Category: Uncategorised

Vertical Farming Industry Overview

The global vertical farming market size was valued at USD 4.34 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2030. The market growth is attributed to the growing adoption of environment-friendly production of fruits and vegetables. The unprecedented growth of the global population has increased the demand for urban agriculture.

Vertical farming is the practice of producing food in vertically stacked layers such as in a used warehouse, skyscraper, or shipping container. Organic foods are perceived as healthier, nutritious, safer, and more environmentally friendly. A critical factor that influences the demand for organic food is the food purchasing behavior of consumers, which is essential for producers, policymakers, and suppliers to implement successful marketing strategies.

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Obesity and heart diseases are prevalent, health-related issues among consumers. Furthermore, the growing depletion of groundwater and changing climatic conditions have urged traditional growers to adopt alternate farming methods. Increasing consumer concerns toward health and the abovementioned factors are likely to elevate the industry demand.

Unlike traditional farming, indoor farming can produce crops throughout the year, which results in increased productivity. Furthermore, indoor farming can protect crops from extreme weather conditions through the usage of techniques such as the controlled environment agriculture technology, where the facilities use artificial environmental control, control of light, and fertigation.

Increasing demand for high-quality food, independent agriculture technique, and growing urbanization are some of the critical factors responsible for market growth. These factors have increased the requirement for food. Demand for food is expected to witness significant growth with a growing population by 2030. The adoption of the vertical cultivation technique allows the consumers to grow crops in a warehouse or a multi-story building.

Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.

• Transportation Analytics Market – The global transportation analytics market size was valued at USD 7.2 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 15.6% from 2020 to 2027. Factors such as the growing adoption of smart transportation initiatives and the Advanced Traffic Management System (ATMs) undertaken across the world are the primary drivers fostering market growth.

• IT Services Outsourcing Market – The global IT services outsourcing market size was valued at USD 520.74 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2020 to 2027. The industry is anticipated to witness substantial demand for IT operations to allow companies to focus on their core tasks and reduce the operational costs.

Vertical Farming Market Segmentation

Grand View Research has segmented the global vertical farming market report based on structure, offering, growing mechanism, fruits, vegetables, and herbs, and region:

• Structure Outlook (Revenue, USD Million, 2017 – 2030)
  • Shipping Container
  • Building-based

• Offering Outlook (Revenue, USD Million, 2017 – 2030)
  • Lighting
  • Hydroponic Components
  • Climate Control
  • Sensors

• Growing Mechanism Outlook (Revenue, USD Million, 2017 – 2030)
  • Hydroponics
  • Aeroponics
  • Aquaponics

• Fruits, Vegetables, & Herbs Outlook (Revenue, USD Million, 2017 – 2030)
  • Tomato
  • Lettuce
  • Bell & Chili Peppers
  • Strawberry
  • Cucumber
  • Leafy Greens (excluding lettuce)
  • Herbs
  • Others

• Regional Outlook (Revenue, USD Million, 2017 – 2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Market Share Insights

• August 2021: Cargill Partnered with the vertical farming leader AeroFarms aiming to improve cocoa bean yields and develop more climate-resilient farming practices. Together, the two organizations will experiment with different indoor growing technologies, including aeroponics and hydroponics, light, carbon dioxide, irrigation, and nutrients, to identify the optimal conditions for cocoa tree growth.
• August 2021: AeroFarms announced that it would expand to the Middle West region as part of a project with the World Wildlife Fund (WWF) and St. Louis Controlled Environment Agriculture Coalition (STLCEA) to demonstrate innovative strategies to minimize the environmental footprint of indoor vertical farming.

Key Companies profiled:

Some prominent players in the global vertical farming market include:

• AeroFarms (U.S.)
• Illumitex, Inc. (U.S.)
• American Hydroponics (U.S.)
• Agrilution GmbH
• Brightfarms Inc.
• Everlight Electronics Co., Ltd.
• Freight Farms
• GrowUp Urban Farms Ltd.
• Green Sense Farms, LLC
• Vertical Farm Systems

Order a free sample PDF of the Vertical Farming Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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Grand View Research, Inc.

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Digital Transformation Industry Overview

The global digital transformation market size was evaluated at USD 608.72 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 23.1% from 2022 to 2030. The COVID-19 pandemic posed a significant test for the entire world to endure the business congruity in between all the social distancing, lockdown, work from home, and other challenges. While few organizations were ready to face the challenges others were not due to a lack of digital strategy other important tools or infrastructure required for smooth functioning. Despite all the objections COVID-19 has delivered to personal, professional, and community life, it also gave new opportunities to businesses. Innovation, when utilized appropriately, upgrades proficiency and usefulness, the COVID-19 scenario offers the right opportunity for organizations to deal with their digital channels.

Digital transformation helps organizations to cope with various risks associated and handling disruption such as rebuilding corporate, marketplace fluctuation, and geopolitical conditions that are unforeseen and can prompt erratic outcomes. Moreover, moving from conventional to new digitalized setup supports the introduction of many new technically advanced products and services. Digital transformation can transform, integrate and simplify daily business operations by enhancing performance efficiently. It helps associations in organizing their operations to save time and effort and efficiently make use of resources. Digital transformation supplants traditional business processes with automation, and hence reduces the chance of errors by users.

