U.S. Hydrogen Energy Storage Market Supported by R&D and Pilot Projects

The U.S. hydrogen energy storage market size was estimated at USD 3.17 billion in 2023 and is anticipated to expand at a CAGR of 5.3% from 2024 to 2030. This growth is primarily driven by the country’s accelerating industrialization and the increasing adoption of alternative energy sources. Significant advancements in research and development, along with the construction of large-scale hydrogen storage infrastructure, are expected to propel market growth throughout the forecast period.

Hydrogen energy storage involves storing large volumes of hydrogen using technologies such as solution-mined salt domes, excavated rock caverns, and other geological formations. This stored hydrogen supports various end-use sectors, including transportation, metallurgy, general industry, chemicals, and stationary power applications. With the global expansion of renewable energy, the demand for hydrogen energy systems is also rising, as these solutions help mitigate greenhouse gas emissions. Hydrogen is also vital in oil refining and utility operations.

The industrial sector continues to be a major consumer of hydrogen for applications such as glass production, fertilizer manufacturing, and metal refining. The increasing shift by companies towards sustainable fuel alternatives, such as hydrogen, further contributes to the rising demand. In particular, hybrid melting technologies paired with electric furnace boosting are being adopted to reduce harmful emissions, reinforcing the market’s upward trajectory.

The U.S. remains a leader in renewable energy adoption across industrial, transportation, and power generation sectors. To support hydrogen infrastructure development, the U.S. Department of Energy initiated projects like H2USA, in collaboration with the National Renewable Energy Laboratory (NREL) and Sandia National Laboratories. Furthermore, the Hydrogen Fueling Infrastructure Research and Station Technology (H2FIRST) project, supported by the Fuel Cell Technologies Office, aims to overcome technical challenges and facilitate the development of cost-effective hydrogen fueling stations across the nation. These initiatives are expected to significantly boost the hydrogen energy storage market in the coming years.

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Key Market Trends & Insights

  • By Application: The industrial segment led the market with the largest revenue share of 40.56% in 2023.
  • By Physical State: The solid state segment dominated, accounting for 51.43% of the market in 2023.
  • By Technology: The material-based segment held the largest share at 40.15% in 2023.

Market Size & Forecast

  • 2023 Market Size: USD 3.17 Billion
  • 2030 Projected Market Size: USD 4.53 Billion
  • CAGR (2024–2030): 5.3%

Key U.S. Hydrogen Energy Storage Company Insights

The U.S. hydrogen energy storage market is fragmented, featuring a diverse mix of companies at varying stages of innovation and commercialization. Despite ongoing consolidation, major corporations and research institutes continue to push the boundaries of hydrogen storage technology. This dynamic environment reflects the industry’s transition from early-stage R&D to scalable commercial solutions.

Prominent market participants include:

  • Cummins Inc. – Offers diesel and natural gas generators, along with emission control and power generation systems.
  • Steelhead Composites, INC. – Specializes in lightweight, high-strength cylinders for hydrogen storage and other energy solutions.
  • Air Products Inc., Chart Industries, Plug Power, Inc., Worthington Industries, FuelCell Energy Inc., and Bloom Energy Corp. are also key contributors to this evolving market.
  • Bloom Energy Corp. stands out for its deployment of solid oxide fuel cells that generate electricity using green hydrogen without combustion, delivering reliable and clean power.

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Conclusion

The U.S. hydrogen energy storage market is poised for steady growth through 2030, driven by increasing industrial demand, supportive government initiatives, and continuous technological advancements. As industries continue transitioning towards low-emission and sustainable operations, hydrogen is emerging as a vital enabler of clean energy solutions. The growing collaboration between public agencies and private companies is expected to accelerate infrastructure development, making hydrogen a key component of the country’s renewable energy strategy.

U.S. Cannabinoids Market Gains Momentum from Chronic Pain Management Needs

The U.S. cannabinoids market was valued at USD 18.14 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 15.3% from 2023 to 2030. This market growth is primarily driven by increasing consumer awareness regarding the health and therapeutic benefits of cannabinoids. The presence of medicinal phytocannabinoids in cannabis is encouraging the adoption of cannabinoids for medical applications. Additionally, expanding research in the cannabinoid sector and the rising demand for cannabinoid-based products are further accelerating market expansion.

Several companies within the U.S. are actively developing specialty cannabinoid products to capitalize on the growing market. For example, in March 2023, Gene Pool Technologies, LLC announced the acquisition of the cannabis patent portfolio of Insectergy, LLC. This strategic move is aimed at strengthening their position as a key player in cannabis manufacturing and production. Furthermore, the legalization of cannabis for recreational use has significantly boosted the demand for THC-based products, attracting new entrants into the market.

