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Robotic Drilling Market Expected to Reach US$ 985 Billion by 2033, Says Fact.MR Study

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Global Trade Daily, Market insight

Robotic Drilling Market Expected to Reach US$ 985 Billion by 2033, Says Fact.MR Study

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The global robotic drilling market is valued at US$ 485 billion in 2023 and is projected to increase at a CAGR of 8% to reach US$ 985 billion by 2033-end, according to this latest market study by skilled analysts at Fact.MR.

Automated drilling, known as robotic drilling, is a widely adopted method in the global oil and gas industries. These automated systems provide efficient solutions that can seamlessly integrate into both new and existing onshore and offshore installations. They introduce an unmanned, robotic-based drill-floor solution known for its swift, precise, and reliable operations.

The utilization of robotic drilling is on the rise in oil and gas exploration, with the market expected to grow positively due to increased industrialization and the exploitation of unconventional hydrocarbon resources. The expansion of power generation, especially in emerging economies, is predicted to contribute to market growth. Additionally, advancements in robotic technology serve as an indirect factor further enhancing the growth trajectory of the robotic drilling market.

Key Takeaways from Market Study

  • The global market for robotic drilling is valued at US$ 485 billion in 2023.
  • Worldwide demand for robotic drilling is predicted to increase at a high-value CAGR of 8% through 2033.
  • By the end of 2033, the global market is projected to reach US$ 985 billion.
  • The oil & gas segment expected to rise at a CAGR of 8.5% through 2033.
  • The market in North America is forecasted to increase at a CAGR of 8% through 2033.
  • The new builds category is forecasted to advance at a CAGR of 9% from 2023 to 2033.

“Demand for robotic drilling is primarily driven by increased emphasis on the exploration of new oil and gas extraction sites, particularly in developing economies, expanding use of robotic drilling for a variety of end-user industries, including oil and gas, and acceleration of industrialization, particularly in developing countries,” says a Fact.MR analyst.

Key Companies Profiled in This Report

  • Drillmec Inc.
  • Automated Rig Technologies Ltd.
  • Epiroc AB
  • KCA Deutag Alpha Limited
  • National Oilwell Varco Inc.
  • Huisman Equipment BV
  • Sekal As
  • Rigarm Inc.

Market Competition

A competitive edge lies in the ability to customize robotic drilling systems according to specific customer needs. Companies that provide flexible and adaptable solutions not only meet customer requirements but also capture a larger market share. A crucial aspect of competitiveness is the investment in research and development. Companies continuously enhance their robotic drilling technology, focusing on improving automation and creating intelligent drilling systems.

In October 2021, Nabors Industries Ltd. unveiled the PACE-R801 drilling rig, a groundbreaking fully automated land drilling rig utilizing Canrig robots. This innovative rig successfully reached total depth in its inaugural well in the Permian Basin. It features an autonomous rig floor, enhancing safety and ensuring reliable drilling performance by eliminating employee exposure to hazardous zones

.More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global robotic drilling market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on application (onshore, offshore), installation (retrofit, new builds), component (hardware, software), and end use (oil & gas, construction, mining), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa).

Explore More Related Studies Published by Fact.MR Research: 

Construction Robot Market–construction robot market, as detailed in the Fact.MR report, generated sales amounting to US$ 173 billion in 2022. During the assessment period (2023 to 2033), sales of autonomous construction equipment are predicted to rise at a CAGR of 16.6%, culminating in a market size of US$ 936 billion by the end of 2033

Pharmaceutical Robot Market–pharmaceutical robot market size was valued at US$ 211 Million in 2022. Over the assessment period (2023 to 2033), the market is forecasted to advance at a CAGR of 6.7% and reach a valuation of US$ 431 Million by 2033

Robot Kit Market– robot kits market is set to surpass a valuation of US$ 964.1 million in 2023 and further expand at a CAGR of 10.2% to reach US$ 2,546.5 million by the end of 2033

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Global Trade Daily, Market insight

The Power Management System takes on a New Look as Consumer Electronics Demand Rises and Technology Advances

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The solar tracker for the power generation market is projected to register a CAGR of 7.5% during the forecast period 2022-2032, from a valuation of US$ 6 Bn in 2021.

“Due to the efficiency of the solar tracking system and other technologies when compared to solar panels without tracking systems, rising demand for solar trackers fuels the overall solar tracker for power generation market growth.”

Solar PV has been one of the fastest-growing renewable energy sources in the United States in recent years. The same has been developed as a sustainable and continuous source of energy generation. The solar tracker for power generation market is likely to advance to a considerable extent.

What Changes has the Solar Tracker for Power Generation Market undergone due to COVID-19?

The global health crisis brought on by the spread of COVID-19 had a negative impact on the global economy as well as on the adoption of solar tracker for power generation, which was heavily reliant on China and India.

Due to supply chain disruptions and a lack of raw materials, these businesses were forced to close during the lockdown and, in turn, negatively impacting the solar tracker for power generation market statistics.

Furthermore, the United States, which stood out as a dominant force in the solar tracker industry, experienced supply chain disruptions due to a labor shortage, and a nationwide lockdown slowed manufacturing velocity.