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Digital transformation through the implementation of software lets organizations focuses on further developing the brand reputation by enhancing customer experience and attaining higher customer retention ratios. Digital transformation helps organizations in adjusting to the progressing technological scenario and can handle abrupt changes in the business. All the more significantly, a significant piece of the market growth will come from organizations putting resources into analytics, mobility, cloud services, and big data technologies as a component of their development of Digital Experience Platforms (DXP).

In these recent years, the world witnessed numerous developments that took place in the field of technology, for instance, predictive analysis, blockchain, quantum computing, Artificial Intelligence (AI), and Machine Learning (ML), among others. Organizations are producing a tremendous amount of data for which they require technological support such as machine learning algorithms and powerful analysis tools to develop insights. This is one of the key factors promoting the adoption of technologies, and additionally, it makes the workflow more systematic for daily operations.

Significant difficulties that organizations face during the execution of digital transformation include the absence of systematic planning and budget allocation. To embrace the digital transformation journey, a company will require huge capital investment for the acquisition of such technological advancements and a suitably skilled team for the smooth execution process. Subsequently, the whole process demands a huge capital investment, which might prompt lower benefits at first, but over the long run, this huge investment could be one of the key reasons for a successful business. The absence of proper budget allocation hampers organizational decision-making power and makes the transformation initiative uneasy. To conquer this, organizations must come up with a strong strategy for the long term and have a sound capital arrangement.

Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.

• Computer Aided Engineering Market – The global computer aided engineering market size was valued at USD 8,904.2 million in 2021 and is expected to expand at a CAGR of 8.8% from 2022 to 2030, owing to the increased outsourcing of manufacturing processes to emerging economies such as China, India, and Russia, among others.

• Voice And Speech Recognition Market – The global voice and speech recognition market size was valued at USD 14.42 billion in 2021 and is anticipated to grow at a compound annual growth rate (CAGR) of 15.3% from 2022 to 2030. The market is anticipated to be driven by technological advancements and the rising adoption of advanced electronic devices.

Digital Transformation Market Segmentation

Grand View Research has segmented the global digital transformation market report based on solution, service, deployment, enterprise size, end use, and region:

• Solution Outlook (Revenue, USD Billion, 2017 – 2030)
  • Analytics
  • Cloud Computing
  • Mobility
  • Social Media
  • Others

• Service Outlook (Revenue, USD Billion, 2017 – 2030)
  • Professional Services
  • Implementation & Integration

• Deployment Outlook (Revenue, USD Billion, 2017 – 2030)
  • Hosted
  • On-premise

• Enterprise Size Outlook (Revenue, USD Billion, 2017 – 2030)
  • Large Enterprise
  • Small & Medium Enterprise

• End-use Outlook (Revenue, USD Billion, 2017 – 2030)
  • BFSI
  • Government
  • Healthcare
  • IT & Telecom
  • Manufacturing
  • Retail
  • Others

• Regional Outlook (Revenue, USD Billion, 2017 – 2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Market Share Insights

• April 2021: Oracle made its GoldenGate technology available as a highly automated, fully managed cloud service that clients can use to help ensure that their valuable data is always available and analyzable in real-time, wherever they need it.
• March 2021: the U.K. government decided to set out an initiative known as Government Digital Service (DSG) which offers a simple digital identity solution and helps to “create a single sign-on” that works for everyone.

Key Companies profiled:

Some of the prominent players operating in the global digital transformation market are:

• Accenture plc
• Apple Inc.
• Adobe Systems Incorporated
• CA Technologies
• Dell EMC
• Hewlett Packard Enterprise Co.
• International Business Machines Corporation
• Microsoft Corporation
• Kellton Tech Solutions Ltd.
• Google Inc.

Order a free sample PDF of the Digital Transformation Market Intelligence Study, published by Grand View Research.

Automotive Aftermarket Industry Overview

The global automotive aftermarket size was valued at USD 408.5 billion in 2021. The market is expected to register a compound annual growth rate (CAGR) of 3.4% from 2022 to 2030.

The market is majorly driven by the pursuit of automobile drivers to enhance their vehicle performance in terms of exhaust sound, speed, and appearance parameters along with many other aspects. Regional regulatory authorities, such as Japanese Automobile Sports Muffler Association (JASMA) and the U.S. Environmental Protection Agency, monitor the built-up standards and environmental impacts associated with automotive component functioning, for instance, the noise emission levels associated with the modern-day automotive resonators and mufflers in automotive exhaust systems.

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Digitization of component delivery sales and services, along with the advent of online portal distributing aftermarket components in synchrony with the global auto-part supplier groups, are expected to draw huge investments from the key participants. For instance, the leading market component suppliers, such as US Auto Parts Network, Inc. and CarParts.com, would drive the global market demand in the years to come. Owing to above-mentioned trade gateways, the online aftermarket businesses arcade parades high potential in the developing countries. Additionally, growing online sales of automotive components is estimated to deliver significant demand for the market.

The companies are now shifting to the digital platform owing to the smoother experience for the customers. In January 2020, Continental AG announced their online portal that will contain a portfolio of all of their services and information about their product for the industry. The value chain of the market comprises two primary segments: automotive replacement part suppliers and service enablers. These prime industry segments are exchanging value through automotive sectors at several intermittent stages. Access to elaborative component assortment coupled with the simplicity of transactions, delivered through digitalization of the global automotive component sales, is destined to resolve the obtainability issues, thereby driving the automobile aftermarket industry.