The introduction of innovative cannabinoid products, along with collaborative efforts and partnerships by leading players, is further propelling market growth. In March 2023, CannaAid launched H4-CBD products, becoming the first company to introduce and distribute them both in the U.S. and internationally. That same month, Innocan Pharma Corporation LTD. secured a U.S. patent for its cannabis-based topical products designed for pain relief.

Despite promising growth, the market faces challenges, notably the high costs associated with cannabinoid-based products. Minor cannabinoids such as CBG, CBC, and CBN are naturally found in low concentrations and require complex extraction processes, making them expensive and less accessible to the broader population. Even more common cannabinoids like CBD and THC remain costlier than conventional pharmaceuticals used for similar therapeutic purposes.

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Key Market Trends & Insights

  • By Type: The cannabidiol (CBD) segment accounted for the largest revenue share at 26.7% in 2022 and is expected to maintain steady growth through the forecast period.
  • By Application: Neurological disorders led the application segment with a 22.1% share in 2022 and are projected to grow at a notable pace throughout the forecast period.

Market Size & Forecast

  • 2022 Market Size: USD 18.14 Billion
  • 2030 Projected Market Size: USD 60.36 Billion
  • CAGR (2023–2030): 15.3%

Key Companies & Market Share Insights

Industry participants are actively working to enhance product lines to improve patient outcomes and overall healthcare effectiveness. For instance, in March 2023, Corganics entered into a partnership with OrthoLoneStar to provide access to its clinical CBD therapies.

Other prominent players in the U.S. cannabinoids market include:

  • Mile High Labs International
  • Global Cannabinoids
  • GenCanna
  • CBD INC
  • Precision Plant Molecules
  • Rhizo Sciences
  • LaurelCrest
  • Fresh Bros Hemp Company
  • BulKanna
  • High Purity Natural Products
  • Zero Point Extraction

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Conclusion

The U.S. cannabinoids market is undergoing rapid transformation, fueled by expanding research, favorable regulatory changes, and growing consumer demand for therapeutic cannabis-based products. Although high production costs and pricing challenges for minor cannabinoids may constrain accessibility, the continued innovation, partnerships, and strategic market entries are expected to sustain strong growth momentum through 2030.

U.S. Battery Energy Storage System Market Thrives with Government Incentives

The U.S. battery energy storage system market was valued at USD 711.9 million in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 30.5% from 2024 to 2030. The increasing use of battery storage systems in industrial sectors to support critical power supply during emergencies, such as grid failures and trips, is a major driver for market growth. Additionally, the growing need for uninterrupted power in data centers and telecommunications is contributing to the rising demand for these systems, as organizations seek to enhance business continuity and operational efficiency.

In the U.S. market, the value chain includes equipment suppliers, battery energy storage manufacturers, and end-use industries. Battery energy storage systems are manufactured using essential components such as batteries, module packs, connectors, cables, and bus bars. Among these, batteries are the most crucial component, forming the core of the system.

The expanding installation of large-scale renewable energy projects across the U.S. is further propelling the adoption of battery energy storage systems. These systems are critical in mitigating the intermittent nature of power generated from solar and wind energy. Moreover, stringent environmental regulations promoting the use of clean energy sources are accelerating the need for off-grid energy storage solutions.

Battery systems are widely used in emergency power supply systems, wind power output fluctuation management, and stand-alone photovoltaic (PV) systems. Their favorable cost-performance ratio, ease of charging, and recyclability make them highly attractive for diverse applications, boosting their demand across various sectors.

Ongoing technological advancements in energy storage are also fueling market expansion. Industry players, such as U.S.-based Power Electronics, are introducing innovative products that combine solar inverters and storage solutions. Moreover, there is increasing interest in alternatives to lithium-ion technology, such as zinc-based systems, particularly in fire-sensitive areas where lithium-ion poses safety concerns.

Battery energy storage systems are gaining traction due to features like rapid recharging, minimal electrolyte waste, and suitability for a wide range of applications including backup, portable, and stationary power. These advantages are expected to drive continued adoption across both commercial and residential sectors.

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Key Market Trends & Insights

  • By product: The lithium-ion battery segment accounted for 54.9% of revenue in 2023.
  • By application: The grid storage segment held the largest revenue share, exceeding 44.0% in 2023.

Market Size & Forecast

  • 2023 Market Size: USD 711.9 Million
  • 2030 Projected Market Size: USD 4.4 Billion
  • CAGR (2024–2030): 30.5%

Key Companies & Market Share Insights

The market remains consolidated, with several dominant players pursuing organic and inorganic growth strategies to expand their offerings and increase market share. Battery manufacturers supply products either directly or via third-party agreements to energy storage system producers, who then tailor assemblies to meet specific end-user needs. The increasing demand for efficient grid management, stable load balancing, and uninterrupted power supply is expected to continue driving robust market growth.