In the coming years, however, factors such as favorable government policies and efforts to meet rising power demand with renewable energy sources are expected to favor higher sales of solar trackers for power generation.

What are the Factors Contributing to the Solar Tracker for Power Generation Market?

The massive increase in population over the last decade has directly impacted the amount of power demanded and generated. The capacity of each country’s power generation has increased at a healthy rate.

Renewable energy sources are considered the best possible replacement for conventional power sources. They help reduce carbon emissions while also being a cost-effective source of everyday power, thereby fueling the demand for solar trackers for power generation.

Simple solar installations are less efficient than solar farms and individual solar installations with tracking systems.

Furthermore, the solar tracker for power generation market growth is also propelled by features such as the better utilization of space, which is necessary for both fixed-tilt and moving systems.

These factors, along with the availability of single-axis and dual-axis trackers, provide customers with a range of options and are expected to drive global market growth.

The rising use of solar power as a potential source of commercial energy generation has gained popularity as the cost of PV panels has decreased, and the same is anticipated to augur well for a solar tracker for power generation market trends and forecasts.

What is the Region-Wise Outlook of the Solar Tracker for Power Generation Market?

By region, the solar tracker for the power generation market is segmented into North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.

North America is expected to remain at the forefront of the global solar tracker for power generation market during the forecast period.

The United States, which has the highest solar tracker deployment for operational efficiency of installed panels, is projected to provide impetus to the solar tracker for power generation market future trends.

Countries in Latin America, such as Brazil and Mexico, have emerged as major importers of solar trackers.

In Europe, demand for solar energy has grown at a healthy rate, and countries such as Italy, the United Kingdom, Germany, and Spain have been leading the solar penetration in their overall power mix, thereby positively impacting the solar tracker for power generation market outlook.

This trend, combined with aggressive green energy goals, presents an enormous solar tracker for power generation market opportunities for the region.

China manufactures 40% of the world’s tracker capacity, making the Asia Pacific the production hub for trackers. In the near future, some Southeast Asian countries, China and India, are expected to increase their renewable energy capacity, creating a huge demand for solar trackers for power generation.

South Africa holds a large solar tracker for power generation market size of the Middle East and Africa market, which is expected to grow steadily over the forecast period as solar power contracts are completed.

How Strong is the Competition in the Solar Tracker for Power Generation Market?

The market for solar trackers is fairly consolidated. This market is dominated by solar tracker manufacturers such as NEXTracker, Soltec, and Arctech Solar, according to the competitive landscape.

NEXTracker has the largest solar tracker for power generation market share in the world, with contracts from countries all over the world. The company’s success has been attributed to a well-established supply chain, customer preference, and a well-known brand name.

A wide array of solar tracker for power generation market opportunities likely opens up as companies are focusing on the development of advanced technology-based products as a result of demand for advanced technology for tracking purposes.

Manufacturing firms are pursuing a variety of organic and inorganic growth strategies in order to broaden their geographical reach and product portfolio thereby coming up with various emerging trends in the solar tracker for power generation market in the recent times.

The strategy framework of major tracker manufacturers is centred on bagging large purchase orders in order to achieve economies of scale. Tracker research and development is a key differentiator for manufacturers in the market.

A few recent developments in the solar tracker for power generation market are as follows:

Trina Solar introduced the TrinaTracker Agile 1P Dual Row, a dual-row, one-in-portrait, single-axis tracker compatible with modules ranging from 400 W to 670 W. After the Vanguard series debuted in December, the Agile series has joined the TrinaTracker family.

NEXTracker announced the successful completion of its largest tracker deal, billed as the industry’s largest of its kind, with 174 Power Global. The contract called for the delivery of smart solar trackers with 3.4 GW capacities to seven 174 Power projects across the United States.

Lyubar, Zhytomyr region, has become home to Ukraine’s largest solar tracking plant, with a capacity of 33 MW. SolControl, Soltigua’s cloud-based SCADA that was designed from the start to be optimised for remote assistance and monitoring of the solar plant, was used to carry out the commissioning.

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Global Oil Condition Monitoring Market to Worth US$ 1,496.3 Million by 2031

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The oil condition monitoring market is a rapidly growing industry that utilizes various technologies such as infrared spectroscopy, lubricant condition monitoring, and wear debris analysis to assess the health of machinery and equipment. This market is driven by the need for efficient maintenance and reducing downtime costs in various industries, including manufacturing, automotive, and aerospace. The market is expected to continue to grow due to the increasing demand for predictive maintenance solutions.

The global oil condition monitoring market is experiencing significant growth, with its valuation reaching US$ 862.7 million in 2022 and a projected market size of US$ 1,496.3 million by 2031. The market is set to expand at a CAGR of 6.35% during the forecast period from 2023 to 2031.

The rapid growth is attributed to various factors, including increasing demand for machinery reliability, rising concerns over environmental protection, and advancements in technology. Oil condition monitoring is essential in ensuring machinery reliability by monitoring the quality of lubricants used in machines, thus preventing breakdowns and unplanned downtime. In a survey conducted by Plant Engineering, 77% of respondents said that predictive maintenance, including oil analysis, helped reduce their maintenance costs. A report by Astute Analytica found that the adoption of oil condition monitoring technologies helped a company in the oil and gas industry save $300,000 annually in maintenance costs and increased equipment availability by 5%.The current landscape of the global oil condition monitoring market is highly competitive, with several key players operating in the market. Some of the major players in this market include Parker Hannifin Corporation, General Electric, SGS SA, Intertek Group PLC, and Bureau Veritas SA. These companies offer a range of oil condition monitoring products and services such as spectroscopy, particle counting, viscosity measurement, and elemental analysis.
 