The ensuing digitalization is anticipated to convey a high impact on the industry as a growing number of people incline toward Internet-of-Things (IoT) and digitization trends. Furthermore, technology improvements in propulsion have created numerous opportunities in the market. However, issues about high R&D expenditures are expected to hinder the market growth over the forecast period. Automobile manufacturers face certain constraints while carrying out their manufacturing processes. Production cost is one of these constraints. Some automotive replacement parts as aftermarket filters, however, offer the chance of choosing a part that suits the conditions in which a vehicle operates.

Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.

• Agricultural Tractors Market – The global agricultural tractors market demand was valued at 2,765.3 thousand units in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2030.

• Automotive Exhaust Systems Market – The global automotive exhaust systems market size was valued at USD 44.79 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2028.

Automotive Aftermarket Segmentation

Grand View Research has segmented the global automotive aftermarket based on replacement part, distribution channel, service channel, certification, and region:

• Automotive Aftermarket Replacement Part Outlook (Revenue, USD Billion, 2017 – 2030)
  • Tire
  • Battery
  • Brake parts
  • Filters
  • Body parts
  • Lighting & Electronic components
  • Wheels
  • Exhaust components
  • Turbochargers
  • Others

• Automotive Aftermarket Distribution Channel Outlook (Revenue, USD Billion, 2017 – 2030)
  • Retailers
    • OEMs
    • Repair Shops
  • Wholesalers & Distributors

• Automotive Aftermarket Service Channel Outlook (Revenue, USD Billion, 2017 – 2030)
  • DIY (Do It Yourself)
  • DIFM (Do It for Me)
  • OE (Delegating to OEM’s)

• Automotive Aftermarket Certification Outlook (Revenue, USD Billion, 2017 – 2030)
  • Genuine Parts
  • Certified Parts
  • Uncertified Parts

• Automotive Aftermarket Regional Outlook (Revenue, USD Billion, 2017- 2030)
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Market Share Insights

• February 2021: Goodyear Tire & Rubber Company acquired Cooper Tire & Rubber Company to combine the brand portfolio and provide comprehensive services along the value spectrum of the industry.
• January 2020: Continental AG announced their online portal that will contain a portfolio of all of their services and information about their product for the industry.

Key Companies profiled:

Some prominent players in the Automotive Aftermarket include

• 3M Company
• Continental AG
• Cooper Tire & Rubber Company
• Delphi Automotive PLC
• Denso Corporation
• Federal-Mogul Corporation
• HELLA KGaA Hueck & Co.
• Robert Bosch GmbH
• Valeo Group
• ZF Friedrichshafen AG 

Order a free sample PDF of the Automotive Aftermarket Intelligence Study, published by Grand View Research.

Fencing Industry Overview

The global fencing market size was valued at USD 27.88 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2030.

An unabated rise in new housing construction, home improvement projects, remodeling activities, and commercial construction is expected to drive the growth of the market over the forecast period. The growing concerns over safety and security coupled with the lower maintenance costs and higher reliability attributes associated with the latest fencing solutions are expected to contribute to the growth of the market.

Gather more insights about the market drivers, restrains and growth of the Global Fencing Market

The demand for fencing products is anticipated to rise in line with the growing need for improving the appearance and increasing the value of the property and the growing availability of lightweight, affordable, and easy-to-install PVC and plastic fences. As such, cost, quality, design, and aesthetic value are emerging among the major customer criteria. Increased spending on institutional construction and the growing government spending for strengthening the physical security of parks, public places, and government premises also bodes well for the growth of the market.

A looming surge in real estate development, growing industrialization, and the aggressive investments public and private organizations are making in the construction industry, especially in emerging countries, such as China and India, are driving the need for physical safety and security solutions. Increasing instances of security breaches and the subsequent need for innovative safety and security solutions are prompting market players to offer enhanced fencing solutions in line with the continuously evolving end-user demands, thereby contributing to the growth of the market.

Eco-friendly fencing is getting popular but the high level of maintenance eco-friendly fencing requires is driving the demand for low-maintenance fencing solutions, such as vinyl fencing. Plastic fencing is also emerging as a relatively economical, lightweight, and easy-to-install alternative. For farmers looking forward to protecting their property and livestock, market players are offering smart solutions that can provide accurate, data-driven insights. However, the rising number of unlicensed contractors offering inferior products and rising raw material prices are expected to restrain the growth of the market.

Browse through Grand View Research’s HVAC & Construction Industry Research Reports.

• Agriculture Equipment Market – The global agriculture equipment market size was evaluated at USD 155.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030.

• Mobile Cranes Market – The global mobile cranes market size was valued at USD 12.76 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027.

Fencing Market Segmentation

Grand View Research has segmented the global fencing market based on material, distribution channel, installation, application, end use, and region:

• Fencing Material Outlook (Revenue, USD Million, 2017 – 2030)
  • Metal
  • Wood
  • Plastic & Composite
  • Concrete

• Fencing Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
  • Online
  • Retail

• Fencing Installation Outlook (Revenue, USD Million, 2017 – 2030)
  • Do-It-Yourself
  • Contractor

• Fencing Application Outlook (Revenue, USD Million, 2017 – 2030)
  • Residential
  • Agricultural
  • Industrial

• Fencing End-use Outlook (Revenue, USD Million, 2017 – 2030)
  • Government
  • Petroleum & Chemicals
  • Military & Defense
  • Mining
  • Energy & Power
  • Transport
  • Others

• Fencing Regional Outlook (Revenue, USD Million, 2017- 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Share Insights

• September 2020: Bekaert and Almasa SA signed an agreement to merge Proalco SAS, a subsidiary of Bekaert, with Almasa SA’s steel wire activities to combine the resources and expertise in offering new and existing steel wire products and solutions to the customers.

