Process Automation And Instrumentation Market Growing at a CAGR of 6.0% over the Forecast Period 2017-2027

The global process automation and instrumentation market is being driven by several aspects in the market. Some of them are rising presence of process industries that which need process automation and instrumentation, rising focus on automation with a view to increase speed, quality and overall productivity and reduce errors, rising oil and refineries industry, significant demand for automation in the chemical industry, competitive environment prevalent in various regions, rising awareness towards digitalization and technological innovation, rising ethernet and internet technologies in control systems on mining and oil and gas plants, the increasing urge to maintain safety standards, rising demand for process automation in the utilities sector and rising awareness of digitizing oil and gas platforms.

The global process automation and instrumentation market research report has profiled several key players involved in the market. Few of them are ABB Limited, Endress+Hauser Management AG, Emerson Electric Company, Mitsubishi Electric Company, Rockwell Automation Inc., Siemens AG, Pepperl+Fuchs GmbH, HollySys Automation Technologies Ltd., Schneider Electric SE, Honeywell International Inc., Yokogawa Electric Corporation, R. STAHL AG, Bosch Group, Thermo Fisher Scientific Inc., Agilent Technologies, Inc., Oxford Instruments Plc., Forbes Marshall Pvt. Ltd., Parker Hannifin Corp. and Danaher Corp.

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Valuable insights on the global scenario of process automation and instrumentation have been put forth in a structured order based on a recently carried out research on process automation and instrumentation market. Future Market Insights in its new publication titled “Process Automation and Instrumentation Market: Global Industry Analysis (2012-2016) and Opportunity Assessment (2017-2027)” has covered several key players, trends, growth drivers, opportunities, developments and restraints across several key geographies of North America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Latin America, Japan and Middle East and Africa (MEA).

On the basis of a systematic research process and a detailed market segmentation, current and future projections up to ten years, from 2017 to 2027,with respect to value are drawn to deliver valuable acumen about the global market scenario.

The global process automation and instrumentation market is anticipated to grow at a significant growth rate throughout the period of forecast of 2017-2027. The global process automation market and the global process instrumentation market collectively are estimated to reach a value of about US$ 174 Bn by the end of 2027.

The global process automation market is expected to witness robust growth during the assessment period and is poised to register a CAGR of 6.0% throughout the 2017-2027 period. By the end of 2027, the global market for process automation is estimated to be valued at about US$ 153.6 Bn from a value of US$ 85.5 Bn in 2017. The global process instrumentation market is projected to grow at a CAGR of 5.8% during the 2017-2027 assessment period. By the end of 2027, the process instrumentation market is estimated to reach a market evaluation of about US$ 20.5 Bn.

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Global Bitumen Market is Expected to Reach Approximately US$ 94,748.2 Mn in Revenues by 2022-End

According to a new market report published by Persistence Market Research, titled “Global Market Study on Bitumen: Paving Grade Bitumen to Hold Significant Share during the Forecast Period, 2016 – 2022 ”, the global bitumen market is estimated to reach US$ 94,748.2 Mn by 2022.

A mixture of highly sticky, black, viscous organic liquids that is entirely soluble in carbon disulfide and primarily composed of highly condensed polycyclic aromatic hydrocarbons is called bitumen. Naturally occurring bitumen is a tar-lie form of petroleum which is so dense, heavy, and thick that it must be heated or diluted before it could flow. Bitumen mostly contains sulfur and various heavy metals such as vanadium, lead, nickel, chromium, mercury, and other toxic elements.

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Among the various regions, the market in North America is expected to account for 31.69% volume share of the overall global bitumen market, followed by APAC and Western Europe, by 2022. Due to rise in road construction activities in APAC, the bitumen market in the region is projected to expand at a higher than average CAGR of 7.0% between 2016 and 2022 in terms of revenue. The market in the MEA, which is anticipated to account for 8.21% revenue share of the overall global market by 2022 end, is expected to be driven by an increase in the use of bitumen in the paints and coatings industry in the region. The bitumen market in Latin America is estimated to witness an average increase in revenue due to lower GDP growth in the region.