One of the major factors driving the growth of the oil condition monitoring market is the increasing demand for predictive maintenance. With the help of oil condition monitoring, companies can predict potential problems and prevent equipment failure, which can result in costly downtime and repairs. Furthermore, oil condition monitoring helps companies to reduce their maintenance costs and increase their equipment lifespan. Additionally, the development of advanced technologies such as cloud-based oil condition monitoring systems and the internet of things (IoT) is expected to create new opportunities for market players in the future.

As per Astute Analytica, the global market offers attractive investment opportunities. Companies that focus on developing advanced technologies such as cloud-based oil condition monitoring systems and the IoT are likely to be well-positioned for future growth.

Key Findings of the Global Oil Condition Monitoring Market

  • By Sampling Type: The offsite lab sampling type is expected to capture over 55% of the market share, primarily due to the accuracy of results obtained from laboratory testing.
  • By Monitoring: The online segment is anticipated to generate more than 54% market revenue, as it allows for real-time monitoring of lubricants and early detection of anomalies in their condition.
  • By Methods: The oil conditioning sensors segment is expected to hold over 56% market share, thanks to their accuracy and reliability in detecting any anomalies in the lubricants’ condition.
  • By Application: The combustion engine segment is projected to hold over 28% market share, due to the widespread use of combustion engines in various industries.
  • By Industry: The oil & gas industry is expected to hold more than 19% revenue share, as a result of significant investments made by the industry in predictive maintenance technologies.

Online Monitoring to Remain the Most Popular and Contribute Over 54% Revenue to Global Oil Condition Monitoring Market

Online monitoring is dominating the global market due to its numerous benefits over traditional methods of oil condition monitoring such as its ability to provide real-time monitoring, enabling early detection of potential equipment failures, thereby reducing downtime and maintenance costs. It also facilitates remote monitoring, eliminating the need for on-site personnel and providing access to data from anywhere in the world.

Another factor contributing to the dominance of online oil condition monitoring is the growing adoption of Industry 4.0 and the Internet of Things (IoT) in various industries. With the increasing use of sensors and connected devices, it has become easier to collect and analyze data in real-time, making online oil condition monitoring a preferred choice. Moreover, companies opt for online oil condition monitoring to ensure the reliability of their equipment, prevent unplanned downtime, and reduce maintenance costs. They also see it as a way to improve operational efficiency, optimize equipment performance, and extend the lifespan of their assets.

According to a survey conducted by Astute Analytica on the oil condition monitoring market, the majority of respondents (57.8%) preferred online oil condition monitoring over traditional methods. The survey also found that the most significant drivers for adopting online oil condition monitoring were cost savings (29.1%), increased equipment reliability (23.5%), and improved maintenance planning (17.2%). The survey also revealed that the primary application areas for online oil condition monitoring were in the manufacturing and energy sectors. In the manufacturing sector, online oil condition monitoring was used to monitor critical equipment such as compressors, turbines, and pumps. In the energy sector, it was used for monitoring generators, transformers, and other electrical equipment.

Current Opportunities and Trends: Emergence of IoT and Big Data Analytics

The advancements in technology have been instrumental in driving the growth of the oil condition monitoring market. The introduction of new sensor technologies, such as optical sensors, vibration sensors, and acoustic sensors, has improved the accuracy and reliability of oil condition monitoring systems. These sensors can detect the smallest changes in the lubricant’s chemical and physical properties, enabling early detection of potential equipment failures.

Moreover, the emergence of IoT and big data analytics has enabled the collection and analysis of large volumes of data from oil condition monitoring systems in real-time. This has allowed for predictive maintenance, which involves identifying potential equipment failures before they occur and taking proactive measures to prevent them. This has led to significant cost savings by reducing equipment downtime and repair costs.

Asia Pacific is Set to Remain Second-Largest Market with over 28% Market Share

North America to dominate the global oil condition monitoring market with over 35% market share. On the other hand, Asia Pacific to remain the fastest growing with second largest revenue share until the end of the forecast period. The Asia Pacific region’s position as the second-largest market for adhesives is supported by several factors. The region’s diverse mix of end-users, including the construction, automotive, and healthcare industries, has a significant impact on the market. The growth of these industries, coupled with the region’s large and growing population, is driving demand for adhesives in the Asia Pacific region. Additionally, the region’s economic growth and focus on innovation and technological advancements have led to the development of new applications for adhesives, further driving demand in various industries.

Looking ahead, the Asia Pacific market is projected to continue to grow as the region’s population continues to expand, and economic development drives demand for adhesives in construction, automotive, and healthcare industries. The region’s emphasis on innovation and technological advancements is also expected to drive further growth by creating new applications for adhesives.

However, the market is not without its challenges, such as the increasing cost of raw materials and the need for sustainability in product development. Despite these challenges, the Asia Pacific market is poised to remain a significant player in the global adhesive market, driving innovation and growth in various industries across the region.

