitamins [Vitamin C, Vitamin B9, Vitamin B12, Vitamin B7, Vitamin B3, Vitamin B2, Vitamin B1, Vitamin B5, Vitamin B6], probiotics, proteins and amino acids, carbohydrates (monosaccharides [glucose, fructose, galactose], oligosaccharides [sucrose, lactose, other carbohydrates], fats and fatty acids (omega-3 fatty acid, omega-6 fatty acid, monounsaturated omega-9 fatty acid, palmitic acid (pa), other fats and fatty acids), minerals (macro minerals [calcium, phosphorus, potassium, magnesium, salt (sodium chloride)], microminerals [iron, zinc, copper, chromium, fluoride, iodine, selenium, manganese, molybdenum], other mineral types), by application (functional food [dairy products, bakery products, snacks, confectionery products, infant food products, other functional foods], functional beverages [energy drinks, sports drinks, fortified juices, dairy-based beverages, other functional beverages], dietary supplements, other applications), by population category (pediatric, geriatric, maternal, athletes, and other population categories) and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes the market at regional and country levels.

 

Among all the types studied in this report, the vitamins segment is expected to account for the largest share of the global human nutrition market in 2023. The large market share of this segment is attributed to the increasing attention to health and wellbeing by consumers, the rising prevalence of vitamin deficiencies, and the huge demand for vitamin-fortified foods. In addition, the rising health and wellness trends and a steady rise in the geriatric population in developed economies are further expected to boost the demand for this segment. However, the probiotics segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing consumer awareness regarding the health benefits of probiotics, the increasing use of probiotics as an alternative to antibiotics, the growing research on probiotics, and the growing use of probiotics for children.

 

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Among all the applications studied in this report, the functional food segment is expected to account for the largest share of the human nutrition market. The large share of this segment is attributed to the changes in lifestyle and food habits, growing demand for nutritional and fortifying food products, rising spending on healthy & nutritious diets, and increased consumer knowledge about their health advantages. However, the functional beverages segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the growing demand for functional beverages in emerging economies, increasing demand for sports drinks, and a rise in health expenditure.

 

Among all the population categories studied in this report, the geriatric population segment is expected to account for the largest share of the human nutrition market. The large market share of this segment is attributed to factors such as the increasing aging population, the growing need to maintain and improve the digestion and immunity system of older adults, and the high prevalence of chronic conditions in this category population.

 

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Among all the regions studied in this report, in 2023, North America is expected to account for the largest share of the human nutrition market. The large market share of this region is attributed to the well-established nutraceutical and functional food industry; growing demand for nutritional supplements; high investments in the research & development of human nutrition products; rising prevalence of chronic diseases including cancer, diabetes, hypertension, stroke, heart disease, respiratory diseases, arthritis, obesity, and oral diseases; the increasing focus on a healthy lifestyle; and the growing health & wellness and clean label trends.

 

The human nutrition market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the human nutrition market are Koninklijke DSM N.V. (Netherlands), Archer Daniels Midland Company (U.S.), Chr. Hansen Holding A/S (Denmark), Glanbia plc (Ireland), Corbion N.V.(Netherlands), Associated British Foods plc (U.K.), Arla Foods (Denmark), Ingredion Incorporated (U.S.), Tate & Lyle PLC (U.K.), Ajinomoto Co. Inc. (Japan), Cargill, Incorporated (U.S.), BASF SE (Germany), and Kerry Group plc (Ireland).

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Algal Pigments Market to Reach $669.8 Million by 2030

 According to a new market research report titled, ‘Algal Pigments Market by Type (Beta-Carotene, Astaxanthin, Phycocyanin, Phycoerythrin, Chlorophyll), Form (Powder), Source (Microalgae, Macroalgae), Application (Food & Beverages, Aquaculture, Nutraceuticals, Pharmaceuticals, Cosmetics) - Forecast to 2030,’ the global algal pigments market is projected to reach $669.8 million by 2030, at a CAGR of 7.2% during the forecast period.