Major U.S. Battery Energy Storage System Companies Include:

  • General Electric
  • Hitachi Ltd.
  • GS Yuasa
  • Beckett Energy Systems
  • Exide Technologies
  • Samsung SDI
  • Enersys
  • AES Energy Storage
  • Imergy Power Systems Inc.
  • Altair Nanotechnologies Inc.

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Conclusion

The U.S. battery energy storage system market is on a strong growth trajectory, driven by the surge in renewable energy installations, rising need for emergency and backup power, and advancements in battery technologies. As regulatory support for clean energy intensifies and industries demand higher energy reliability, battery storage systems will play an increasingly critical role in ensuring grid stability and energy security across the country.

Trade Surveillance Market Fueled by Rise in Algorithmic Trading

The global trade surveillance market size was estimated at USD 1.7 billion in 2024 and is projected to reach USD 5.2 billion by 2030, expanding at a compound annual growth rate (CAGR) of 20.2% from 2025 to 2030. This growth is primarily driven by the rising need for regulatory compliance and the increasing complexity of financial transactions.

Advancements in technologies such as artificial intelligence (AI) and machine learning (ML) are significantly enhancing surveillance capabilities. These innovations enable financial organizations to efficiently detect market vulnerabilities, insider trading, and other fraudulent activities. As institutions focus more on risk management and data-informed decision-making, the adoption of sophisticated trade surveillance solutions continues to rise globally.

The shift toward cloud-based trade surveillance solutions is also shaping market dynamics by providing scalable, flexible, and cost-effective systems. Financial institutions are increasingly relying on cloud technologies to improve data storage, streamline analytics processes, and ensure real-time monitoring of trading activities. Concurrently, regulatory authorities around the world are imposing more stringent compliance mandates, prompting firms to implement advanced systems with robust risk assessment and reporting functions. With the growth of automated and algorithmic trading strategies, the associated risks—such as market manipulation, fraud, and regulatory breaches—are intensifying, further emphasizing the importance of comprehensive monitoring tools.

AI integration and big data analytics are further accelerating market growth by enabling improved anomaly detection and predictive analysis. ML algorithms enhance monitoring by identifying patterns that signal suspicious behavior, reducing false positives, and increasing operational efficiency. Additionally, the proliferation of high-frequency trading, characterized by rapid and high-volume transactions, has heightened concerns about market abuse. As financial markets become more dynamic and digitized, the need for adaptive, automated trade surveillance systems becomes increasingly vital for ensuring compliance and protecting market integrity.

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Key Market Trends & Insights

  • Europe led the global trade surveillance market with a 35.0% share in 2024 and is anticipated to register the highest CAGR over the forecast period.
  • The U.S. market is witnessing rapid growth, driven by strict regulatory oversight and the rising demand for advanced compliance solutions.
  • By component, the solutions segment accounted for 76.7% of the market share in 2024.
  • The on-premises deployment segment held the largest share of the market in 2024.

Market Size & Forecast

  • 2024 Market Size: USD 1.7 Billion
  • 2030 Projected Market Size: USD 5.2 Billion
  • CAGR (2025–2030): 20.2%
  • Leading Region in 2024: Europe

Key Trade Surveillance Company Insights

Several major players are driving innovation and competition in the trade surveillance space through product development, partnerships, and expansion strategies.

  • NICE is a global leader in compliance, financial crime, and risk management. It offers AI-powered solutions to detect fraud, market manipulation, and ensure regulatory adherence, helping institutions protect market integrity.
  • Crisil Limited provides financial institutions with cutting-edge analytics, risk management, and regulatory compliance solutions. The company emphasizes transparency and operational efficiency, supporting organizations in anomaly detection and adherence to evolving regulations.
  • Software GmbH and other key players continue to strengthen their global presence through strategic collaborations and the deployment of next-generation trade surveillance tools.

Leading Companies in the Trade Surveillance Market:

  • NICE
  • Crisil Limited
  • Software GmbH
  • Aquis Exchange
  • Nexi S.p.A.
  • Nasdaq, Inc.
  • Scila
  • OneMarketData, LLC
  • ACA Group
  • IPC System, Inc.
  • b-next
  • Trading Technologies International, Inc.
  • FIS
  • Wipro
  • Red Deer (Kaizen Regtech Group Limited)

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Conclusion

The global trade surveillance market is undergoing rapid transformation, driven by increasing regulatory pressures, technological innovation, and the evolution of modern trading practices. As financial institutions continue to prioritize compliance, risk mitigation, and operational agility, the demand for intelligent, real-time surveillance solutions will remain robust. With AI, machine learning, and cloud computing at the forefront, the market is well-positioned for sustained growth, supporting global efforts to uphold transparency and security in financial markets.