Oil Condition Monitoring Market is Highly Competitive: General Electric Company and Shell LubeAnalyst Contribute Over 15% Revenue

The oil condition monitoring market is highly competitive and dominated by the top 10 players who collectively hold over 40% market share. General Electric Company and Shell LubeAnalyst are two major players that hold a considerable share of over 15%, with GE Company leading the market with over 7.8% market share.

The dominance of these players can be attributed to several factors, including their significant investments in research and development to improve their products and services. These investments have helped them to remain ahead of the competition by introducing new, innovative products that are tailored to meet the ever-changing needs of customers. Furthermore, these players have a strong global presence, allowing them to reach a wider audience and expand their customer base.

In addition, the competitive landscape of the oil condition monitoring market is shaped by several other factors such as the rising demand for predictive maintenance solutions, increasing focus on equipment optimization and the growing adoption of cloud-based solutions. Companies that offer advanced solutions to these problems are more likely to gain market share and maintain a competitive edge.

As a result, smaller players in the market face significant challenges in competing with these larger, established companies. These players often struggle to invest heavily in research and development, leading to a lack of innovation in their products and services. Furthermore, they may have a limited global presence, making it difficult to compete with larger players that have established themselves in multiple regions.

Some of the Top Market Players Are:

  • Al Nukhba
  • Avenisense SA
  • BP p.l.c.
  • Bureau Veritas
  • Bureau Veritas
  • Chevron Corporation
  • Cm Technologies GmbH
  • Delta Services Industries (DSI)
  • Des-Case Corporation
  • Eaton Corporation
  • Element Materials Technology
  • General Electric Company
  • Gill Sensors & Controls Limited
  • Hydac International
  • Insight Services Inc.
  • Intertek Group Plc
  • Lakeside
  • Maxxam Analytics
  • OptaSense
  • Parker Hannifin Corporation
  • Poseidon Systems, LLC
  • SGS Group
  • Shell LubeAnalyst
  • TE Connectivity
  • TestOil (Insight Services, Inc.)
  • Other Prominent Players
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The Population Growth in Developing Nations has had a Direct Impact on the Production of Solar Panel

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According to Future Market Insights’ most recent market study, the Solar Panel market will be valued at US$ 165.47 Billion by 2023. The Solar Panel market value is expected to reach US$ 355.24 Billion by 2033, with a steady growth rate of 8.86%.

According to FMI data, the worldwide solar power market grew by 16.1% between 2019 and 2021. In recent years, the population growth in developing nations has had a direct impact on the production of electricity. With more people trying to reduce carbon emissions, electricity from renewable sources is seen as the best alternative to oil and coal. It is also growing at a rate that is sustainable, at 8.84%.

Solar energy uses either thermal energy (heat) or photovoltaic cells in solar panels and photovoltaic glass to generate electricity. Currently, the total amount of solar energy incidents on Earth is enormous and sufficient to meet all energy needs. If adequately tapped, this highly dispersed source has the potential to supply all future energy demands. For every kilowatt-hour produced, solar energy has a 20-times lesser environmental impact.

The environmental norms to reduce the usage of fossil fuels and carbon emissions from their combustion have increased the demand for renewable energy and its source materials. This characteristic is projected to propel market growth throughout the decade.

Historical (2018 to 2022) v/s Forecast (2023 to 2033) Market Outlook for Solar Panel Market

The worldwide solar photovoltaic (PV) market is segmented by region as follows: North America, Europe, Asia Pacific, the Middle East, Africa, and Latin America. The majority of the international market was located in Asia and the Pacific. In 2021, the area will see an increase of more than 81 GW in solar capacity. High solar irradiation and low component production costs are the major factors propelling the market. Market expansion will be driven by increased power consumption and some countries’ ambitious goals to reduce carbon emissions. China and India are two such countries. By 2021, China will have put in place solar energy plants with a combined capacity of more than 51 GW. In 2025, the country will have the most solar power capacity of any in the world. Europe has the second-largest solar capacity in the world, measured by the number of solar PV installations. In 2021, the European Union will have more than 21 GW of solar photovoltaic installations. The construction of large-scale solar farms is flourishing in this area.

These factors are mostly responsible for the growth of the European market. The European Union’s (EU) Renewable Energy Directive laid out the organization’s plan for increasing the use of renewable energy and generating its own supply. This mandate established targets for including 20.5% renewable energy in the overall energy mix. The growth of the market in this area will be sped up by the presence of such factors. Europe, Asia, and North America are experiencing rapid growth in the solar industry. Solar photovoltaic capacity is growing in North America. By 2021, off-grid solar installations in the area and Central America will have a combined capacity of more than 100 MW.

Market Dynamics

Demand dynamics of Solar panels to flourish technological efficiency of energy generation.

With the help of efficient technology like thin film and polycrystalline panel innovation, the efficiency of solar panels has increased both during the sunshine day and during the rainy season, allowing energy to be generated year-round for the first time. This has increased the demand for solar acceptance in residential areas. You can easily maintain your solar systems functioning effectively with low expense by completing periodic maintenance and keeping checks on them.