 

The major factors driving the growth of the global algal pigments market are the rising demand for natural colorants, increased adoption of algal pigments for therapeutic & nutritional purposes, reluctance towards usage of synthetic colors, increasing awareness for clean-label products, and growing need to enhance product appeal. Additionally, the growing demand for phycocyanin provides significant growth opportunities for algal pigment manufacturers in the coming years.

 

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The algal pigments market is segmented by type (beta-carotene, astaxanthin, fucoxanthin, phycocyanin, phycoerythrin, lutein, and chlorophyll), form (powder, liquid), source (microalgae (spirulina, haematococcus pluvialis, dunaliella salina, chlorella, and other microalgae), macroalgae/seaweed (red seaweed, brown seaweed, and green seaweed)), application (food & beverages, aquaculture, nutraceuticals, pharmaceuticals, cosmetics, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).

 

Based on type, the phycocyanin segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is driven by the increasing adoption of phycocyanin for nutraceutical & nutritional applications, the reluctance toward the use of synthetic colors, the rising demand for natural blue colorants, and increasing venture investments in phycocyanin production, the high potential of phycocyanin in pharmaceutical applications and the increasing consumer awareness regarding clean-label products.

 

Based on source, the microalgae segment is slated to register the highest CAGR during the forecast period. The rapid growth of this segment is attributed to the consumer inclination toward health & wellness trends, the growing dietary supplements industry, the rising demand for natural food colors, increasing vegetarianism, the growing nutraceuticals industry, and the increasing preference for microalgae-sourced products.

 

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Based on application, in 2023, the food & beverages segment is expected to account for the largest share of the algal pigments market. The large market share of this segment is attributed to factors such as the increasing consumer demand for plant-derived alternatives, stringent regulations against the use of synthetic colors in food products, and properties of algal pigments such as high nutritive value, eco-friendly nature, non-toxicity, and non-carcinogenicity. However, the cosmetics segment is slated to register the highest CAGR during the forecast period. The fast growth of this segment is mainly driven by the rising demand for natural cosmetics products, increasing awareness among consumers about the adverse effects of synthetic cosmetic products, and increasing applications of algal pigments in the cosmetic industry due to their therapeutic uses and zero to minimal side effects.

 

Based on geography, in 2023, Europe is expected to account for the largest share of the algal pigments market. The large market share of this region is attributed to the huge food and beverages industry; strict regulations against the use of synthetic colors; growing health and wellness trends; large demand for natural colorants from various end-use industries; the presence of a number of algal pigment manufacturers; and growing government focus on algae industry.

 

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However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this market is driven by a large number of local and regional players, growing consumption of natural food ingredients, various government initiatives to promote the use of algae, growing demand for algal pigments from the food and beverages industry and increasing consumer preference for natural ingredients.

 

The algal pigments market has witnessed several product launches, partnerships, agreements, and collaborations in recent years. The key players operating in the algal pigments market are Bluetec Naturals Co., Ltd (China), E.I.D. - Parry (India) Limited (India), Cyanotech Corporation (U.S.), AstaReal Group (Japan), Algatechologies Ltd. (Israel), Zhejiang Binmei Biotechnology Co., Ltd. (China), Algae Health Sciences (U.S.), Sochim International S.p.A. (Italy), D.D. Williamson & Co., Inc. (U.S.), Chlostanin Nikken Nature Co. Ltd. (China), DIC Corporation (Japan), Merck KGaA (Germany), Sensient Technologies Corporation (U.S.), Tianjin Norland Biotech Co., Ltd (China), AstaReal Group (Japan), Shaivaa Algaetech LLP (India), and Divi's Laboratories Limited (India).

