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imr-riya · 2 years

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Smart Factory Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Source; Function; Application and Geography

The Global Smart Factory market size was valued at USD 141.71 Billion in 2021 and is projected to reach USD 233.58 Billion by 2028, growing at a CAGR of 7.4% from 2022 to 2028.

The smart factory is a flexible system that can run complete manufacturing processes autonomously, self-optimize performance across a larger network, and self-adapt to and learns from new situations in real or near-real time. The market is expanding at a faster rate as a result of Industry 4.0's expanding implementation and adoption. The market share has increased as a result of rising automation and software-based procedures. Real-time analysis and synchronization have been made available to the worldwide market by smart technologies, helping to cut costs and save time. The market grows in direct proportion to technological advancements when they go hand in hand. New technologies including machine learning, big data, cloud computing, and artificial intelligence are expected to accelerate industry expansion. Additionally, the Machine-to-Machine (M2M) and Wireless Sensor Networks (WSN) ideas and Big Data in terms of the content outputs generated are all strongly tied to the Internet of Things (IoT).

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tmr-blogs2 · 3 days

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Dielectric Fluid Market Forecast: Projected Growth to Reach $11.9 Bn by 2034

The dielectric fluid market, spanning 2024-2034, is poised for substantial growth due to increasing demand for electrical insulating materials used in a wide range of applications. Dielectric fluids are crucial for ensuring efficient insulation in high-voltage transformers, capacitors, and other electrical equipment. These fluids prevent electrical breakdown, dissipate heat, and enhance equipment performance, especially in power generation, transmission, and industrial applications. As industries evolve, there is a growing shift toward environmentally friendly and high-performance dielectric fluids, which is further driving innovation in the market.

The global dielectric fluid industry, valued at US$ 5.5 billion in 2023, is projected to grow at a CAGR of 7.2% from 2024 to 2034, reaching US$ 11.9 billion by the end of the forecast period. Increasing electricity demand from industries such as manufacturing, construction, and transportation also fosters market expansion. As of 2024, the market is expected to experience steady year-on-year growth, driven by a need for highly efficient and sustainable dielectric solutions. New technologies in synthetic and biodegradable dielectric fluids are also expected to create new growth avenues.

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Market Segmentation

By Service Type:

Manufacturing: This segment includes companies engaged in producing dielectric fluids for various applications.

Installation and Maintenance: Services include the installation of dielectric fluid in equipment and regular maintenance to ensure the longevity of electrical systems.

By Sourcing Type:

Synthetic: Synthetic dielectric fluids offer superior thermal stability and are widely used in transformers and capacitors.

Biodegradable: Biodegradable dielectric fluids are emerging as eco-friendly alternatives, particularly in industries with stringent environmental regulations.

By Application:

Transformers: A significant segment due to the high reliance on dielectric fluids for insulation and cooling in transformers.

Capacitors: Used to maintain performance and prevent overheating in high-voltage capacitors.

Switchgear: Dielectric fluids in switchgear help insulate and prevent arcing during operation.

By Industry Vertical:

Energy and Power: The largest vertical due to the demand for dielectric fluids in energy transmission and distribution networks.

Manufacturing: Factories with high energy consumption rely on dielectric fluids for efficient machinery operation.

Automotive: Electric vehicle (EV) applications are growing due to their need for advanced electrical insulation in battery systems.

By Region:

North America

Europe

Asia-Pacific

Middle East and Africa

Latin America

Regional Analysis

North America: This region is expected to maintain a significant share of the dielectric fluid market, driven by strong demand from the energy, industrial, and automotive sectors. The U.S. leads the region due to large-scale investments in smart grid technologies.

Europe: With stringent environmental regulations and a focus on renewable energy, Europe is witnessing rapid adoption of biodegradable dielectric fluids. The region's focus on sustainability aligns with the growing use of eco-friendly materials.

Asia-Pacific: The fastest-growing region, owing to massive infrastructure development and energy demands in countries like China, India, and Japan. The ongoing industrialization in Southeast Asia further fuels the demand for dielectric fluids.

Middle East and Africa: The region’s dielectric fluid market is primarily driven by investments in power transmission and renewable energy projects.

Latin America: The growth here is moderate but expected to accelerate as the region invests in expanding its power generation and transmission infrastructure.

Market Drivers and Challenges

Drivers

Expansion of Renewable Energy Projects: Governments are increasingly investing in wind and solar power, which require highly efficient dielectric fluids for energy transmission.

Growing Electrification: With increasing demand for electric power, both residential and industrial sectors are relying on efficient electrical grids that require reliable dielectric insulation.