Thriving Demand for the industrial segment to expand the market for Solar Panel

Solar panels can be installed on rooftops to collect solar energy or utilised to generate captive electricity for use in the industrial manufacturing supply chain. The cost of electricity seems to increase perpetually. Electrical costs average 14% of a warehouse’s entire budget. Rooftop solar panels have lower tariff rates than commercial and industrial ones by 18% and 26%, respectively. If any company requires a great deal of electricity to run things like machinery and indoor and outdoor lighting, they need to look into renewable energy options like solar to keep expenses down.

High Initial setup expenditures along with Income Gaps and delays in government subsidy support are Constraints on the Growth

Building operational costs will be cheaper in the short and long term as a result of having solar panels put on the roof. There are two types of partnerships that may be used to put solar panels on a roof: a capital expenditure arrangement and a power purchase agreement. The consumer invests in the solar system, and the energy it generates may be utilised to power the business on a regular basis. After then, people can sell their extra power to the government. In this calculation, there is a need for an initial investment that is huge to see as an electric charge in a short time span. For a setup of a 4KW power supply, there is a need to invest 4300$ on average in East Asia and South Pacific region.

What Is the Growth Outlook of the Solar Panel Market in the USA?

In 2022, the solar photovoltaic (PV) market in the United States was estimated to be worth 11.25$ billion. Carbon emissions from traditional fuels used in transportation and electricity generation have increased, prompting environmentalists to demand that the country switches to cleaner, more efficient alternatives. The region’s economy is predicted to expand because of the rising demand for sustainable energy and favourable government regulations, subsidies, and tax breaks for installing solar PV systems. Residential and commercial sectors have been strengthened in the current time period.

Competitive Landscape

New studies from the United Nations Environment Programme (UNEP) indicate that this is the largest ever. Most of the decrease in worldwide renewable energy funding may be attributed to slower investment in such sources in Japan and China, but other smaller markets also played a role. Investment from developing nations fell by 28% overall, while investment from industrialised nations fell by 15%. As a result, renewable energy becomes increasingly cost-competitive with grid electricity without the need for subsidies. In 2017, renewable energy won major energy auctions throughout the world at pricing unimaginable a decade earlier. Unsubsidized bids in Dubai reached 2.98 cents per kilowatt hour, which was lower than those for fossil fuels. Solarpack, a company in Chile, submitted a record-low bid of 2.8 cents per kilowatt-hour in 2016, which was about half the price of the most competitive bid for coal.

For Instance,

In 2022, the Top five sellers of Solar Panel Worldwide Sunrun, Inc., Pekat Group Bhd., Insolation Energy Ltd., Stilo Energy SA, Erato Energy SA and Enerside Energy SA.

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Digital Commerce Platform Market Expanding at an Impressive CAGR of 12.6% between 2022-2029

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The digital commerce platform market is bound to display phenomenal growth with a CAGR of 12.6% at a global level and is estimated to surge from a valuation of US$ 3.41 Bn in 2022 to US$ 7.85 Bn by 2029.

In 2021, digital commerce platforms accounted for a 35% share of the global e-commerce market. According to the Future Market Analysis, the surge in the adoption of intelligent virtual store design solutions for seamless business encourages companies to implement online commerce platforms. The global digital commerce platform market has grown drastically, owing to increased customer digital literacy.

As per FMI analytical studies, the variation between the BPS values observed in the digital commerce platform market in H1, 2022 – Outlook over H1, 2022 Projected reflects a spike of 40 units. Moreover, compared to H1, 2021, the market is expected to propel by 27 BPS in H1 -2022. Businesses are effectively leveraging cloud-based and on-premises digital commerce solutions to sustain their businesses as the COVID-19 pandemic intensifies.

Key Takeaways

  • Over the last few years, digital commerce platforms have proven to have a positive impact resulting in acquiring a large customer basis, allowing service providers and retailers to increase sales and influence existing trends.
  • To streamline business processes, big data analytics has been widely used over the years. In the retail analytics market and e-Commerce market, data analytics applications are growing at an exponential rate due to ascertaining profits, losses, and purchases, and attracting a large number of customers based on their purchasing behavior.
  • The global digital commerce platform market has witnessed opulent growth, attributed to widening digital literacy among customers across the globe. With the spectacular surge in digitalization, demand for virtual platforms for easy business conduct is driving companies to encourage online commerce platforms.
  • The Covid pandemic intensified the use of digital commerce platforms at an exponential rate as businesses are effectively leveraging on-premises and cloud-based digital commerce solutions to sustain their businesses. Moreover, growth is likely to perpetuate even in the post-pandemic scenario.
  • A major application is in designing recommendation engines. Digital commerce platforms have proven highly useful in garnering massive customer bases, thus helping retailers and service providers expand their sales and dictate existing trends.
  • The historical period of 2014 to 2021 witnessed impressive growth in the digital commerce platform market with a surging CAGR of 12.2%. The market is anticipated to rise at a CAGR of 12.6% from 2022 to 2029.

Competitive Landscape

Shopify Inc., SAP SE, Oracle Corporation, Magento Commerce, Salesforce.com Inc., Big Commerce, WooCommerce, Sitecore, Kentico Software, and Unilog Content Solutions Pvt Ltd. are some of the key companies profiled in the full version of the report.