Strontium Market Experiences Surge Due to Advancements in Imaging Devices

The global strontium market size was estimated at USD 248 million in 2023 and is projected to reach USD 378.7 million by 2030, expanding at a CAGR of 6.3% from 2024 to 2030. This growth is primarily driven by increasing demand in the production of ceramic ferrite magnets and the medical industry, particularly for the prevention and treatment of bone-related disorders.

One of the key growth contributors is the rising usage of bright and colorful fireworks, especially within the entertainment and event management sectors. This trend continues to support overall market demand. According to the American Pyrotechnics Association, display fireworks consumption in the U.S. reached 27.1 million lbs. in 2023, marking a 7% year-over-year increase. This uptick highlights the robust demand for strontium in pyrotechnics.

Strontium’s most significant application lies in pyrotechnics and signals, where it is an essential raw material due to its ability to create a vivid red color in fireworks and its high oxygen content, which supports ignition. Additionally, the material’s role in ceramic ferrite magnet production has grown due to its utility in electronics manufacturing.

In the medical field, strontium offers promising opportunities, with ongoing research exploring its use in treating bone and dental conditions. These advancements are expected to strengthen its presence in healthcare applications in the coming years.

Despite its wide applications, the strontium market faces potential challenges from emerging technologies that could substitute traditional materials. Alternatives such as OLEDs, LED displays, and new alloys could reduce demand over time. However, the slow pace of technological transition implies that any significant impact on strontium demand would likely be delayed.

Global market reception of strontium remains mixed. Factors such as its exclusion from critical mineral lists, varied consumption across applications, and relatively low commercial value compared to other minerals have influenced its perception. Nevertheless, demand consistency across major sectors has supported relatively stable global pricing.

Strontium pricing is affected by a range of factors, including ore and production costs, energy and labor expenses, market demand dynamics, technological changes, environmental regulations, currency fluctuations, and geopolitical trends. Historically, prices have shown low volatility due to steady demand, although occasional regional price shifts have occurred.

In the U.S., strontium demand is largely driven by its applications in pyrotechnics and ceramic magnets. However, a notable decline in its use in drilling fluids was recorded in 2023 due to reduced drilling activities, leading to a year-over-year price dip.

Meanwhile, the electronic, medical, and personal care sectors have shown steady growth since 2022, driven by post-pandemic economic recovery. This sustained demand is expected to contribute to relatively stable pricing trends throughout the forecast period.

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Key Market Trends & Insights

  • Asia Pacific led the global market with a 37.2% revenue share in 2023.
  • In the U.S., increased military spending is anticipated to support market growth.
  • The strontium carbonate product segment held the largest share at over 41.0% in 2023.
  • The personal care application segment is forecasted to witness the highest CAGR of 7.0%.

Market Size & Forecast

  • 2023 Market Size: USD 248 Million
  • 2030 Projected Market Size: USD 378.7 Million
  • CAGR (2024–2030): 6.3%
  • Largest Regional Market: Asia Pacific (2023)

Key Company Insights

Basstech International (U.S.) specializes in strontium nitrate and serves the North American region.

Solvay (Belgium) produces high-purity strontium compounds and operates globally.

Key Players in the Strontium Market

  • ABASSCO
  • Basstech International
  • Canteras Industriales, S.L.
  • Joyieng Chemical LTD.
  • ProChem
  • Quimica Del Estroncio, S.A.
  • Sakai Chemical Co., LTD.
  • Solvay

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Conclusion

The global strontium market is poised for steady growth, supported by diverse end-use industries including fireworks, electronics, and healthcare. While challenges from emerging technologies may impact certain applications in the long term, the current stability in demand and pricing—especially across Asia Pacific and North America—suggests a favorable outlook through 2030. Continued innovations and expanding medical research further position strontium as a valuable mineral across evolving industrial landscapes.

Soju Market Witnesses Uptick Due to Premium Product Launches

The global soju market size was estimated at USD 5.30 billion in 2023 and is projected to reach USD 7.59 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2030. Multiple interconnected factors are contributing to the increasing demand and consumption of soju.

The global rise in Korean cultural influence, led by the popularity of K-dramas and K-pop, has played a pivotal role in promoting Korean cuisine and beverages to international audiences. This cultural exposure has significantly boosted the appeal of soju. Known for its unique taste and flexibility, soju is suitable for various consumption methods—straight, on the rocks, or mixed in cocktails—making it popular among a broad spectrum of consumers. Additionally, its lower alcohol content and reduced calorie count compared to traditional spirits make it a more attractive option for health-conscious drinkers.