TOP 10 COMPANIES IN ALGAL PIGMENTS MARKET

Microbubbles/Ultrasound Contrast Agents Market to be Worth $1.95 Billion by 2030

 According to a new market research report titled, ‘Microbubbles/Ultrasound Contrast Agents Market by Application (Diagnostic Imaging [Cardiovascular, Renal, Abdominal, Breast] Therapeutics) Type (Lipid, Protein, Polymer) End User (Hospitals & Clinics, Diagnostics Laboratories)- Global Forecast to 2030,’ published by Meticulous Research®, the microbubbles/ultrasound contrast agents’ market is projected to reach $1.95 billion by 2030, at a CAGR of 15.2% from 2023 to 2030.

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Ultrasound contrast agents are gas-filled microbubbles that are used to improve the capabilities of diagnostic imaging. They play an important role in ultrasound imaging and ultrasound-mediated therapy. Microbubble contrast agents are giving new avenues for therapeutic applications of ultrasound in drug delivery, gene therapy, and thrombolysis.

 

The report also includes an extensive assessment of the key strategic developments of leading market participants in the industry in the last three to four years. The global microbubbles/ultrasound contrast agents market has witnessed several strategic developments in recent years.

 

The high demand for image & diagnostics-guided procedures, the growing aging population, coupled with the rising prevalence of chronic diseases, technological advances in ultrasound imaging, and favorable reimbursement policies for contrast-enhanced procedures are driving the growth of this market. In addition, increasing microbubbles/ultrasound contrast agents-related research activities will likely offer better opportunities for market growth. However, the complexity involved in contrast-enhanced Ultrasound (CEUS) is expected to restrain the market's growth to some extent.

 

Aging Population Coupled with the Increasing Prevalence of Chronic Diseases to Drive the Demand for Microbubbles/Ultrasound Contrast Agents

 

Chronic diseases such as cardiovascular diseases, osteoarticular problems, sleep and mobility disorders, diabetes, and chronic ischemic heart disease is a major and common concern among the elderly population. They can lead to limitations in mental and physical abilities, hospitalization, and increased healthcare expenditures.

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Osteoporosis is a common condition in the elderly population that can be detected using ultrasound. However, chronic diseases such as diabetes and cardiovascular disease can also affect bone health and may lead to false-positive results on ultrasound. Thus, it is important to consider the presence of chronic diseases in the elderly population when interpreting the ultrasound results.

 

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According to the World Population Ageing 2020 report released by the Department of Economic and Social Affairs, United Nations, globally, there were 727 million people aged 65 or above in 2020. It is estimated that by 2050 this number will reach 1.5 billion.

 

The aging population drives a rise in the number of people suffering from chronic diseases. Having an ultrasound near the bed is incredibly useful to older people who cannot move easily or may be anxious to travel to another setting. This increases the demand for ultrasound procedures for older adults. Ultrasound technology can be used for evaluating several disorders, such as bone health and diagnosing heart disease, which may lead to an increased demand for ultrasound in the geriatric population.

 

Hence, the aging population will likely increase the demand for microbubbles/ultrasound contrast agents due to growing utilization, the rising prevalence of chronic diseases, and the increased demand for healthcare services.

 

Microbubbles/Ultrasound Contrast Agents Market: Outlook

 

The microbubbles/ultrasound contrast agents market is segmented by type [lipid microbubbles, protein microbubbles, polymer microbubbles], application [diagnostics imaging {cardiovascular imaging, renal imaging, abdominal imaging, breast imaging, other diagnostics imaging applications}, therapeutic applications], end user (hospitals & clinics, diagnostics laboratories, other end users], and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).          

 

Based on type, the microbubbles/ultrasound contrast agents market is segmented into lipid microbubbles, protein microbubbles, and polymer microbubbles. The lipid microbubbles segment is expected to account for the largest share of the market in 2023. Lipid-based microbubbles ultrasound imaging with contrast agents has become an essential tool in clinical diagnostics. It is applied in drug delivery systems which are the materials working for soft synthetic shells. These lipid shells offer several ways to support additional functions over increased contrast, such as minimally-invasive detection of biochemical signatures. Additionally, improved ultrasound imaging technology and safety & security support the largest share of the segment.