Business entities are leveraging digital commerce platforms to further virtual learning programs to better equip employees for future uncertainties. As the global virtual space expands, business entities are scrambling to incorporate the most advanced digital commerce software within their scope of operations. Compelling solution providers to constantly launch new products equipped with contemporary advancements.

More Insights into the Digital Commerce Platform Market

North America is anticipated to dominate the global digital commerce platform market, owing to the deep internet penetration and access to smart devices. As per estimations, around 70% of households have multiple streaming subscription services in the U.S.

The surge in demand for software maintenance, generation of green spaces for key vendors, and implementation services are on the rise in the U.S. A large existing base of digital media users and growing usage of smartphones is fueling the growth of the market in the U.S.

The East Asia digital commerce platform market is expected to portray to highlight lucrative growth opportunities in the digital commerce platform market. China comprises the world’s largest manufacturing hub with over 600 million internet users. Hence bolstering growth in the market.

Rise in shifting consumer preferences due to the increased use of digital commerce platforms by the urban population, the digital commerce platform market in China is growing at a rapid pace.

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Industrial Packaging Market Revenue Will Grow 4.3% from 2023 to 2033, Identifies Fact.MR

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According to a recently published research report by Fact.MR, a provider of market research and competitive intelligence, the projected value of the industrial packaging market is US$ 107 billion for 2033. Worldwide demand for industrial packaging solutions is likely to increase at a CAGR of 4.3% through 2033.

The market for industrial packaging highly depends on global export and import activities. Various products such as pails and drums are experiencing increased demand from different heavy manufacturing industries. Further, intermediate bulk containers (IBCs) and material handling containers also find application in logistics as well as the short-distance transportation of goods.

Get To Know More: https://www.factmr.com/report/industrial-packaging-market

Various industries such as lubricants, paints & inks, chemicals, pharmaceuticals, and food & beverages use rigid plastic IBCs on a large scale. The RIBCA (Rigid Immediate Bulk Container Association) of North America caters to the choices of corporations, firms, and persons that are engaged in assembling or manufacturing rigid bulk containers.

In the past few years, rising awareness about the harmful effects of plastic has led to noticeable changes in the industry of packaging solutions. Many initiatives such as awareness campaigns are being undertaken by government authorities, NGOs, and associations to spread awareness about the harmful effects of plastics. This has resulted in the innovation of environment-friendly industrial packaging products.

Key Takeaways from Market Study

  • Sales of industrial packaging are likely to reach US$ 107 billion by 2033-end.
  • The market in Japan is expected to progress at a CAGR of 2.5% through 2033.
  • The global industrial packaging industry is worth US$ 70 billion in the year 2023.
  • The global market is likely to expand at a CAGR of 4.3% through 2033.
  • Sales of industrial packaging in the market in Germany are likely to increase at a CAGR of 3.2% through 2033.

“Increasing utilization of shipping containers across different end-use industries is estimated to drive market growth,” says a Fact.MR analyst.

Winning Strategy

According to the constantly changing demand for recyclable and sustainable industrial packaging products, companies are launching innovative and new products in the market.

For instance,

  • The refuse sack business of Berry Global in the U.K. launched a new range of products with high strength in May 2022. These products are made from recycled plastics.
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Automotive Carbon Thermoplastic Market To Accumulate US$ 8 Billion By 2033

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As per Fact.MR, a provider of market research and competitive intelligence, the global automotive carbon thermoplastic market is set to reach a size of US$ 8 billion by 2033, surging at 27.5% CAGR between 2023 and 2033.

Carbon thermoplastic is a composite material made of plastic and carbon fiber. The material has the benefit of being very resistant to deformation and alkaline and acid corrosion. Furthermore, its ability to address demands for CO2 reduction and energy savings in the automobile industry is gaining wide attention.

The global automotive carbon thermoplastic market is expanding significantly as a result of increased demand for fuel-efficient vehicles, reduced weight, and part consolidation. Furthermore, environmental regulations are increasing OEMs’ interest in carbon fiber composites.

The need for lightweight and fuel-efficient automobiles is a major factor driving the global automotive carbon thermoplastic market, as automotive carbon thermoplastics composite is one of the most efficient methods for decreasing vehicle weight, boosting fuel economy, and reducing pollution levels. Moreover, the high volume manufacturing of structural vehicle components is predicted to open up tremendous opportunities for carbon thermoplastic in the automotive industry in the years ahead.

Key Takeaways from Market Study

  • The global automotive carbon thermoplastic market amounted to US$ 700 million in 2023.
  • Worldwide demand for automotive carbon thermoplastic is estimated to evolve at a CAGR of 27.5% during the forecast period (2023 to 2033).
  • The global market is forecasted to garner US$ 8 billion by 2033.
  • Europe accounted for 39% share of the global market in 2022.
  • The polyamide (PA) segment is leading the automotive carbon thermoplastic market.

“Growing demand for lightweight automobiles to fulfill strict fuel economic norms is projected to boost the automotive carbon thermoplastic market. Moreover, the increasing population in large countries is raising public interest in purchasing more vehicles, which is expected to spur the demand for automotive carbon thermoplastic over the coming years,” says a Fact.MR analyst.