Key Companies profiled:

Some prominent players in the Fencing market include

• Allied Tube & Conduit
• Ameristar Fence Products Incorporated
• Associated Materials LLC
• Bekaert
• Betafence NV
• CertainTeed Corporation
• Gregory Industries, Inc.
• Jerith Manufacturing Company Inc.
• Long Fence Company Inc.
• Ply Gem Holdings Inc.
• Poly Vinyl Creations Inc.

Order a free sample PDF of the Fencing Market Intelligence Study, published by Grand View Research.

Data Annotation Tools Industry Overview

The global data annotation tools market size was valued at USD 629.5 USD million in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 26.6% from 2022 to 2030.

The growth is majorly driven by the increasing adoption of image data annotation tools in the automotive, retail, and healthcare sectors. The data annotation tools enable users to enhance the value of data by adding attribute tags to it or labeling it. The key benefit of using annotation tools is that the combination of data attributes enables users to manage the data definition at a single location and eliminates the need to rewrite similar rules in multiple places. The rise of big data and the surge in the number of large datasets are likely to necessitate the use of artificial intelligence technologies in the field of data annotations. The data annotation industry is also expected to have benefited from the rising demands for improvements in machine learning as well as in the rising investment in advanced autonomous driving technology.

Gather more insights about the market drivers, restrains and growth of the Global Data Annotation Tools Market

Data annotation is expected to play a major role in enhancing the applications of AI in the healthcare sector. AI-backed machines use machine vision or computer vision in medical imaging data technologies to sense patterns and identify possible injuries, which assists medical practitioners in automatically generating reports after the individual is examined. The database of CT scans, MRI, and X-Ray images can be easily screened by the AI to determine various injuries. Data annotation tools help train AI systems in differentiating data obtained from normal and injured medical images to generate the final reports of the examined individuals. Thus, data annotation is expected to play a major role in enhancing the applications of AI in the healthcare sector. For instance, in March 2021, Innodata Inc., a U.S.-based company, announced its expansion of AI data annotation tools capabilities to include the medical reports of the patients. Innodata has established plans to synthesize its capabilities from the AI Data annotation tools platform and Synodex medical data extraction platform, to create a medical record data annotation platform. Via this, high-quality AI training data will be created that is likely to carry HIPAA compliance and follow all the security protocols.

Technologies such as the Internet of Things (IoT), Machine Learning (ML), robotics, advanced predictive analytics, and Artificial Intelligence (AI) generate massive data. With changing technologies, data efficiency proves to be essential for creating new business innovations, infrastructure, and new economics. These factors have significantly contributed to the growth of the industry. Owing to the rising scope of growth in data labeling, companies developing AI-enabled healthcare applications are collaborating with data annotation companies to provide the required data sets that can assist them in enhancing their machine learning and deep learning capabilities. For instance, in November 2020, Telus International, a provider of digital customer experience (CX), and digital IT solutions & services announced to acquire Lionbridge AI, which offers training data and annotation platform solutions used for designing AI algorithms to power machine learning. The acquisition is expected to enhance Telus International’s next-generation digital solution portfolio and expand its reach worldwide.

However, the inaccuracy of data annotation tools acts as a restraint to the growth of the market. For instance, a given image may have low resolution and include multiple objects, making it difficult to label. The primary challenge faced by the market is issues related to inaccuracy in the quality of data labeled. In some cases, the data labeled manually may contain erroneous labeling and the time to detect such erroneous labels may vary, which further adds to the cost of the entire annotation process. However, with the development of sophisticated algorithms, the accuracy of automated data annotation tools is improving and thus reducing the dependency on manual annotation and the cost of the tools in the near future.

Browse through Grand View Research’s Next Generation Technologies Industry Research Reports.

• Big Data Market – The global big data market size was valued at USD 25.67 billion in 2015 and is expected to witness significant growth over the forecast period.

• Computer Vision Market – The global computer vision market size was valued at USD 11.32 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2028.

Data Annotation Tools Market Segmentation

Grand View Research has segmented the global data annotation tools market based on type, annotation type, vertical, and regions:

• Data Annotation Tools Type Outlook (Revenue, USD Million, 2017 – 2030)
  • Text
  • Image/Video
  • Audio

• Data Annotation Tools Annotation Type Outlook (Revenue, USD Million, 2017 – 2030)
  • Manual
  • Semi-supervised
  • Automatic

• Data Annotation Tools Vertical Outlook (Revenue, USD Million, 2017 – 2030)
  • IT
  • Automotive
  • Government
  • Healthcare
  • Financial Services
  • Retail
  • Others

• Data Annotation Tools Regional Outlook (Revenue, USD Billion, 2018- 2030)
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

Market Share Insights

• November 2018: CloudFactory Limited- a cloud-based platform that offers machine learning, data enrichment services, and data transcription solutions raised funding worth USD 65 million in its growth equity round, thus equating its total raised amount to USD 78 million.
• April 2021: Congenica Ltd, a provider of data analytics tools for annotating and clinically interpreting genomic sequence data, announced a partnership with Camtech Diagnostics, a U.K.-based technology company with a specialization in microfluidics.