Advancements in Electric Vehicles: As the EV market grows, so does the demand for dielectric fluids, as these vehicles need efficient thermal management systems in their batteries and charging stations.

Challenges

Environmental Regulations: The shift from synthetic to biodegradable dielectric fluids poses a challenge for manufacturers to balance performance with sustainability.

Cost and Technological Barriers: The development and production of advanced dielectric fluids can be expensive, and the industry needs to find ways to optimize cost without compromising quality.

Market Trends

Eco-friendly Dielectric Fluids: A significant trend in the market is the increased focus on biodegradable and sustainable dielectric fluids. These eco-friendly alternatives are gaining traction in regions with stringent environmental regulations.

Innovation in Synthetic Fluids: Manufacturers are continuously innovating synthetic dielectric fluids to improve thermal efficiency, reduce costs, and enhance the overall performance of electrical equipment.

Smart Grid Infrastructure: The global push for smart grids and energy-efficient power systems is driving demand for high-performance dielectric fluids that can ensure reliability and reduce energy loss.

Future Outlook

The dielectric fluid market is set to witness transformative growth between 2024 and 2034, largely driven by innovations in energy efficiency and sustainability. The rising demand for biodegradable and eco-friendly fluids will reshape the industry, as will advancements in synthetic fluid technology. The growing electrification of sectors such as transportation and renewable energy is expected to keep the demand for dielectric fluids strong over the next decade.

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Key Market Study Points

Growing EV Market: The expanding electric vehicle market presents new opportunities for dielectric fluid applications in thermal management systems.

Regulatory Impact: Environmental policies will continue to shape the demand for biodegradable dielectric fluids.

Technological Innovations: Advanced formulations for both synthetic and biodegradable dielectric fluids will be crucial for the future growth of the market.

Competitive Landscape

Key players in the dielectric fluid market include multinational companies and specialized firms focusing on either synthetic or biodegradable solutions. Major companies are investing heavily in R&D to innovate in the areas of sustainability and performance. Companies such as Shell, Siemens, Cargill, and Dow are at the forefront of this competitive market. The industry also sees increasing collaborations between fluid manufacturers and electrical equipment producers to develop tailored solutions for various applications.

Recent Developments

New Product Launches: Several companies are introducing advanced dielectric fluids that offer superior thermal stability and eco-friendly attributes.

Mergers and Acquisitions: The market has witnessed consolidation through M&A activity, allowing companies to expand their geographic presence and product portfolios.

R&D Investments: Key players are allocating substantial resources toward research and development to stay competitive in a rapidly evolving market.

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bizworldinsights · 5 days

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Hot Melt Adhesives

The global hot melt adhesives (HMA) market was valued at over USD 9.3 billion in 2019 and is projected to grow at a compound annual growth rate (CAGR) of 5.4% during the forecast period. This growth presents significant revenue opportunities for industry stakeholders.

Hot melt adhesives have gained immense popularity across various end-use industries due to their low emissions of volatile organic compounds (VOCs) and extended shelf life compared to solvent-based adhesives. The hot melt adhesives sector has consistently outperformed the overall chemical industry, driven by rising demand for high-performance solutions in heavy industries. Increased competition has prompted companies to prioritize product launches and patent acquisitions to enhance their market presence.

Industry Developments and Innovations

Leading companies have undertaken several initiatives to boost revenue and strengthen brand recognition. For instance, in 2015, Eastman Chemical Company introduced Aerafin Polymer A, a new polyolefin designed for hot melt adhesives, targeting glue manufacturers. Similarly, Jowat launched a PUR hot melt adhesive specifically for window profile wrapping. Additionally, the number of patents filed has surged since 2010, reflecting a commitment to innovation. In 2013, Bostik, Inc. secured a patent for a high-styrene SBS hot melt adhesive, while H.B. Fuller patented a hot melt pressure-sensitive adhesive containing vegetable wax. This trend of innovation and patenting is expected to continue throughout the forecast period (2018-2028).

Market Segmentation

By Product Type

Polyolefins: Anticipated to experience the fastest growth, with a CAGR of 6.1%. These adhesives are favored for their excellent adhesive properties and rapid setting speeds, making them suitable across various industries. The rise of smart factories is expected to further drive growth in this segment.

By Application

Packaging: The largest end-use market for hot melt adhesives, accounting for approximately 24% of the global market share in 2019. The packaging industry, valued at USD 550 billion, is one of the fastest-growing segments worldwide, presenting significant opportunities for hot melt adhesives.