 

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Based on application, the microbubbles/ultrasound contrast agents market is segmented into diagnostics imaging and therapeutic applications. Diagnostic imaging is expected to account for the largest share of the microbubbles/ultrasound contrast agents market in 2023. The large market share of this segment is attributed to the technological developments in specialized application modalities, increasing awareness among people regarding early diagnosis, and the rising prevalence of chronic diseases, including cardiovascular diseases such as heart failure and coronary artery disease are the major causes of premature death every year. For instance, according to the Centers for Disease Control and Prevention, in 2020, about 523 million people had some form of cardiovascular disease and nearly 19 million deaths were caused globally.

 

Based on end user, in 2023, the hospitals & clinics segment is expected to account for the largest share of the microbubbles/ultrasound contrast agents market. People prefer visiting hospitals for treatment as hospitals or clinics have well-established infrastructure. Most people regained the accessibility of healthcare facilities and started visiting hospitals for routine checkups or testing, contributing to the large market share of the segment.

 

Based on geography, the microbubbles/ultrasound contrast agents market is segmented into North America, Europe, Asia-pacific, Latin America, and Middle East & Africa. In 2023, North America is expected to account for the largest share of the microbubbles/ultrasound contrast agents market. The large market share of this segment is primarily due to the aging population and increasing prevalence of chronic diseases, advanced healthcare systems in the U.S. and Canada, accelerated growth of economies and high adoption of advanced technologies.

 

Some of the key players operating in the microbubbles/ultrasound contrast agents market are Lantheus Holdings, Inc. (U.S.), GE HealthCare Technologies Inc. (U.S.), Bracco S.p.A. (Italy), Bristol-Myers Squibb Company (U.S.), Daiichi Sankyo Company, Limited (Japan), nanoPET Pharma GmbH (Germany), Leriva (Greece), Siemens Healthineers AG (Germany), Bayer AG (Germany), and Fujifilm Holdings Corporation (Japan).

TOP 10 COMPANIES IN MICROBUBBLES/ULTRASOUND CONTRAST AGENTS MARKET

Agricultural Micronutrients Market to be Worth $13.35 Billion by 2030

 

According to a new market research report titled, ‘Agricultural Micronutrients Market by Type (Zinc, Iron, Copper, Molybdenum), Crop Type (Cereals and Grains, Fruits and Vegetables), Form (Non-chelated, Chelated), Mode of Application (Soil, Foliar, Fertigation, Seed Treatment) - Global Forecast to 2030,’ the agricultural micronutrients market is projected to reach $13.35 billion by 2030, at a CAGR of 8.4% from 2023 to 2030.

 

Agricultural micronutrients are essential because they play a significant role in the growth and development of plants. While plants require large quantities of macronutrients like nitrogen, phosphorus, and potassium, they also need micronutrients such as zinc, iron, manganese, copper, molybdenum, boron, and others in smaller amounts for their proper functioning. Micronutrient deficiencies can negatively impact plant growth and productivity.

 

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Further, micronutrient applications can increase crop yield and quality. For instance, zinc is critical for proper seed and fruit development, while iron is essential for chlorophyll synthesis and photosynthesis. Also, it helps to maintain soil fertility and sustainability. Continuous cropping and intensive agricultural practices can deplete micronutrient levels in soils over time. Applying micronutrient fertilizers or amendments helps replenish these nutrients and ensures balanced nutrient management for long-term soil health. So, agricultural micronutrients are essential are plant growth.

 

The global agricultural micronutrients market is segmented by type, crop type, form, mode of application, and geography.

 

Key Findings in the Global Agricultural Micronutrients Market Study:

 

Based on type, in 2023, the zinc segment is expected to account for the largest share of the global agricultural micronutrients market. The large market share of this segment is attributed to the rising awareness about the wide range of functions that zinc plays in plant growth and how zinc deficiency in soils affects plants, the growing demand to meet issues with food security challenges, and the rising demand for zinc nutritious food products due to its health benefits. Moreover, the increasing government initiatives globally to enhance zinc concentrate in the soil to increase quantitative and qualitative crops further support the growth of this segment.