The hard grade segment in the global market is expected to expand at a lower than average CAGR of 3.4% in terms of volume between 2016 and 2022 when compared to the paving grade segment, which is expected to expand at a CAGR of 5.9% during the same period. Application of paving grade bitumen is expected to be the highest in APAC, due to its cost effectiveness as well as increasing road construction activities in the region. Use of oxidized grade bitumen in North America is expected to grow significantly by 3.3%, in terms of value, during the forecast period.

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By end-use, the road construction segment is expected to expand at a higher than average CAGR as compared to other end-use segments, such as waterproofing and others, both in terms of value and volume. The increase in GDP output is one of the major factors driving the market currently. The bitumen market in APAC, with an exponential increase in GDP of various developing economies of the region, is expected to witness high revenue growth during the forecast period. Meanwhile, the market in developed economies is expected to decline in the near future due to lower GDP growth, thereby implying lower consumption compared to other economies.

GCC Industrial Gases market to Value US$ 1,270.1 Mn by 2022

Consumption of industrial gases in GCC will reach 3.75 million tonnes in 2016, witnessing an increase of 5.4% over 2015. Chemicals & petrochemicals will continue to be the largest application segment for industrial gases in terms of volume in 2016, accounting for 815.6 KT (Kilo tonnes) in 2016, up from 772.2 KT in 2015.

Upcoming mega events in GCC, including Dubai Expo 2020 and FIFA World Cup 2022 in Qatar, will continue to drive construction activity, fuelling demand for industrial gases. Demand is expected to pick up in non-oil sectors, as prevailing low prices continue to drive focus on reducing dependency on oil exports.

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Saudi Arabia will continue to be the largest consumer of industrial gases in 2016, accounting for a revenue share of 46.8% in 2016. Saudi Arabia is the leading economy in the region and country’s strong chemicals & petrochemicals sector will continue to ramp up demand for industrial gases in 2016 as well. Region-wise, UAE will be the second largest GCC industrial gases market, representing market revenues worth US$ 190.6 Mn — an increase of 6.8% in 2016 over 2015.

Among all the gas types, oxygen will continue to account for leading market revenue share in 2016, owing to high consumption in chemicals, petrochemicals, refining, metals and fabrication industry. Demand for argon gas will witness highest growth rate in 2016, owing to its increasing utilization in metallurgy, welding and metal fabrication applications.

While refining application segment will lead overall GCC industrial gas revenues in 2016, metals and metallurgy segment will increase at highest growth rate in 2016. Increasing infrastructural development activities are expected to be the major driver for consumption growth of industrial gases in metals & metallurgy application.

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Leading players such as Gulf Cryo, SABIC-NIGC, The Linde Group, Air Liquide etc. are focusing on reducing operational and distribution costs to consolidate their position in the market. Merger and acquisitions and joint ventures remain a key strategy in the GCC industrial gases market; for example, over the last couple of years, companies such as the Linde group, Air Liquide, Praxair Inc. and Air Products & Chemicals Inc. have significantly increased their footprint in the GCC industrial gases market by entering into JVs with regional market players.

Thailand Water Pump Market is Growing at a CAGR of 6.3% by 2021

Persistence Market Research (PMR) in its recent report titled, “Thailand Market Study on Water Pump: Industrial Segment to Witness Highest Growth by 2021”, projects that the Thailand water pump market is expected to grow at a healthy CAGR of 6.3% during the forecast period.

In terms of revenue, the Thailand water pump market accounted for US$16.7 Million in 2014 and is projected to reach US$25.6 Million by 2021.Factors fuelling the market include low manufacturing costs, expansion of water supply network, massive urbanization and industrialization, increasing arable land and land under cereal production. Thailand is an agriculture-driven country. Growth in the agricultural sector, linked with increasing arable land and land under cereal production is leading to growing trend of micro irrigation in small farms, which is projected to increase deployment of centrifugal water pumps.

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Similarly, the country is undergoing rapid economic growth and industrialisation and is also poised to emerge as a substantial market. It plays a crucial role as its one of the manufacturing hubs for water pumps. Deployment of monobloc pumps is increasing due to the growing trend of family farming, which is carried out on small agricultural plots and requires low HP centrifugal pump for micro irrigation. Pumps for domestic and agriculture application offer minimal product differentiation in terms of cost and quality. Similar buyer trends apply to both end-user segments.