Regional Analysis

In 2019, the Asia-Pacific region dominated the hot melt adhesives market, holding an estimated 45% share. China, in particular, led the regional market, thanks to the presence of numerous production facilities that benefit from lower production costs and favorable government policies. As the world's largest market for packaging and consumer electronics, China generated substantial demand for hot melt adhesives, with a market value exceeding USD 2.1 billion in 2019. The packaging segment contributed to 27% of this revenue, while ethylene-vinyl acetate (EVA) and styrene-based hot glues represented 73% of the market share in 2018.

The Chinese market features over 210 suppliers, predominantly small-scale companies operating on a contract basis. Key players include Henkel, Tex Year Fine Chemical, Bostik, and H.B. Fuller. Established companies are expected to maintain dominance in the high-end market due to efficient supply chains and a strong focus on product innovation.

Competitive Landscape

In mature markets like Europe and North America, companies are increasingly adopting inorganic growth strategies. The UK, Germany, and France are projected to account for 69% of the hot melt adhesives market in Western Europe.

Key Players in the Hot Melt Adhesives Market

Adhesive Technologies, Inc.

Worthen Industries Inc.

American Chemical, Inc.

Jowat SE

Evans Adhesive Corporation Ltd.

Avery Dennison Corporation

Tex Year Industries Inc.

Bostik Inc.

Capital Adhesives & Packaging Corp.

LORD Corporation

Costchem srl

Daubert Chemical Company, Inc.

Ashland Global Holdings Inc.

Dow Corning Corporation

Alfa International Corporation

H.B. Fuller Company

Henkel AG & Co. KGaA

Sika AG

Industry Segmentation

By Product Type:

EVA

Polyolefins

Styrene Block Copolymers (SBC)

Polyurethane (PUR)

Hot Melt Pressure Sensitive Adhesives

Others

By Application:

Packaging

Electronics

Automotive

Hygiene Products

Construction

Furniture

Textile

Others

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tamanna31 · 10 days

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Metaverse Market Share, Supply, Sales, Manufacturers, Competitor and Consumption 2024 to 2030

Metaverse Industry Overview

The global metaverse market size was estimated at USD 82.02 billion in 2023 and is projected to grow at a CAGR of 43.9% from 2024 to 2030.

The integration of spatial technologies enables users to engage with digital content as if it exists in their physical surroundings, blurring the boundary between virtual and real-world experiences. Companies are increasingly adopting this technology to create immersive products and services that enhance user interactions and bridge the gap between the digital and physical realms, driving innovation in various industries. For instance, in January 2024, Unity Technologies, an American software company collaborated with Apple Inc. to support spatial experiences, including augmented reality (AR) and spatial computing. This collaboration aims to support the development of spatial experiences, particularly within the realm of AR and spatial computing. This collaboration seeks to empower developers to create interactive digital content that seamlessly integrates with the physical world, thereby enhancing user experiences and advancing the evolution of the metaverse.

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

Advancements in augmented reality (AR), virtual reality (VR), mixed reality (MR), and 3D visualization drive market growth, enhancing immersive experiences for businesses. These technologies facilitate improved visualization, simulation, and prototyping across industries. Moreover, the focus on digital twins and smart factories further leverages their capabilities. Rising investments and partnerships underscore the market's expansion, indicating increased interest and support. Moreover, the emphasis on delivering enhanced customer experiences drives adoption and innovation. Furthermore, the integration of AR, VR, MR, and 3D visualization technologies enables industries to simplify processes and reduce costs. Businesses utilize these tools for training, remote collaboration, and product design, improving efficiency and productivity. Additionally, the growing demand for immersive experiences in the entertainment, gaming, and education sectors further propels market growth.

Cryptocurrencies and Non-Fungible Tokens (NFTs) are exerting transformative influence over the market. Within virtual realms, cryptocurrencies redefine transactions through the establishment of a decentralized, borderless digital economy. They empower users to engage in seamless commerce, surpassing traditional payment systems and facilitating efficient transactions across the metaverse. Meanwhile, NFTs transform ownership by certifying the uniqueness and provenance of digital assets, spanning from artwork to virtual real estate. This introduces a new dimension of value and scarcity, propelling the creation of diverse digital creations and collectibles. These developments converge in a metaverse where ownership, commerce, and creativity intersect, fostering innovative and rewarding interactions and laying the foundation for a dynamic digital ecosystem.

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

The global digital twin market size was estimated at USD 16.75 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 35.7% from 2024 to 2030.

The global non-fungible token market size was estimated at USD 26.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 34.5% from 2024 to 2030.

Key Companies profiled:

Bentley Systems, Inc.