Key Companies profiled:

Some prominent players in the Data Annotation Tools market include

• Annotate.com
• Appen Limited
• Cloud App
• Cogito Tech LLC
• Deep Systems
• Labelbox, Inc
• LightTag
• Lotus Quality Assurance
• Playment Inc
• Tagtog Sp. z o.o
• CloudFactory Limited
• ClickWorker GmbH
• Alegion and many others

Order a free sample PDF of the Data Annotation Tools Market Intelligence Study, published by Grand View Research.

Welding Products Industry Overview

The global welding products market size was estimated at USD 13.49 billion in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 4.4% from 2022 to 2030. Factors such as design flexibility, reduction in the overall weight of the buildings and structures, and the ease in modification are projected to promote the use of welding products in construction and industrial application segments. The global construction sector is undergoing limited growth as a consequence of the economic recession caused by the Covid-19 crisis, which has resulted in low investor confidence and a decline in construction activities, as a result, the market has also experienced a catastrophic setback.

The spread of the COVID-19 in China affected the growth of the engineering and construction industries. The increasing costs of construction materials and equipment, along with supply chain disruptions, are the major factors limiting the growth of this industry. However, the use of aerial measurement and 3D modeling technologies increased during the pandemic, which supported the market growth. The construction sector in China is expected to witness high growth over the forecast period, which, in turn, is predicted to drive the market in the economy. With a wide range of welding applications in construction coupled with technological advancements, the development of innovative manufacturing methods is likely to benefit the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Welding Products market

According to the China Association of Automobile Manufacturers (CAAM), in 2020, the automotive sector contributed 9.6% of the total retail sales of consumer goods. The government and several major automobile companies are increasingly investing in the country owing to the growing demand for vehicles.

Browse through Grand View Research’s Advanced Interior Materials Industry Research Reports.

• Synthetic Paper Market – The global synthetic paper market size was estimated at USD 1026.9 million in 2021 and is expected to expand at a compounded annual growth rate (CAGR) of 5.5% from 2022 to 2030. The market is expected to grow significantly due to the inclination of consumers towards eco-friendly and recycled packaging.

• Specialty Silica Market – The global specialty silica market size was valued at USD 5.5 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.1% from 2022 to 2030. The growth of the market for specialty silica is attributed to the rising demand for rubber and paints and coatings across different industries such as construction and electric vehicles.

Welding Products Market Segmentation

Grand View Research has segmented the global welding products market based on technology, product, and region:

• Technology Outlook (Revenue, USD Million, 2017 – 2030)
  • Arc Welding
  • Resistance Welding
  • Oxy-Fuel Welding
  • Laser Beam Welding
  • Others

• Product Outlook (Revenue, USD Million, 2017 – 2030)
  • Stick Electrodes
  • Solid Wires
  • Flux-Cored Wires
  • Saw Wires and Fluxes
  • Others

• Regional Outlook (Volume, Billion Square Feet, Revenue, USD Billion, 2017 – 2030)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Market Share Insights

• November 2020: The ESAB Group Inc. and leading robot and robot system company, YASKAWA, announced a global cooperation agreement to jointly develop and market a line of pre-engineered robotic welding systems called XCellerator. The XCellerator systems will be engineered and built by Yaskawa and marketed by ESAB through its global sales channels.
• November 2020: ESAB Welding & Cutting Products has introduced Shield-Bright NiCrMo-3, a 625-type electrode for manual and automatic flux cored wide-weave welding of 9% nickel steel in the vertical-up (3G) position and using 75% argon/25% CO2 shielding gas.

Key Companies profiled:

The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. The surging requirement for reliable and precise welding solutions is fueling the growth of the market.

Some prominent players in the global welding products market include:

• Colfax Corporation
• Veostalpine AG
• The Lincoln Electric Company
• Illinois Tool Works, Inc.
• Hyundai Welding Co., Ltd.
• Obara Corporation
• Kiswel, Inc.
• Sandvik AB
• Tianjin Bridge Welding Materials Co., Ltd.
• Kemppi Oy
• Mitco Weld Products Pvt. Ltd.
• Senor Metals Pvt. Ltd.
• Metrode Products Ltd.
• Ador Welding Limited

Order a free sample PDF of the Welding Products Market Intelligence Study, published by Grand View Research.

U.S. HVAC Systems Industry Overview

The U.S. HVAC systems market size was valued at USD 16.54 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030.

Global warming and the resultant extreme climatic conditions will help uptick the market demand over the forecast period. In addition, the demand for energy-efficiency equipment together with the growing real estate market will also upkeep HVAC demand in the U.S. over the next few years. 2020 was an uncertain year with the onset of the pandemic, with an unfavorable impact on several sectors in the first two quarters.

Gather more insights about the market drivers, restrains and growth of the U.S. HVAC Systems Market

Furthermore, the U.S. government also offers rewards to promote low power consumption or the use of renewable energy sources. On account of rising concerns regarding global warming, standards established by the U.S government to keep a check on HVAC systems operations will play a pivotal role in driving the demand. In addition to efficiency standards on the demand side; standardizing manufacturing processes on the supply side of the market has also helped tremendously in reducing hazards to the environment and carbon emissions. For instance, tax credits are offered approximately 20-30% of the installation cost on energy-efficient products. 