On the basis of pump type, the submersible water pump segment is estimated to be the most dominant segment, with 63.5% of the overall Thailand water pump market share in 2015, followed by monobloc water pump segment with 36.5%share. Growth of the monobloc water pumps segment over the forecast period is expected to be driven by increasing demand for application in agro-industrial and food production purposes.

As of 2014, Thailand is among the world’s top ten countries in terms of water consumption for agro-industrial and food production. Central & Eastern Thailand region was the largest market in terms of revenue contribution, accounting for 30.2% of the overall Thailand water pump market in 2014.The Bangkok area is one of the most prosperous parts of Central & Eastern Thailand and is a dominant contributor to the national economy, with the infertile Northeast being the poorest in similar terms.Southern Thailand market is projected to lose 80 BPS during the forecast period. The region is part of a narrow peninsula, with a distinctive climate and terrain. Its economy is based on rice cultivation and rubber production. Mountainous terrain and absence of large rivers are conspicuous features of this region.

By end-use application, the agriculture segment is projected to continue its dominance throughout the forecast period. Agriculture application segment is expected to gain 40 BPS during the forecast period as a major portion of the country’s GDP is generated from agricultural activities. However, the industrial segment is forecasted to register the highest CAGR by 2021.Growth of the market in East Asia is mainly driven by increased adoption of water pumps in power plants, for development of new infrastructure, in heavy industry, municipal wastewater treatment plants, irrigation and drinking water facilities.

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Key players in the Thailand water pump market includeGrundfos, KSB AG, Kirloskar Brothers Limited, Ebara Corporation. Global players like Grundfos, Sulzer Ltd, Flowserve Corporation focus on research and development initiatives to introduce innovative products to attain sustainable advantages over the competition. In addition, these players also focus on expanding their regional presence through mergers and acquisitions.

Corrosion Protection Rubber Linings And Coatings Market is Anticipated to US$ 12,000 Mn revenues by 2022-end

Global leading manufacturers of corrosion protection rubber linings and coatings are making heavy investments in research and development activities, in a bid to develop new techniques for complete prevention of corrosion. Various industrial facilities, ranging from processing equipment, water treatment plants, oil & natural gas tank farms, to pipelines, are at huge risk of corrosion, especially the ones whose structures are made of carbon steel. This is mainly because carbon steel is highly prone to corrosion, which has resulted into production downtime, and repair & replacement activities.

Several proactive industries are therefore moving beyond traditional techniques that are only capable of slowing down the corrosion. The industries are further shifting towards adoption of novel techniques, which enable complete prevention from corrosion, thereby minimising cost, and production downtime needed to replace, repair, or recoat the corroded equipment or material. According to World Corrosion Organisation, over 3% of world’s GDP is spent on corrosion-related activities across the globe annually.

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Sales of corrosion protection rubber linings and coatings in marine, and construction end-use sectors are expected to collectively account for over one-third revenue share of the market in 2017. These end-use sectors will witness a rise in their market share through 2022. In addition, oil & gas is expected to remain the fastest growing end-use sector in the market, with sales poised to account for nearly US$ 2,000 Mn in revenues by 2022-end.

Key market players included in FMI’s report include The Sherwin Williams Company, STEULER – KCH GmbH, PPG Industries, Inc., Polycorp Limited, Koch Knight LLC, Jotun A/S, BASF SE, Axalta Coating Systems, Ashland Global Holdings, Inc., and Akzo Nobel NV.

According to a latest research by Future Market Insights (FMI), the global market for corrosion protection rubber linings and coatings will register a healthy expansion during the forecast period (2017-2022). The global corrosion protection rubber linings and coatings market is estimated to account for nearly US$ 12,000 Mn revenues by 2022-end.

Shifting end-user preferences from solvent-borne solutions to water-borne solutions is a key trend being observed in the market currently. Manufacturers of corrosion protection products are increasingly focusing on safeguarding various end-use sector’s operational performance. These manufacturers are also taking steps to cater the imperative need of preventing exterior corrosion of industrial surfaces. In addition, the focus on development of highly-volatile deterioration-resistant materials is increasing on the back of growing inclination towards technologically-advanced corrosion coating.