 

Based on crop type, in 2023, the cereals & grains segment is expected to account for the largest share of the global agricultural micronutrients market. The large market share of this segment is attributed to the rising demand for food grains due to the growing population, increasing industrial application of cereals & grains, and huge production of staple crops such as wheat, maize, rice, and barley, which form the primary food source for a major population of the world. However, the fruits & vegetables segment is projected to grow at the highest CAGR during the forecast period of 2023–2030. The growth of this segment is driven by the increasing production of fruits and vegetables due to the rising consumption of healthy foods, growing demand for organic fruits and vegetables, and micronutrient deficiency in fruit and vegetable crops.

 

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Based on form, in 2023, the non-chelated micronutrients segment is expected to account for the larger share of the global agricultural micronutrients market. The large market share of this segment is attributed to the increasing application of non-chelated micronutrients because of their low price over chelated form micronutrients. However, the chelated micronutrients segment is projected to record the higher CAGR during the forecast period due to its high stability over the non-chelated micronutrients, the growing need to increase micronutrient utilization efficiency, and the development and application of new generations of chelates.

 

Based on mode of application, the soil treatment segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly driven by the rampant use of traditional agriculture methods in the current farming system, the availability of very limited resources, and the lower adoption of advanced fertilizer application methods. 

 

Based on geography, in 2023, Asia-Pacific is expected to account for the largest share of the global agricultural micronutrients market. The large share of this market is mainly attributed to the huge area under crop cultivation, growing population, increasing demand for high-quality food, and rising focus on agricultural micronutrients to improve crop productivity and crop yield in emerging economies like China and India. Additionally, the increasing agricultural practices and the necessity of high-quality agricultural produce are anticipated to further support the growth of this market. Moreover, this region is projected to register the highest CAGR during the forecast period due to the vast depletion of arable land, rising micronutrient deficiency in soil and huge areas of infertile soil, and the increasing government support for the fertilizer industry.

 

In recent years, the global agricultural micronutrients market has witnessed several product launches, partnerships, agreements, collaborations, expansions, and mergers. The key players operating in the global agricultural micronutrients market are AgroLiquid (U.S.), Aries Agro Limited (India), BASF SE (Germany), BMS Micro-Nutrients NV (Belgium), Coromandel International Limited (India), Haifa Group (Israel), Helena Agri-Enterprises, LLC (U.S.), Koch Industries, Inc. (U.S.), Nouryon (Netherlands), Nufarm Limited (Australia), Nutrien Ltd. (Canada), The Mosaic Company (U.S.), VALAGRO S.P.A (Part of Syngenta AG) (Italy), and Yara International ASA (Norway).

 

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Negative Pressure Wound Therapy Market to be Worth $4.04 Billion by 2030

 

According to a new market research report titled, ‘Negative Pressure Wound Therapy (NPWT) Market By Product (Conventional/Traditional, Single-use, Accessories), Wound Type (Diabetic Foot Ulcer [DFU], Venous Leg Ulcer, Surgical, Burn, Skin Grafts), and End User (Hospital, Home Care) - Global Forecast to 2030,' published by Meticulous Research®, the negative pressure wound therapy market is projected to reach $4.04 billion by 2030 at a CAGR of 6.0% from 2023 to 2030.

 

Negative pressure wound therapy (NPWT) is a technique used to stimulate wound healing. It involves applying controlled negative pressure to the wound site using a specialized dressing and suction device. This technique is usually used to treat and manage complex or chronic wounds. It has several benefits, such as improved wound healing, removal of excess wound fluid, protection against external contaminants, and pain alleviation. NPWT is commonly used to manage wounds such as diabetic foot ulcers, venous leg ulcers, surgical wounds, skin grafts, and burn wounds.