As such, the HVAC industry also witnessed a minor setback in terms of slow sales; however, the last two quarters of 2020 registered above-average sales figures. Therefore, the market growth matched the 2017 levels in 2020 without the much-anticipated massive dip in sales. The U.S. customers have an access to favorable tax credit and rebate programs making HVAC systems a lucrative commodity in the country. In addition, the citizens also enjoy several other monetary benefits ascribed to the purchase and installation of energy-efficient systems with minimum impact on the environment.

Another recent example is the New Jersey government’s COOL Advantage Program, which aims at offering tax credits and rebates on using or installing energy-conserving central heat pumps or Air Conditioners (ACs). All these monetary programs and favorable government support will help the product demand thrive over the long term. After China, the U.S. AC systems market is the largest, in terms of volume sales. Over 70% of homes in the U.S. have ACs installed as per a report published by the U.S. Department of Energy (DOE). Therefore, there is over 20-30% market opportunity for OEMs in terms of new unit sales as well as the oncoming replacement demand due to aging products.

Statistics suggest that on an average 2-3 million heating & cooling systems are replaced in the U.S. indicating avenues for favorable growth. In addition to the new and replacement demand, maintenance & repair activities will also witness an uptick. Frequent cleaning to avoid damage or failure of the entire system is another potential revenue stream for existing OEMs. Similarly, the replacement of parts and components, such as motors, coolants, and filters, due to their shorter lifespan will also help OEMs thrive in the otherwise competitive industry. Research suggests that over USD 10 billion are spent each year on HVAC repair & maintenance services. Although this could create a potential growth area for OEMs by expanding their service offering along with products, it could also pose a challenge to product sales.

Browse through Grand View Research’s HVAC & Construction Industry Research Reports.

• Light Gauge Steel Framing Market – The global light gauge steel framing market size was valued at USD 33.89 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.6% from 2021 to 2028.

• Agriculture Equipment Market – The global agriculture equipment market size was evaluated at USD 155.68 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030.

U.S. HVAC Systems Market Segmentation

Grand View Research has segmented the U.S. HVAC systems market on the basis of product, end-use, and region:

•  U.S. HVAC Systems Product Outlook (Revenue, USD Billion, 2018 – 2030)
  • Heating
  • Ventilation
  • Cooling

• U.S. HVAC Systems End-use Outlook (Revenue, USD Billion, 2018 – 2030)
  • Residential
  • Commercial
  • Industrial

• U.S. HVAC Systems Regional Outlook (Revenue, USD Billion, 2018- 2030)
  • Northeast
  • Southeast
  • Midwest
  • Southwest
  • West

Market ShareInsights

• September 2019: Trane acquired the Arctic Chiller Group, which is an HVAC manufacturer based in Canada. This acquisition provided Trane with access to high-efficiency air and water cooler modular and process chillers used for commercial HVAC applications.

Key Companies profiled:

Some prominent players in the U.S. HVAC Systems market include

• Carrier Corporation
• Daikin Industries, Ltd.
• Emerson Electric Co.
• Johnson Controls International plc
• Lennox International, Inc.
• Trane Technologies

Order a free sample PDF of the U.S. HVAC Systems Market Intelligence Study, published by Grand View Research.

Cold Storage Industry Overview

The global cold storage market size was valued at USD 119.98 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.4% from 2022 to 2030.

The market has benefitted significantly from the stringent regulations governing the production and supply of temperature-sensitive products. The industry is poised for unprecedented growth over the forecast period on account of growing organized retail sectors in the emerging economies. Moreover, rising automation in refrigerated warehouses is projected to boost the demand further.

Warehouse automation includes cloud technology, robots, conveyor belts, truck loading automation, and energy management. Refrigerated storage has become an integral part of Supply Chain Management (SCM) when it comes to transporting and storing temperature-sensitive products.

Gather more insights about the market drivers, restrains and growth of the Global Cold Storage Market

In addition, the growing trade of perishable products is also anticipated to help boost the demand for refrigerated storage solutions over the next few years. Users and suppliers of temperature-controlled packaging systems are striving to reduce the environmental impact of cold chain shipping. At the same time, raising awareness about formal Corporate Social Responsibility (CSR) policies, stringent government regulations, and changing customer expectations also pose major challenges to the development of a suitable packaging system.

The lack of infrastructure required to sustain the cold chain is likely to pose a major challenge for the companies to expand their businesses in emerging markets. In addition, the lack of power hook-ups for reefer trailers at transportation hubs and ports will hinder the market growth in such regions. However, this also opens growth avenues for industry participants to innovate unique solutions or leverage alternative energy sources that can overcome such issues.

The COVID-19 pandemic that originated in China became a severe issue worldwide in a brief time. The coronavirus’s epicenter was shifted from China to Europe and then to the U.S., making the country the worst-hit region globally. COVID-19 led to lockdown and travel restrictions in many parts of the world, impacting various businesses’ supply chains. The market has been affected to a significant extent due to the effects of COVID-19. The market between 2019 and 2020 witnessed a fall in year-on-year growth compared to that between 2018 and 2019.

Browse through Grand View Research’s Automotive & Transportation Industry Research Reports.

• Agricultural Tractors Market – The global agricultural tractors market demand was valued at 2,765.3 thousand units in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.8% from 2022 to 2030.