Projected to account for over 40% revenue share of the market during 2017 to 2022, solvent-borne segment by form type is expected to remain dominant in the global corrosion protection rubber linings and coatings market. In addition, water-borne segment is expected to witness a relatively faster expansion in sales through 2022. As solvents comprise of harmful chemicals, end-users are now preferring water-borne solutions over solvent-borne for corrosion protection.

Asia-Pacific Excluding Japan (APEJ) and North America will remain the largest markets for corrosion protection rubber linings and coatings. The markets in Japan, and Middle East & Africa (MEA) are also expected to witness a healthy expansion through 2022. In addition, the market in Europe is estimated to create an absolute $ opportunity of roughly US$ 560 Mn between 2017 and 2022.

Hard rubber lining systems are expected to remain preferred among products, with sales projected to account for nearly two-third revenue share of the market during 2017 to 2022. However, soft rubber lining systems’ sales are anticipated to reflect a comparatively higher CAGR than that of hard rubber lining systems through 2022.

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Oxytocic Pharmaceuticals Market Reflecting a CAGR of 9.7% by 2026

Though synthetic oxytocin is chemically equivalent to naturally-occurring oxytocin, their pharmaceutical functions for aiding women in labour are quite distinctive. Medical professionals from around the world will continue to recommend synthetic-based oxytocic pharmaceuticals over natural since oxytocic pharmaceuticals originating from synthetic sources can boost the momentum of decelerated labour by IV administration. More than 90% of the global market revenues for oxytocic pharmaceuticals will be harvested from the sales of oxytocic pharmaceuticals originating from synthetic sources. By the end of 2026, an estimated US$ 148.9 million revenues will be emanated from the global sales of synthetic oxytocic pharmaceuticals.

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Future Market Insights’ published report on the global oxytocic pharmaceuticals market estimates that the market, which is presently valued at US$ 62.2 million, will expand at an impressive 9.7% CAGR to reach US$ 157.6 million value by 2026-end. In the report, titled “Oxytocic Pharmaceuticals Market: Global Industry Analysis & Opportunity Assessment, 2016-2026,” Future Market Insights projects that the global market for oxytocic pharmaceuticals will remain highly fragmented due to higher prevalence of local players as opposed to multinationals and conglomerates. Nevertheless, global pharmaceutical industry leaders such as Pfizer Inc., Novartis AG, Baxter Healthcare Corporation, and Teva Pharmaceutical Industries Ltd. are also partaking in the global oxytocic pharmaceuticals market. Other leading manufacturers of oxytocic pharmaceuticals include Biofutura Pharma SpA, Ferring BV, and Fresenius Kabi AG.

Global Oxytocic pharmaceuticals Market: Regional Analysis

The need for oxytocic pharmaceuticals in the world will always remain contingent to the rise in pregnancy incidences and birth rate. Various parts of the world exhibit diverse birth rate, which incidentally drives the growth of their oxytocic pharmaceuticals market, accordingly. In North America, oxytocic pharmaceuticals are majorly used for postpartum haemorrhage, which is one of the most-prominent indication among labouring women in the US and Canada. However, China is expected to remain the largest market for oxytocic pharmaceuticals in the world. Considering the country’s exploding birth rate, China’s oxytocic pharmaceuticals market will be valued over US$ 55 million by 2026-end, expanding at 9.8% CAGR. In 2016, Japan’s oxytocic pharmaceuticals revenues amounted to an estimated US$ 1.7 million, while the oxytocic pharmaceuticals market in Asia-Pacific excluding Japan & China (APEJC) region has been estimated to account for nearly 20% of global revenues.

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Global Oxytocic Pharmaceuticals Market: Research Highlights

Licensing agreements for development of newer oxytocic pharmaceuticals is rampantly boosting the global market revenues, profiting local players as well as industry leaders.

Surging prevalence of labour induction procedures for child births will continue promoting the use of oxytocic pharmaceuticals throughout the forecast period.

The global oxytocic pharmaceuticals revenues, however, are projected to witness an inhibited growth on the account of rising preference to alternative drugs such as magnesium sulphate and misoprostol.

India’s contribution to the APEJC oxytocic pharmaceuticals market is predicted to reach nearly 60% by the end of 2026.

More than 22,000 thousand units of oxytocic pharmaceuticals will be sold globally for treating labour arrest over the forecast period.

Hospitals will remain the largest end-user of oxytocic pharmaceuticals in the world, revenues from which will expand beyond 12% CAGR.