Regional Analysis

  • Europe is dominating the worldwide market. Germany is a major contributor to regional market growth due to the presence of prominent automotive companies in the country.
  • The North American market is also growing at a rapid pace. The United States is a market leader in North America due to increasing government efforts to reduce CO2 emissions.
  • Japan and South Korea are booting Asia Pacific market growth due to the growing adoption of electric vehicles in these countries.
Drones are bieng used to deliver shipments of export cargo and import cargo in international trade. pocket
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Mounting Recreational Videography and Photography with Compact Drones will Increase Demand for Pocket Drone

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According to Fact.MR, the global pocket drone market is likely at US$ 1,795.4 million in 2023 and expected to grow at a CAGR of 18.6% during the forecast years of 2023-2033. Drone market is emerging and is also expected to witness greater peaks globally as they have the ability to provide access to different places.

Innovative fold-in motors make it possible to almost fit your drone in your pocket, making it portable. The pocket drone camera can be used by beginner to advance. The advance technology installed in the pocket drone camera makes it easy to fly inside and outside the premises. The pocket drones help in capturing video footage and photo footage.

Pocket drones have become very popular recently, especially among young people. These drones are being produced quickly all over the world and have improved in intelligence. Pocket drones are made smarter by using programmed intelligence to direct their movements and make them react to input in order to provide real-time interaction and feedback.

Recently, especially among young people, pocket drones have grown to be highly popular. These drones have increased intelligence and are created swiftly around the world. By employing programmed intelligence to control their movements and make them respond to input in order to give real-time engagement and feedback, pocket drones are made smarter.

The majority of players now aim to develop drones for consumer uses. Owing to technological developments in the artificial intelligence, machine learning, cloud services the demand for pocket drone will increase to serve the society for recreational activity.

Key Takeaways from Market Study

  • The global pocket drone market is projected to grow 18.6% and reach US$ 9,885.6 million by 2033.
  • The market witnessed 12.6% CAGR between 2018 and 2022.
  • The pocket drone dominated the market with US$ 1,461.1 million valuations in 2022.
  • Europe dominated the market with 35.4% market share in 2022.
  • Based on sales channel, offline sales channel is expected to have market share of 76.9% by the end of 2023.

“United States and Israel are leading drone camera manufacturers having significant export for pocket drones” says a Fact.MR analyst.

Market Development

The key players in the market have been making R&D investments to develop a better technological architecture that allows for more flexibility and efficiency. These advancements will drive the pocket drone market’s growth throughout the medium- to long-term projection period.

It is projected that over the forecast period, API-based pocket drones would receive more attention. Furthermore, major businesses are working hard and spending a lot of money to expand their infrastructure, which will increase flexibility and efficiency. Technological improvements have a significant impact on the growth of the autonomous traffic management sector as a whole.

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Increased Adoption of Electric Vehicles to Surge the Demand for Liquid Silicone Rubber

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The liquid silicone rubber market is anticipated to register a CAGR of 3.9% during the forecast period. The market is expected to hold a valuation of US$ 6.9 billion in 2023. By 2033, the value is expected to cross US$ 10.1 billion.

Surging application in the construction and automotive industry.

The ability to withstand extremely high and low temperatures makes it highly flexible for many applications.

Enduring long-term exposure to UV rays, thereby providing resistance from weathering.

Expansion of production capacity at both local and global levels is one of the key industry trends currently being observed. In addition to this, key players aim to launch new & advanced products to expand their product portfolio.

Medical manufacturers are currently having a massive demand for liquid silicone rubber. This can be attributed to its ability to function efficiently at extreme temperatures and display chemical resistance. As per the sources, the liquid silicone rubber is capable of meeting FDA, ISO, and Class VI medical-compliant grades, which makes it reliable. Within the medical sector, it is used in general surgery, cardiology, neurosurgery, ENT, etc.

Why is the USA liquid silicone rubber market registering robust growth?

Rising number of body implantation surgeries to elevate the sales of liquid silicone

FMI states that the USA is anticipated to remain a lucrative liquid silicone rubber market in North America.

A substantial rise in the number of body implantation surgical procedures has been witnessed owing to the growing emphasis on enhancing body aesthetics across the country. According to a report by the American Society of Plastic Surgeons, nearly 193,073 breast augmentation and 1,179 buttock implantation surgeries were conducted across the USA in 2022.

As liquid silicone is used in the production of body implants due to its high biocompatibility, the rise in implantation surgeries is estimated to bolster the growth in the USA market. An increase in the sales of liquid silicone rubber in the USA assisted North America, accounting for nearly 25% of the revenue share in 2022.

The United Kingdom: Driven by the automotive market

Growing applications in the automotive industry to fuel the demand for liquid silicone rubber

The United Kingdom is home to a few famous automotive manufacturers. Liquid silicone rubber is finding applications in the automotive industry owing to its high thermal stability, superior compression set, and excellent chemical resistance. It is increasingly being used in sensor cover assembly, sealing covers, vehicle interiors, and others during the production of automotive vehicles.

Increasing production and sales of automobiles in the United Kingdom is anticipated to create strong demand for LSR in the forthcoming years.

What are the factors augmenting the sales of liquid silicone rubber in China market?