Dassault Systems SE

HTC Corporation

Magic Leap, Inc.

Microsoft Corporation

NVIDIA Corporation

PTC Inc

Siemens AG

Swanson Analysis Systems Inc.

Unity Software Inc.

Key Metaverse Company Insights

Prominent firms have used product launches and developments, followed by expansions, mergers and acquisitions, contracts, agreements, partnerships, and collaborations as their primary business strategy to increase their market share. The companies have used various techniques to enhance market penetration and boost their position in the competitive industry. For instance, in February 2024, The Walt Disney Company, an American multinational mass media company, collaborated with Epic Games Inc., with Disney investing $1.5 billion to secure a significant ownership interest in Epic Games. Disney plans to create an expansive games and entertainment universe connected to Fortnite.

Recent Developments

In March 2024, Cornerstone, a software company, acquired TALESPIN REALITY LABS, INC., a software company that develops and builds virtual, augmented, and mixed reality applications in the U.S. This acquisition enables the integration of immersive learning experiences, utilizing spatial computing and GenAI, into its content subscriptions and learning solutions, providing personalized, contextually relevant training across various industries.

In March 2024, Meta, a U.S. technology company, partnered with NVIDIA Corporation to procure 350,000 H100 GPUs. The company intends to strengthen its infrastructure for the advancement of artificial general intelligence (AGI) and enhance support for various metaverse-related services and devices through AGI.

February 2024, Capgemini, a French IT company, and Unity have strengthened their partnership, with Capgemini overseeing Unity’s Digital Twin Professional Services arm, creating one of the largest groups of Unity developers worldwide. This collaboration speeds up the development of real-time 3D visualization software for the industrial use of digital twins, allowing users to interact with physical systems and advance intelligent industry solutions.

In January 2024, Ansys Inc., an American multinational company introduced Ansys SimAI, an AI-powered SaaS application to transform engineering workflows by combining simulation accuracy with generative AI speed. This launch aims to accelerate performance prediction, enabling rapid analysis and reducing time-to-market for product development.

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

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filishas · 11 days

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digitrenndsamr · 11 days

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How Nano PLCs Are Transforming IoT and Smart Factory Operations

Allied Market Research, titled, Nano Programmable Logic Controller (PLC) Market by Component, Service, Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the nano programmable logic controller (PLC) market was valued at $2,585 million in 2016, and is projected to reach $4,250 million by 2023, growing at a CAGR of 7.0% from 2017 to 2023. The Processor segment held nearly half of the total market in 2016

Nano programmable logic controller is used across numerous industries such as energy & power, automotive, oil & gas, pharmaceutical, and others. At present, rise in demand for automated electronic devices and increase in trend of artificial intelligence (AI) drive the market. Moreover, popularity of Internet of Things (IoT) is expected to provide lucrative opportunities to market players.

The processor segment is estimated to maintain its lead in the global nano programmable logic controller (PLC) market, as it is the most important part in the controller for operations. Moreover, input/output (I/O) segment is expected to grow, owing to its durability and easy replacement.

The fixed nano PLC segment dominated the global market in 2016, accounting for more than half of the total market share. Requirement for compact automation solutions, enhanced efficiency, and increased need for high-voltage operating devices fuel the market growth. However, the modular nano PLC segment is expected to grow at the highest CAGR of 6.3% during the forecast period, due to increase in demand for module rack system.

Asia-Pacific was the major revenue contributor in 2016, and is expected to maintain its dominance throughout the forecast period. This is attributed to the increase in number of automated devices and solutions. Moreover, developments in energy & power and automotive sectors are anticipated to boost the growth of the nano programmable logic controller (PLC) market, especially in the Asia-Pacific countries, such as China, Japan, South Korea, and India.

Europe is anticipated to grow at highest CAGR of 8.4% during the analysis period, owing to increase in demand for automated devices and rise in the adoption of controllers in automotive and oil & gas sectors. Moreover, technological advancements to overcome complexity of the circuit are expected to offer lucrative opportunities for market players in the near future.

Key Findings of the Nano Programmable Logic Controller (PLC) Market:

In 2016, the processor segment dominated the global nano PLC market, in terms of revenue, and is anticipated to grow at a CAGR of 6.2% during the forecast period.

The modular nano PLC segment is expected to exhibit the highest growth rate, owing to the flexibility and durability.

The training segment dominated the global nano PLC market, accounting for nearly half of the total market share in 2016.

The key players operating in the nano programmable logic controller (PLC) market have adopted new product launch as their preferred strategy to expand their market foothold. The major players profiled in this report include Mitsubishi Electric Corporation, Rockwell Automation Inc., Schneider Electric SE, Siemens AG, ABB Ltd., Robert Bosch GmbH, Honeywell International, Hitachi Ltd., IDEC Corporation, and General Electric.