• Intelligent Traffic Management System Market – The global intelligent traffic management system market size was valued at USD 9.70 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.1% from 2022 to 2030. 

Cold Storage Market Segmentation

Grand View Research has segmented the global cold storage market based on warehouse type, construction type, temperature type, application, and region:

• Cold Storage Warehouse Type Outlook (Revenue, USD Billion, 2017 – 2030)
  • Private & Semi-private
  • Public

• Cold Storage Construction Type Outlook (Revenue, USD Billion, 2017 – 2030)
  • Bulk Storage
  • Production Stores
  • Ports

• Cold Storage Temperature Type Outlook (Revenue, USD Billion, 2017 – 2030)
  • Chilled
  • Frozen

• Cold Storage Application Outlook (Revenue, USD Billion, 2017 – 2030)
  • Fruits & Vegetables
  • Dairy
  • Fish, Meat & Seafood
  • Processed Food
  • Pharmaceuticals

• Cold Storage Regional Outlook (Revenue, USD Billion, 2017- 2030)
  • North America
  • Europe
  • Asia Pacific
  • South America

Key Companies profiled:

Some prominent players in the Cold Storage market include

• Americold Logistics, LLC
•  Burris Logistics
•  Barloworld Limited
•  Cloverleaf Cold Storage
•  Henningsen Cold Storage
•  Swire Group
•  Wabash National Corporation

Order a free sample PDF of the Cold Storage Market Intelligence Study, published by Grand View Research.

Business-to-Business E-commerce Industry Overview

The global business-to-business e-commerce market size was valued at USD 6,883.47 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 19.7% from 2022 to 2030.

The COVID-19 pandemic has brought about a shift in consumer preference for online shopping, creating avenues for market growth. The closure of physical stores, coupled with an increase in the number of online orders, has also positively impacted the B2B business outlook.

B2B marketplaces offer various benefits, such as digital capabilities, scalability, accuracy in analytics, and a customer-centric approach. Moreover, technological proliferation, such as the application of artificial intelligence and cloud technology, has enabled the B2B e-commerce market to offer an improved customer experience. The internet has emerged as a powerful tool for connecting sellers and buyers more efficiently. Internet capabilities have a profound impact on an organization’s value chain.

Gather more insights about the market drivers, restrains and growth of the Global Business-to-Business E-commerce Market

The COVID-19 pandemic has accelerated the demand for e-commerce during a period of slow economic activity. In the first half of 2020, the pandemic impacted several businesses across the globe. With stay-at-home restrictions, numerous consumers and businesses went digital to buy and sell goods and services online. Moreover, the proliferation of cloud services and web applications has boosted the demand for B2B e-commerce businesses. Manufacturers, wholesalers, and distributors have been undergoing digital transformation gradually over the years to create a sustainable future for their respective businesses. In December 2020, Amazon.com, Inc. announced that Nationwide Mutual Insurance Company, a British mutual financial institution, has expanded its partnership with AWS by selecting it as its cloud provider for the company-wide digital transformation.

Flexible payment options favor business owners. The changing B2B buyer behavior and a strong emphasis on streamlining purchasing processes are prompting B2B e-commerce companies. This, in turn, offers payment methods, such as third-party payments and mobile wallets, as part of their efforts to make B2B transactions more convenient. For instance, in December 2021, Newegg Commerce, Inc. partnered with Affirm, Inc., a payment network, to provide flexible payment options such as pay-over-time to customers shopping from Newegg.com. Paying with Affirm incurs no hidden costs or late fees and allows customers to split the purchase into simple payments over time. Affirm, Inc. provides its customers with transparency, flexibility, and control at checkout.

Businesses are expected to find account-based transfers more appealing during the forecast period, owing to their improved speed and security. Further, improvements in real-time payment technologies are likely to foster their adoption, creating a favorable environment for online business transactions. Several companies are making significant investments in automated payables and real-time payment technologies, which is expected to contribute to the segment growth during the forecast period. Factors such as favorable regulations supporting consumer protection and cross-border trade regulations are expected to boost e-commerce sales. Various government bodies worldwide are also amending and strengthening data security and privacy protection laws as part of their efforts to build consumers’ trust in B2B e-commerce platforms.

However, concerns around payment security and data privacy, coupled with the need for ongoing investments, such as technological upgrades, cap-ex investments, software licenses, implementation costs, infrastructure costs, and server provisioning costs, are expected to pose a challenge for the market growth. B2B e-commerce enhances supply chain efficiency by providing real-time data for components, such as product availability, inventory, shipment status, and production requirements. Moreover, it helps to improve communication within the supply chain, allowing OEMs to organize inventory deliveries, logistics, and other activities to ensure improved efficiency and reliability.

Browse through Grand View Research’s Communication Services Industry Research Reports.

• Customer Experience Management Market – The global customer experience management market size was valued at USD 8.79 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 18.1% from 2022 to 2030. 