 

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The negative pressure wound therapy market is driven by the increasing prevalence of diabetes and chronic wounds, the rising elderly population, favorable reimbursement policies, and the increasing incidence of obesity and associated comorbidities. Furthermore, the technological advancements in negative pressure wound therapy devices and emerging economies are expected to provide significant opportunities for the growth of this market.

 

However, the high costs of NPWT devices and the potential risk of complications are expected to hinder the growth of this market. In addition, factors such as limited awareness and training among healthcare professionals and the lack of adherence to the treatment among patients due to discomfort pose major challenges to the market’s growth.

 

Improved Patient Outcomes from NPWT Driving the Market Growth

 

Negative pressure wound therapy (NPWT) has shown favorable results in promoting wound healing, shortening hospital stays, and enhancing patients' quality of life. The popularity of NPWT can be attributed to its numerous benefits, including improved wound healing, removal of excess wound fluid, protection against external contaminants, and alleviation of pain.

 

The vacuum which is applied to the wound stimulates blood flow and promotes the delivery of oxygen and nutrients to the wound. This process aids the process of tissue regeneration and the formation of granulation tissue. It also helps remove excess wound fluid, reducing edema and facilitating the removal of harmful substances from the wound. Thus, the increasing adoption of negative pressure wound therapy for effectively managing and treating complex and chronic wounds is driving the growth of this market.

 

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The report includes an extensive assessment of the market based on product, wound type, end user, and geography. The study also provides valuable insights into the key growth strategies adopted by major market players in the last three to four years.

 

The key players profiled in this market study are Acelity L.P. Inc. (U.S.), Cardinal Health, Inc. (U.S.), Convatec Group plc (U.S.), DeRoyal Industries, Inc. (U.S.), Genadyne Biotechnologies, Inc. (U.S.), Medela AG (Switzerland), Mölnlycke Health Care AB (Sweden), Smith & Nephew plc (U.K.), PAUL HARTMANN AG (Germany), and Talley Group Ltd (U.K.).

 

The negative pressure wound therapy market is segmented based on product, wound type, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

 

Based on product, in 2023, the conventional/traditional NPWT devices segment is expected to account for the largest share of the negative pressure wound therapy market. The large market share of this segment is attributed to the rising prevalence of chronic wounds, widespread use of these devices in hospitals, proven clinical outcomes, and the high preference for conventional NPWT devices among healthcare professionals.

 

Based on wound type, in 2023, the diabetic foot ulcers segment is expected to account for the largest share of the negative pressure wound therapy market. The large market share of this segment is attributed to the increased prevalence of diabetes-associated wounds, heightened awareness regarding diabetic foot ulcers and their associated complications, the growing elderly population, and clinical evidence showcasing improved patient outcomes with the use of negative pressure wound therapy.

 

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Based on end user, in 2023, the hospitals & clinics segment is expected to account for the largest share of the negative pressure wound therapy market. The large market share of this segment is attributed to the growing utilization of negative pressure wound therapies in hospitals and clinics for the treatment and management of complex and chronic wounds, favorable reimbursement policies for wound care treatments, and the well-established infrastructure in hospitals and clinics to facilitate specialized treatments.

 

Based geography, in 2023, North America is expected to account for the largest share of the negative pressure wound therapy market, Followed by Europe, and Asia-Pacific. North America’s major market share is primarily attributed to the robust healthcare infrastructure in the region, high healthcare expenditure, technological advancements, favorable reimbursement policies, high awareness about NPWT, and the presence of key market players in the region. However, Asia-Pacific is slated to record the highest CAGR in the negative pressure wound therapy market during the forecast period. The growth of this regional market is driven by the increasing patient population, the rising prevalence of chronic diseases like diabetes, the ongoing development of healthcare infrastructure in the region, and favorable government initiatives aimed at enhancing wound care and promoting advanced medical technologies.

 

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/negative-pressure-wound-therapy-market-5535?utm_source=blog&utm_medium=social&utm_campaign=product&utm_content=07-07-2023.