A majority of medical professionals in the world will recommend intravenous administration of oxytocic pharmaceuticals, accounting for more than two-third of global market revenues by the end of 2026.

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Global Spinal Cord Trauma Treatment Market Value to Increase to US$ 3,036.2 Mn by 2027 end

Spinal Cord Trauma Treatment Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025” is the recent report of Persistence Market Research that throws light on the overall market scenario during the period of eight years, i.e. 2017-2025. According to this report, Global spinal cord trauma treatment market is expected to witness significant growth during the forecast period. This growth is expected to be primarily driven by increasing incidence of spinal cord trauma, and increasing government support to reduce the burden of spinal cord injuries. Additionally, development of nerve cells growth therapy is expected to boost the market in near future. The global market for spinal cord trauma treatment is is estimated to be valued at US$ 2,276.3 Mn in terms of value by the end of 2017. The global spinal cord trauma treatment market is expected to expand at a CAGR of 3.7% over the forecast period to reach a value of US$ 3,036.2 Mn by 2027 end.

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Global Spinal Cord Trauma Treatment Market: Trends

Medical tourism for post spinal surgery rehabilitation

Research on neuroregeneration therapies

Increasing use of mechanical spinal traction

Focus towards improvement of quality of life by increasing the use of robot assisted rehabilitation

Methylprednisolone as a standard corticosteroid therapy

Public private partnership for better health infrastructure and work as a source to meet the funding gap

Increasing cases of vehicle accidents

Development of stem cell therapy

Global Spinal Cord Trauma Treatment Market: Forecast by End User

On the basis of end user, the global spinal cord trauma treatment market is segmented into hospitals and trauma centers. Hospitals segment dominated the global spinal cord trauma treatment market in revenue terms in 2016 and is projected to continue to do so throughout the forecast period. Hospitals and trauma centers segments are expected to approximately similar attractive index. Hospitals segment accounted for 53.2% value share in 2017 and is projected to account for 52.5% share by 2025 end.

Global Spinal Cord Trauma Treatment Market: Forecast by Injury Type

On the basis of injury type, the global spinal cord trauma treatment market is segmented into complete spinal cord injuries and partial spinal cord injuries. Partial spinal cord trauma treatment segment is expected to show better growth than the completed spinal cord treatment segment due to higher growth in the incidence rate of partial spinal cord trauma than the complete spinal cord trauma. With US$ 1,870.3 Mn market value in 2025, this segment is likely to expand at CAGR 3.8% throughout the projected period.

Global Spinal Cord Trauma Treatment Market: Forecast by Treatment Type

On the basis of treatment type, the global spinal cord trauma treatment market is segmented into corticosteroid, surgery, and spinal traction segments. Surgery segment dominated the global spinal cord trauma treatment market in revenue terms in 2016 and is projected to continue to do so throughout the forecast period. Surgery segment is the most attractive segment, with attractiveness index of 2.6 over the forecast period.

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Global Spinal Cord Trauma Treatment Market: Forecast by Region

This market is segmented into five regions such as North America, Latin America, Europe, APAC and MEA. Asia-Pacific account for the largest market share in the global spinal cord trauma treatment market. Large patient population due to the high rate of road accidents and crime is making the Asia Pacific region most attractive market for spinal cord trauma treatment. On the other hand, MEA and Latin America is expected to be the least attractive market for spinal cord trauma treatment, with attractiveness index of 0.3 and 0.5 respectively over the forecast period.

Global Spinal Cord Trauma Treatment Market: Key Vendors

Acorda Therapeutics, Inc., Asterias Biotherapeutics, ReNetX Bio, BioArctic AB, BioTime, Inc., InVivo Therapeutics, Kringle Pharma, Inc., Novartis AG, Pfizer Inc., Pharmicell Co. Ltd., Vertex Pharmaceuticals Inc., and Bioaxone Biosciences, Inc. are some of the key players in the global spinal cord trauma treatment market.