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

Business-to-Business E-commerce Market Segmentation

Grand View Research has segmented the business-to-business e-commerce market based on deployment type, application, and region:

• Business-to-Business E-commerce Deployment Type Outlook (Revenue; USD Billion; 2018-2030)
  • Supplier-oriented
  • Buyer-oriented
  • Intermediary-oriented
• Business-to-Business E-commerce Application Outlook (Revenue; USD Billion; 2018-2030)
  • Home & Kitchen
  • Consumer Electronics
  • Industrial & Science
  • Healthcare
  • Clothing
  • Beauty & Personal Care
  • Sports Apparel
  • Books & Stationery
  • Automotive
  • Others
• Business-to-Business E-commerce Regional Outlook (Revenue, USD Billion, 2018- 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Market Share Insights

• December 2021: Newegg Commerce, Inc. partnered with Affirm, Inc., a payment network, to provide flexible payment options such as pay-over-time to customers shopping from Newegg.com. Paying with Affirm incurs no hidden or late fees and allows customers to split the purchase into simple payments over time. 

Key Companies profiled:

Some prominent players in the Business-to-Business E-commerce market include

• Amazon.com, Inc.
• ChinaAseanTrade.com
• DIYTrade.com
• eBay Inc.
• eworldtrade.com
• Flexfire LEDs
• Flipkart.com
• IndiaMART InterMESH Ltd.
• KOMPASS
• Quill Lincolnshire, Inc.

Order a free sample PDF of the Business-to-Business E-commerce Market Intelligence Study, published by Grand View Research.

Healthcare Contract Research Organization Industry Overview

The global healthcare contract research organization market size was valued at USD 42.3 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 6.5% from 2022 to 2030.

The increasing investment in R&D programs, preference for outsourcing activities due to time and cost constraints, and patent expiration in the healthcare sector are key factors anticipated to drive the market in the coming years. Contract research outsourcing collaborations offer cutting-edge services and thus government organizations prefer assigning projects to CROs, thereby facilitating the market growth.

Gather more insights about the market drivers, restrains and growth of the Global Healthcare Contract Research Organization Market

Increasing pressure on drug developers pertaining to clinical data management, regulatory environments, and stringent safety standards are the factors expected to drive demand for contract research organizations within the healthcare sector. Healthcare and pharmaceutical companies are not only outsourcing the production of medicines but also their clinical trials. With increasing clinical trial privatization, there is a surge in outsourcing to developing countries. Many healthcare contract research organizations are now enhancing their global research network in order to provide better services to their customers. For instance, in September 2020, ICON announced the launch of Accellacare, a global research network offering patients easier and faster access to innovative treatments, thus providing customers the option to deploy decentralized trials.

The outbreak of the COVID-19 pandemic has significantly hampered the healthcare contract research organization industry growth. Factors such as shortage of patients and temporary closure of clinical trial operating sites have negatively impacted the market for healthcare contract research organizations. However, this crisis created a need for virtual trials and leveraging technology and software solutions. Increasing adoption of machine learning-based platforms, artificial intelligence, and innovative trial designs are projected to transform the contract research organization landscape in the coming years. The pandemic had created an urgent demand for COVID-19 treatment. Owing to which various market players had adopted several partnership strategies to speed up the vaccine development process.

For instance, in July 2021, a contract research organization, QPS, partnered with Medigen Vaccine Biologics Corporation for completing the toxicology studies required to start the development of a vaccine against COVID-19. Such strategies are likely to have a positive impact on the growth of the market for healthcare contract research organizations. However, issues related to the intellectual property rights, and service quality issues of contract research organizations are likely to restrain the growth of the market for healthcare contract research organizations to some extent.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

• Medical Tourism Market – The global medical tourism market size was valued at USD 4.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 32.51% from 2022 to 2030.

• Walking Aids Market – The global walking aids market size was valued at USD 2.2 billion in 2021 and is anticipated to grow at a CAGR of 7.1% over the forecast period. 

Healthcare Contract Research Organization Market Segmentation

Grand View Research has segmented the global healthcare Contract Research Organization (CRO) market on the basis of type, service, and region:

• Healthcare Contract Research Organization (CRO) Type Outlook (Revenue, USD Million, 2018 – 2030)
  • Drug Discovery
    • Target Validation
    • Lead Identification
    • Lead Optimization
  • Pre-clinical
  • Clinical
    • Phase I Trial Services
    • Phase II Trial Services
    • Phase III Trial Services
    • Phase IV Trial Services

• Healthcare Contract Research Organization (CRO) Service Outlook (Revenue, USD Million, 2018 – 2030)
  • Project Management/Clinical Supply Management
  • Data Management
  • Regulatory/Medical Affairs
  • Medical Writing
  • Clinical Monitoring
  • Quality Management/ Assurance
  • Bio-statistics
  • Investigator Payments
  • Laboratory
  • Patient and Site Recruitment
  • Technology
  • Others

• Healthcare Contract Research Organization (CRO) Regional Outlook (Revenue, USD Million, 2018- 2030)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

Market Share Insights

• March 2020: PRA Health Sciences declared the expansion of its Mobile Health Platform for clinical monitoring as a response to the ongoing global pandemic. This action was taken by the company to provide virtual study support to the sponsors in the COVID-19 pandemic.
• December 2020: IQVIA collaborated with Servier, an independent international pharma company, to reinvent their processes of R&D clinical development as well as support their long-term R&D success. 

Key Companies profiled:

Some prominent players in the Healthcare Contract Research Organization market include

• IQVIA
• LabCorp
• Thermo Fisher Scientific
• PAREXEL International Corporation
• Charles River Laboratories (CRL)
• ICON plc
• Medidata Solutions
• Syneos Health
• Pharmaron
• GVK Biosciences Private Limited

Order a free sample PDF of the Healthcare Contract Research Organization Market Intelligence Study, published by Grand View Research.