Economic aspects also contribute to soju’s rising appeal. As a more affordable alternative to premium spirits like whiskey or vodka, soju resonates well with cost-conscious consumers. Its global reach is being strengthened through enhanced international distribution networks, growth of online retail platforms, and the increasing presence of Korean-themed restaurants and bars worldwide.

Innovation in flavor is another key driver. Soju producers are constantly launching new fruit-based and exotic flavors such as peach, grape, citrus, green tea, and lychee to align with the shifting preferences of younger demographics. This expansion in flavor variety broadens its market base and makes soju more accessible to new consumers. Furthermore, the emergence of premium and artisanal soju variants has attracted consumers looking for refined alternatives, offering distinctive taste profiles comparable to established spirits.

In a notable development, Spirit of Gallo, in December 2023, expanded its portfolio by partnering with LOTTE Chilsung Beverage Co., Ltd. to introduce three soju brands—Soonhari, Chum Churum, and Saero—into the U.S. market starting January 2024. This move highlights soju’s growing popularity in the U.S., especially among Gen Z and multicultural communities, due to its mild alcohol content and adaptability.

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Key Market Trends & Insights:

  • North America held a revenue market share of 20.20% in 2023.
  • The U.S. is experiencing increased competition and innovation.
  • The distilled soju segment accounted for 71.30% of revenue share in 2023.
  • The off-trade distribution channel led the market with 69.20% of revenue share in 2023.
  • Bottled soju packaging contributed to 48.50% of the market revenue in 2023.

Market Size & Forecast:

  • 2023 Market Size: USD 5.30 Billion
  • 2030 Projected Market Size: USD 7.59 Billion
  • CAGR (2024–2030): 5.3%
  • Largest Market in 2023: North America

Key Soju Company Insights:

The soju industry is highly competitive and shaped by product innovation, regional production strengths, and evolving consumer preferences. Leading companies are investing in research and development to offer high-quality, cost-effective solutions. Strategic alliances through joint ventures, partnerships, acquisitions, and mergers are common strategies aimed at expanding market presence and meeting international standards regarding ingredient transparency and regulatory compliance.

Prominent Soju Companies:

  • HiteJinro Co., Ltd.
  • Lotte Chilsung Beverage Co., Ltd.
  • Korea Alcohol Co., Ltd.
  • Hwayo
  • The Soju Company
  • OB Brewing Co., Ltd.
  • Sool Soju
  • Tokki Soju
  • The Han
  • C1 Soju

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Conclusion:

The global soju market is undergoing notable expansion, fueled by cultural globalization, shifting consumer preferences, and continuous product innovation. As Korean culture gains momentum worldwide, soju stands out as a symbol of this cultural export. Its affordability, lower alcohol content, and diverse flavor profiles make it a versatile choice for a wide demographic. With growing international investments and strategic partnerships, the soju market is well-positioned for sustained growth and wider global adoption in the years ahead.

Warehouse Racking Market Supported by Rising Investments in Industrial Infrastructure

The global warehouse racking market was valued at USD 9.71 billion in 2024 and is expected to grow at a CAGR of 4.2% from 2025 to 2030. The market’s growth is driven by the rising need for warehouse capacity expansion alongside the rapid growth of online retail. Warehouse racking plays a crucial role in optimizing storage space, increasing capacity, and improving the organization of stored goods. A well-organized racking system enables easier identification, picking, and order fulfillment.

Additionally, warehouse racking reduces overall operational time. The expansion of key industries such as automotive, manufacturing, retail, and food & beverage worldwide is projected to further increase product demand. As businesses seek more warehouse space to store and easily access products, the demand for efficient racking systems is expected to rise. Strategically planned racking solutions help warehouses reduce costs by allowing bulk purchases from vendors, who often provide discounts for larger orders.

By maximizing storage capacity, warehouses can reduce costs while improving efficiency. A well-structured racking system not only facilitates faster order picking—reducing the need for excessive labor—but also ensures timely fulfillment of orders without backlogs. The U.S. market is anticipated to experience substantial growth, supported by a large e-commerce sector, advanced infrastructure and automation, and a highly skilled workforce. Moreover, the presence of numerous manufacturers and racking solution providers in the country contributes to higher production volumes and comprehensive after-sales support.