Branded Generics Market Value to Swing Up US$ 413.8 Bn by 2026

A recent research conducted by Future Market Insights predicts that the global market for branded generics will witness a steady growth in terms of revenues. Over a ten-year forecast period from 2016 to 2026, the size of global branded generics market has been estimated to expand at a steady CAGR of 7.3%. Brand-name prescriptions will continue to be ubiquitous among aged people in the world, and since geriatric demographics account for a large portion of global drug-consuming population, demand for branded generics will also rise substantially. In 2016, the global branded generics market has been valued at nearly US$ 200 billion, and is projected to reach US$ 413.8 Bn market value by the end of forecast period.

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Some of the leading manufacturers of branded generics are based in Asian countries, and are extending their production capacity to keep up with the surging global depend. In Asia-Pacific excluding Japan (APEJ) region, about US$ 150 billion revenues are expected to be procured by the end of 2026. During the forecast period, branded generics market in the APEJ region will attain fastest growth, registering a 10% CAGR, contributing over 35% of global branded generics revenues. North America, Eastern Europe and Latin America are also expected to be lucrative for growth of branded generics sales, while revenues in Western Europe, Japan and Middle East & Africa (MEA) are likely to incur a considerable dip by 2026-end.

Competitive Timeline in Global Branded Generics Market

Since 2015, Abbott Laboratories, a leading drugmaker in the global pharmaceuticals industry, has aimed at capitalizing from branded generics businesses in developing regions.

Teva Pharmaceuticals acquired Allergan’s branded generics vertical, while Pfizer Inc. bought Hospira Inc. – both acquisitions have been strategically carried out for repositioning market standings of Teva and Pfizer respectively.

In December 2016, India-based Sun Pharmaceuticals Industries Ltd. agreed to buy Swiss drugmaker Novartis AG’s branded generics portfolio on cancer medications.

Another leading branded generics manufacturer, Mylan N.V. recently launched anti-allergy devices which are expected to be half the price of its branded EpiPens.

Other prominent companies partaking in the growth of global branded generics market include, Aspen Pharmacare Holding Ltd. and Valeant Pharmaceuticals International, Inc.

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Research Highlights on Global Branded Generics Market

The report includes a segmental analysis of the global branded generics market, fragmenting its growth on the type of drug formulation, major drug classes, therapeutic applications, and distribution channels. Based on such segmentation, some of the key findings compiled in the report are:

Nearly three-fifth of the global branded generics revenues estimated in 2016 are expected to be accounted by oral-type formulations, with parenteral, topic and other formulation types collectively accounting for 8% market value share.

Hospital pharmacies & retail pharmacies will remain as the largest distribution channels for branded generics throughout the globe.

In 2016 and beyond, the demand for branded generics in therapeutic treatment of cardiovascular diseases will be significant, revenues from which are expected to increase at more than 8% CAGR over the forecast period.

Global revenues of branded generics accounted by anti-hypertensive drug class are predicted to surpass US$ 25 billion by 2026-end.

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ABOUT US

Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

CONTACT

Future Market Insights

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Automotive Parts Remanufacturing Market has Been Estimated to Account for US$ 21.4 Bn by 2024-end

 

European Council’s stringent laws will continue curbing the rate at which worn-out car parts are discarded and dumped in the environment. Measures as such are reinforcing the growth of remanufacturing business across the region which is known for its significant contribution to the global automobile industry. Besides, buying new parts is losing its feasibility in Europe owing to volatile prices of raw materials and fragmented presence of OEMs. Thus, reprocessing and testing core components of cars continues to gain traction across Europe, solidifying the growth of its automotive parts remanufacturing market. Persistence Market Research recently valued the automotive parts remanufacturing market in Europe at US$ 12,152 Mn, and expected it to reach US$ 21,433.2 Mn by the end of 2024.

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According to its report, titled “Automotive Parts Remanufacturing Market: Europe Industry Analysis and Forecast, 2016-2024,” Persistence Market Research projects that during the forecast period, Europe’s automotive parts remanufacturing market will register a steady value CAGR of 6.4%. The report reveals that in 2016, close to 35 million units of remanufactured automotive parts were sold across Europe. This number is expected to soar at 7.4% CAGR and surpass 56 million by the end of 2024. And, environmental concerns associated with ageing of automobiles continues to drive this demand for automotive parts remanufacturing in Europe.