Growing popularity in the consumer electronics industry to bolster the liquid silicone rubber sales

China had a dominant market share of more than 34.9% in the Asia Pacific excluding the Japan region in 2022.

Liquid silicone rubber has become one of the prime manufacturing materials owing to its chemical inertness, electrical resistance, and ability to withstand extreme temperatures. It is extensively gaining popularity across the consumer electronics industry for manufacturing the components such as remote buttons, phone covers, wristbands, smartwatch belts, and others. Hence, the growing penetration of innovative devices, such as wearable technologies, across the country is estimated to favor the growth of the liquid silicone rubber market in China.

Japan market: Backed by the surging sales of electronic vehicles

The electric vehicle market in Japan is expected to witness a massive CAGR of nearly 23% during the forecast period. The market is projected to reach US$ 5.67 billion in 2023. The manufacturing of electric vehicles involves extensive usage of liquid silicone rubber. The seat covers, coatings, spark plug wires, and a lot of other components are manufactured by the application of liquid silicone rubber.

The construction sector in Japan has always displayed positive sentiments. Being prone to a number of natural disasters, the nation’s construction sector has always been creating innovative alternatives. Liquid silicone rubber is used in sealants and adhesives, which are very crucial for all kinds of buildings.

India: Home to a mammoth consumer electronics market

India is one of the largest buyers of consumer electronics. As of 2021, the valuation of the Indian consumer electronics market stood at US$ 75 billion. During the pandemic, the sales were even significant due to the imposition of the lockdown. The massive demand for consumer electronics might boost the sales of liquid silicone rubber. These are mainly used as Integrated Circuits for miniaturizing the size of the device and improving the speed as well.

Apart from that, there are a number of overseas electronics companies which are investing huge funds in India. This creates massive opportunities for the Indian liquid silicone rubber market.

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Owing to Increasing Investments in Construction Projects, the US Accounted for around 76.7% of the North American Compaction Machine Market

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The global compaction machines market is predicted to exhibit a healthy CAGR of 6.4% between 2022 and 2032 with an expected valuation of US$ 5.2 Bn in 2022 and totaling revenue of around US$ 9.7 Bn by 2032. The market was valued at US$ 4.9 Bn in 2021.

According to the historical forecast, the global compaction machines market grew at a value of 5.2% between 2017 and 2021. However, the surging investments in building and construction projects along with the rising prevalence of modern machinery to improve productivity and reduce labor costs are expected to elevate the demand for compact machines in the future.

Owing to the rapid expansion of the building and construction industry along with accelerated demand for advanced machinery, the overall sales of compaction machines are predicted to grow at a phenomenal pace across the forecast period.

Key Takeaways

  • Compaction machines are strong equipment utilized for compaction purposes throughout construction and building activities. Such powerful machines are used to reduce the size of the soil, concrete, gravel, or asphalt used in the construction of roads, dams, airports, and other structures. They help users to increase overall productivity and reduce labor costs.
  • The advancements in compaction equipment and the emergence of staunch government regulations are all expected to positively influence the growth of the compaction machine market over the coming years.
  • A significant surge in the compaction equipment market has been witnessed due to the emergence of compact paving materials such as asphalt mixes and roller-compacted concrete is expected to push demand in the global market.
  • Since there is a surge in construction activities all over the world, many new construction projects require advanced and compact construction equipment such as tandem rollers and pneumatic rollers, which can work efficiently in less time.
  • Governments in several countries are launching various construction projects due to the rising population and strengthening commercial infrastructure in their respective regions. This in turn is expected to bolster the sales of machines like compaction equipment.
  • Strict environmental regulations across the globe are rising environmental concerns along with growing infrastructures are predicted to propel the demand for electrically operated compaction machines in the global market during the forecast period.
  • To reduce pollution levels, small businesses are opting for electric machines that save costs and improve overall productivity. Therefore, the rising demand for electric compaction machinery is projected to support market growth during the next ten years.
  • The global construction market is predicted to exhibit a phenomenal growth rate by gathering a revenue of about US$4.0 trillion throughout the forecast period and is further anticipated to reach US$16 trillion with more than US$8.0 trillion in emerging economies by 2032.

Competitive Landscape

There is high competition witnessed in the global compaction machines market owing to the presence of several dominant regional as well as domestic players. Key compaction machine manufacturers are launching new products, collaborating, and partnering with vehicle manufacturers for better market opportunities.

More Insights into the Compaction Machines Market

  • The U.S. is expected to dominate the North American compaction machines market by accounting for about 76.7% of the total revenue. Owing to the rising need for smart cities and increasing government investments in the latest construction projects, the market is predicted to reach US$ 621.5 Mn in 2022.
  • According to the FMI analysis, China is estimated to show lucrative growth opportunities over the projection period. The market is expected to accelerate at a flawless CAGR of 8.1% in 2022. Despite the supply chain issues, China’s commercial construction industry is anticipated to maintain expansion over the assessment period.
  • The ever-rising need for residential and commercial development in the nation is expected to continue owing to the increase in household income and more people moving from rural to urban regions.
  • The expansion of the residential and commercial construction industry was bolstered due to affordable housing opportunities in both the public and private sectors. It has also been predicted that in the upcoming years, non-residential infrastructure would boom massively. Resulting in progressive sales of the compaction machines market.