Product Insights

In 2024, the selective pallet racking segment accounted for the largest revenue share, capturing 45.0% of the market. This system is favored for its cost-effective design, broad range of sizes, and accessories, making it ideal for standard storage and utility applications. Its growing adoption across various industries is expected to drive segment growth further. The drive-in racking system held the second-largest share in 2024, supported by increasing demand for high-density storage solutions. By eliminating aisles, this system enables the storage of large quantities of similar products in limited space, offering an efficient solution for maximizing warehouse capacity.

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Application Insights

By application, the retail segment led the market in 2024, securing the largest revenue share at 35.4%. This dominance is attributed to the rising number of warehouses, supermarkets, hypermarkets, and other retail facilities. The use of various racking systems allows retail warehouses to optimize storage and streamline product organization. In the food & beverage sector, high-density storage solutions are essential, enabling goods to be stored at multiple levels using rail-based systems. Ongoing investments and expansion projects in food & beverage warehouses and distribution centers worldwide are further accelerating this segment’s growth.

Regional Insights

North America emerged as the leading region in the warehouse racking market, holding a 27.8% revenue share in 2024. This leadership is attributed to the region’s early adoption of racking systems. The rising demand for fully automated warehouse facilities is expected to unlock significant market opportunities in the coming years. Additionally, the expansion of e-commerce platforms continues to drive demand for enhanced warehouse infrastructure across the region. Increased construction of warehouse facilities and the replacement of outdated storage technologies are likely to support further market growth.

Leading Warehouse Racking Companies

Key players shaping the global warehouse racking market include:

  • Daifuku Co., Ltd.
  • Mecalux S.A.
  • Kardex Group
  • Hannibal Industries, Inc.
  • Emrack International
  • Jungheinrich AG
  • AK Material Handling Systems
  • SSI Schaefer Group
  • Dematic

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Recommendation Engine Market Supported by Growth in Mobile Application Integration

The global recommendation engine market was valued at USD 3.92 billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 36.3% from 2024 to 2030. As organizations increasingly focus on improving customer experiences and optimizing operations, recommendation engines have become vital tools. Utilizing advanced algorithms, including machine learning (ML) and artificial intelligence (AI), these engines process vast datasets to deliver personalized recommendations to users. This functionality is particularly valuable in industries like e-commerce, media and entertainment, and healthcare, where tailored experiences can greatly enhance customer satisfaction and loyalty.

The rising demand to improve customer experiences is driving the adoption of recommendation engines. Additionally, the growing embrace of digital technologies across organizations is contributing to the increasing demand for these solutions. The COVID-19 pandemic significantly disrupted various industries, reshaping business operations and consumer shopping behaviors—trends that are expected to continue beyond the pandemic. For example, e-commerce giant Amazon.com, Inc. generated approximately USD 33 million in sales per hour during the first quarter of 2020.

Deployment Insights

In 2023, the cloud deployment segment led the market, accounting for 87.7% of the share. Cloud-based recommendation engines enable businesses to scale efficiently, managing increasing data volumes and user numbers without requiring major infrastructure investments. This scalability is particularly advantageous for e-commerce platforms and streaming services that face fluctuating traffic and need to consistently deliver high-quality recommendations. Additionally, cloud deployment reduces reliance on on-premises hardware and maintenance, lowering capital expenditures. The pay-as-you-go pricing model also offers a cost-effective approach, aligning expenses with actual usage and benefiting businesses of all sizes.

Organization Insights

Large enterprises dominated the market in 2023, driven by the need to make informed decisions, effectively manage business portfolios, and maintain a competitive advantage globally. These enterprises leverage recommendation engines to process vast customer data and provide personalized recommendations. Furthermore, integrating AI and ML technologies enhances data analysis and recommendation accuracy, enabling large enterprises to deliver superior customer experiences and stay ahead of competitors.

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Application Insights

The personalized campaigns and customer delivery segment held the largest revenue share in 2023, accounting for 42.0% of the market. This dominance is attributed to the increasing focus on improving customer experiences. Businesses across industries such as e-commerce, media, and financial services have adopted recommendation engines to execute personalized marketing campaigns and tailored customer interactions. These engines enable highly targeted marketing efforts, fostering stronger customer relationships, enhancing engagement, and boosting customer loyalty.

End-use Insights

The retail segment led the market in 2023, capturing 25.0% of the share. This growth is driven by the rapid digital transformation within the retail sector, leading to widespread adoption of recommendation engines to improve customer experience and engagement. Retailers are leveraging these tools to offer personalized product recommendations, thereby enhancing customer satisfaction and increasing sales and conversion rates. The expansion of e-commerce platforms has further accelerated this trend, as online retailers seek to differentiate themselves through customized shopping experiences in a highly competitive landscape.