Emergence of new products and components for controlling a vehicle’s performance serve as an underlining driver for the market’s growth. Advent of hybrid and advanced vehicles in Europe is also favoring the adoption of automotive parts remanufacturing. Core components are getting remodeled through remanufacturers, and are being augmented with latest hi-tech devices. Demand for remanufacturing engine and transmission components is fairly high across Europe, and is expected to remain so throughout the forecast period. Remanufacturing of turbochargers, transmission clutches, brake calipers, and steering wheels will register rampant growth in revenues and exhibit CAGRs not less than 7.8%.

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Meanwhile, over 40% of Europe’s automotive parts remanufacturing market will be accounted by passenger cars. By the end of 2024, more than 23 million passenger car parts will be remanufactured across European countries. Demand for remanufacturing automotive parts will also witness an uptick among HCVs and off-highway vehicles. Being Europe’s leading country in automobile manufacturing, Germany will continue to dominate the market with over one-third revenue share throughout the forecast period. The report further reveals that in 2017 and beyond, the demand for automotive parts remanufacturing will incur impressive growth in the UK, while countries such as France, Italy and Russia will come up short.

In the years to come, Europe will continue to be recognized for housing automotive industry leaders such as Mercedes-Benz, Bayerische Motoren Werke and Volkswagen, among others. And, it’s the high profit margins that will compel Europe’s automakers towards remanufacturing businesses. Higher profit margins associated with aftermarket sales of automotive components, coupled with minimal input costs for remanufacturing discarded products, are consolidating the competitive landscape in Europe’s automotive parts remanufacturing market. Key players participating in the growth of automotive parts remanufacturing market in Europe include, Borg Automotive A/S, Valeo SA, Caterpillar Inc., ZF Friedrichshafen AG, Carwood Group, Meritor Inc., Robert Bosch GmbH, Budweg Caliper A/S, Monark Automotive GmbH, and LuK Unna GmbH & Co. KG.

North America Recreational Vehicles Market Projected to Reach US$ 26.19 Bn by 2024

 

North America sales of recreational vehicle are projected to reach US$ 26.19 Bn by 2024 end, expanding at a CAGR of over 7%. In terms of consumption volume, recreational vehicles will possibly exceed 465,000 units within the first half of the assessed period i.e. by 2020 end.

In a recently published market outlook titled “Recreational Vehicle Market: North America Industry Analysis and Forecast 2016 to 2024,” Persistence Market Research delivers key insights into the critical factors expected to impact the market growth over the next few years. The report also provides country-wise and segmental analysis estimated for an eight-year forecast period, 2016-2024.

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“Revenue sales of recreational vehicle across North America will be highly impacted by demographics, consumer behavior, and purchasing power. Eco-friendly and lightweight recreational vehicle highlight a current growing trend, whereas hybrid/battery-operated recreational vehicles have recently emerged as a promising trend. Rental market for recreational vehicle is witnessing significant growth. Growing preference for online shopping will also benefit RV promotion and sales,” Persistence Market Research comments on the most influential trends in North America’s recreational vehicle market.

Drivers, Trends, and Opportunity Insights : Rising consumer inclination toward entertaining outdoors and adventure travel will remain the key drivers to North America market for recreational vehicles. Recent style and design innovations fuel the market growth further.Developing outdoor recreational infrastructure and growing preference for sustainable tourism against mass tourism will collectively create revenue generation channels for RV manufacturers.Baby Boomers have always been the largest consumer cluster for recreational vehicle. However, several manufacturers are increasingly targeting young consumers through emphasis on new, cost-effective product launches based on advanced technology. Thor Industries recently (2016) introduced smaller Class C and Class A motorhomes, specifically targeting younger generation consumers.

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Country-wise Market Insights : U.S. based manufactures are likely to encounter with attractive opportunities in developing Asian countries, including Japan, China, and South Korea. For existing network expansion, various small manufacturers are consolidating with established players. Vendors are also offering multiple financing options on RV purchase. A few more factors that will continue to favor the growth of recreational vehicle market include initiatives by governments. States’ rising investments in specialized roadways specifically designed for recreational vehicle prompt at lucrative opportunities in near future.

Geographical analysis of North America recreational vehicle market bifurcates the market into the U.S. and Canada. While the U.S. is anticipated to take a leap over US$ 22 Bn by 2024 end, Canada market will possibly represent a total incremental opportunity of US$ 1,552.2 Mn between 2016 and 2024.