Regional Insights

North America held a 32.0% market share in 2023, fueled by the widespread adoption of over-the-top (OTT) services, particularly in video and audio streaming. Platforms such as Netflix, Hulu, and Spotify rely heavily on recommendation engines to suggest content based on users’ viewing and listening habits. This personalized approach is critical for retaining subscribers and maintaining engagement in a fiercely competitive market.

Key Players in the Recommendation Engine Market

The following companies are the major players shaping the recommendation engine market, holding significant market shares and influencing industry trends:

• Adobe
• Amazon Web Services, Inc.
• Google LLC
• Hewlett Packard Enterprise Development LP
• International Business Machines Corporation
• Intel Corporation
• Microsoft Corporation
• Oracle
• Salesforce, Inc.
• SAP SE

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Latin America Factoring Services Market Witnesses Surge in Non-Recourse Factoring Use

The Latin America factoring services market was valued at USD 145.47 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 11.9% from 2023 to 2030. This growth is primarily driven by the increasing demand for alternative financing solutions among Micro, Small, and Medium-sized Enterprises (MSMEs), alongside advancements in blockchain technology and cryptocurrency.

The COVID-19 pandemic posed major challenges to the global economy, disrupting supply chains and impacting financial markets and businesses. In response, governments provided fiscal support to protect companies, while many nations sought innovative funding mechanisms to aid SMEs.

These supportive financing initiatives for SMEs are expected to yield positive results, fueling market growth in the coming years. More businesses are turning to factoring services over traditional asset-based loans, contributing to market expansion. Factoring offers several advantages over loans, such as faster approval times, lower interest rates, immediate cash access, and no collateral requirements. Leading market players are implementing strategies like partnering with regional firms to strengthen their presence, further boosting industry growth. For example, in June 2022, JPMorgan Chase & Co. partnered with OmniLatam (a Latin American fintech acquired by KLYM) to finance SMEs that supply large corporations across the region.

Category Insights

In 2022, the domestic factoring segment dominated the market, accounting for 90.6% of the total share. This growth is attributed to the rapid adoption of factoring receivables in key industries due to their efficiency. The rising adoption of electronic invoicing has further consolidated the domestic factoring market. Domestic factoring also enables businesses to receive regular analyses of their sales and payable invoices. This category includes various types such as full factoring, maturity factoring, advance factoring, undisclosed factoring, and invoice discounting. Many companies prioritize factoring services to meet the strong domestic demand for goods and services.

Type Insights

The non-recourse factoring segment held the largest market share of 57.7% in 2022 and is expected to continue expanding at the fastest CAGR through 2030. Non-recourse factoring is ideal for businesses with large customer bases that want to clear their balance sheets by removing accounts receivable. It is particularly popular among trucking companies seeking financial security to ensure payment for shipments. For instance, eCapital, a financial services firm that accelerates SMEs’ access to capital, offers fleet fuel cards for trucking businesses. These cards provide discounted fuel prices, real-time transaction monitoring, fuel tax reporting, and purchase controls, helping businesses manage expenses effectively.

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Financial Institution Insights

The banks segment captured the largest market share at 78.1% in 2022. This dominance is linked to the growing use of blockchain platforms, the surge in digital payment systems, and rising investments in distributed ledger technology. Banks play a critical role in trade finance by helping businesses convert receivables into cash, alleviating cash flow and working capital challenges using blockchain solutions. Additionally, blockchain’s application in cross-border transactions, clearing and settlement, digital identity verification, and credit reporting is expected to drive its adoption across both public and private banks.

End-use Insights

The manufacturing sector led the market in 2022, contributing 31.5% of total revenue. Manufacturers use factoring services to convert their receivables into immediate cash for operating expenses. Instead of opting for high-interest loans, manufacturers prefer invoice factoring for quick cash access without lengthy documentation. Companies facing urgent cash needs or those unable to secure traditional or series funding turn to factoring to maintain operating capital and improve cash flow for streamlined production. Meanwhile, the healthcare sector is forecast to record the fastest growth during the projection period.

Country Insights

Brazil accounted for the largest market share at 31.8% in 2022. The Brazilian government’s regulatory focus on digitalization is facilitating the shift from traditional to digital factoring services. For example, in February 2021, Brazil implemented new regulations for NF-e invoices, including a provision that factoring-related invoices can no longer be canceled. These government efforts are expected to support the country’s market growth over the forecast period.

Peru is poised to witness the fastest CAGR during the forecast period. The country has been proactive in advancing factoring services, notably by digitalizing electronic invoice factoring in January 2022. Peru’s tax authority, SUNAT, passed Decreto de Urgencia N° 013-2020, enabling linking of invoices to factoring transactions. This initiative allows businesses to access cash to maintain operations, promote SME growth, and foster formal employment—factors contributing to the anticipated market expansion.

Key Market Players

Prominent companies operating in the Latin America factoring services market include:

  • Accion International
  • Barclays Plc
  • BNP Paribas
  • BTG Pactual
  • Deutsche Factoring Bank
  • FINAMCO
  • Hitachi Capital (UK) PLC
  • HSBC Group
  • Mizuho Financial Group, Inc.
  • SMB
  • TRADEWIND GmbH

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Gluten-Free Bakery Market Fueled by Growing Popularity of Plant-Based Ingredients

The global gluten-free bakery market was valued at USD 1.64 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 10.8% from 2022 to 2030. A key factor driving this growth is the rising demand for healthy and nutritious food products, fueled by increasing health awareness worldwide. Additionally, the growing interest in health-focused diets aimed at preventing conditions such as heart disease, diabetes, obesity, chronic pulmonary disease (COPD), and metabolic syndrome is expected to further propel market expansion. New product launches by manufacturers are also playing a significant role in supporting industry growth.

The COVID-19 pandemic led to a surge in demand for healthier food options, including gluten-free bakery products, further strengthening the market. During the pandemic, healthcare professionals recommended the regular consumption of nutritious foods to enhance immunity. With consumers spending more time at home, interest in personal health and fitness grew, boosting sales of gluten-free bakery products like bread, cookies, and biscuits. Moreover, the high global incidence of celiac disease continues to drive product demand.

According to the Celiac Disease Foundation, the prevalence of celiac disease in 2018 was 0.4% in South America, 0.5% in Africa and North America, 0.6% in Asia, and 0.8% in Europe and Oceania. Celiac disease is commonly managed through a gluten-free diet, which helps prevent damage to the intestinal lining and reduces symptoms like diarrhea and abdominal pain. As a result, rising demand for gluten-free products for celiac disease management is accelerating industry growth. Gluten-free bakery items are also gaining popularity among individuals with other health conditions, including inflammatory diseases, autoimmune disorders, and non-celiac gluten sensitivity.

Furthermore, increasing government awareness campaigns promoting gluten-free products for the treatment of celiac and non-celiac conditions are contributing to market growth. These initiatives have raised awareness around celiac disease diagnosis and stimulated product demand. Additionally, the growing trend of healthy eating in developing regions is expected to create further opportunities for market expansion. The adoption of microencapsulation technology to enhance the shelf life of gluten-free bakery products is also expected to drive growth. This technology helps improve both shelf life and texture, particularly in frozen gluten-free baked goods. Consequently, the strong demand for frozen gluten-free bakery items continues to fuel market growth. The availability of diverse product options, along with continuous innovations, is anticipated to positively influence market expansion.

Product Insights

In 2021, the bread segment accounted for the largest market share, contributing more than 36.30% of the total. This dominance is attributed to strong demand for low-carb gluten-free bread, rye bread, wheat-free bread, and similar products, due to their associated health benefits. Gluten-free bread caters to the growing need for convenient and quick meals, especially among working individuals. The ability to customize bread to meet specific dietary needs is also expected to boost this segment. Additionally, increasing consumption of gluten-free bread by individuals with celiac disease further supports segment growth.

Distribution Channel Insights

In 2021, the supermarkets and hypermarkets segment led the market, capturing over 34.00% of global revenue. These retail formats offer a wide selection of products and allow consumers to review product details before purchasing, driving segment growth. A robust offline retail infrastructure in countries like the U.S., China, and India has further bolstered sales of gluten-free bakery products through supermarkets and hypermarkets. The broad availability of healthy food products in these retail outlets has fueled overall sales. Moreover, consumers continue to prefer traditional supermarkets for their convenience and extensive product offerings, contributing to this segment’s expansion.

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Regional Insights

North America held the largest market share, contributing over 33.90% of global revenue in 2021, and is expected to maintain its dominance throughout the forecast period. Growth in this region is largely driven by the substantial number of consumers diagnosed with celiac disease. According to a Celiac Disease Foundation survey, approximately 0.6% of the U.S. population is affected by celiac disease. Additionally, strong demand for healthy and nutritious food products in the U.S. and Canada has supported market growth. Increasing interest from millennials and younger consumers in convenient, healthy food options with high nutritional value has further fueled expansion in this region.

Key Market Players

Leading companies in the global gluten-free bakery market include:

  • Amy’s Kitchen
  • Bob’s Red Mill Natural Foods, Inc.
  • Dawn Food Products
  • The Hain Celestial Group
  • Dr. Schar AG
  • Freedom Nutritional Products Ltd.
  • General Mills
  • Conagra Brands
  • Valeo Foods Ltd.
  • WGF Bakery Products
  • Europastry S.A.
  • Kelkin

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