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industrynewsupdates · 30 days

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Smart Agriculture Market 2024-2030: Growth Share and Future Trends

The global smart agriculture market size was valued at USD 22.65 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 13.7% from 2024 to 2030.

Increasing automation of commercial greenhouses and growing implementation of the controlled environment agriculture (CEA) concept in greenhouses, in a bid to obtain a higher yield and maintain optimum growing conditions, are the key factors driving demand during the forecast period. Cultivators realize the potential benefits of growing plants inside a greenhouse, which has led to the development of commercial greenhouses. Cultivators have shifted from the conventional lighting systems to LED grow lights as the latter can easily be integrated into a CEA setup. Although LED grows lights are high in cost, they are an ideal option for indoor farming, owing to their long-term benefits in terms of energy efficiency.

Gather more insights about the market drivers, restrains and growth of the Smart Agriculture Market

Smart agriculture companies are shifting their focus toward the development of equipment that is integrated with advanced sensors and cameras. Key technologies driving the market demand include livestock biometrics, such as RFID, biometrics, and GPS to help cultivators automatically obtain information regarding livestock in real-time. Furthermore, infrastructural health sensors are used for monitoring material conditions and vibrations in buildings, factories, bridges, farms, and other infrastructure. Coupled with an intelligent network, infrastructural health sensors help provide information to the maintenance team in real-time. In addition, agricultural robots are being used to automate farming processes, such as soil maintenance, weeding, fruit picking, harvesting, planting, plowing, and irrigation, among others.

To sustain profits, farmers are increasingly adopting smarter and more efficient agriculture technologies to deliver high-quality products to the smart agriculture market in sufficient quantities. Mobile technology aids in offering innovative types and applications that are used across the agricultural value chain.

Machine-to-Machine (M2M) applications are particularly suited for the agricultural sector, enabling farmers to monitor equipment, assess the environmental impact on production, precisely manage livestock and crops, and keep track of tractors and other agricultural equipment. M2M is an integral part of IoT, which describes the coordination of multiple devices, appliances, and machines connected to the internet through multiple networks.

The COVID-19 pandemic has brought widespread disruption to the global supply chain, resulting in food shortages and inflation. Necessary measures are required to strengthen the food supply chain and prepare for any future crisis. The ongoing pandemic has highlighted the significance of being able to carry out agricultural operations remotely. The ability of smart agricultural practices to help farmers recoup losses in a relatively shorter lead time is expected to drive future market growth.

Smart Agriculture Market Segmentation

Grand View Research has segmented the global smart agriculture market report based on type, offering, application, and region.

Type Outlook (Revenue, USD Million, 2017 - 2030)

• Precision farming

• Livestock monitoring

• Smart greenhouse

• Others

Offering Outlook (Revenue, USD Million, 2017 - 2030)

• Hardware

o Automation & control systems

o Drones

o Application control devices

o Guidance system

o GPS

o GIS

o Remote sensing

o Handheld

o Satellite sensing

o Driverless tractors

o Mobile devices

o VRT

o Map-based

o Sensor-based

o Wireless modules

o Bluetooth technology

o Wi-Fi technology

o Zigbee technology

o RF technology

o Milking robots

o Sensing devices

o Soil sensor

o Nutrient sensor

o Moisture sensor

o Temperature sensor

o Water sensors

o Climate sensors

o Others

o HVAC system

o LED grow light

o RFID tags & readers

• Software

o Web-based

o Cloud-based

• Types

o System integration & consulting

o Maintenance & support

o Managed types

o Data types

o Analytics types

o Farm operation types

o Assisted professional types

o Supply chain management types

o Climate information types

Application Outlook (Revenue, USD Million; 2017 - 2030)

• Precision farming application

o Yield monitoring

o On-farm

o Off-farm

o Field mapping

o Crop scouting

o Weather tracking & forecasting

o Irrigation management

o Inventory management

o Farm labor management

• Livestock monitoring application

o Milk harvesting

o Breeding management

o Feeding management

o Animal comfort management

o Others

• Smart greenhouse application

o Water & fertilizer management

o HVAC management

o Yield monitoring

o Others

• Others

Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America

o U.S.

o Canada

o Mexico

• Europe

o U.K.

o Germany

o France

o Russia

o Netherland

• Asia Pacific

o China

o Japan

o India

o Australia

o Singapore

• South America

o Brazil

• Middle East and Africa (MEA)

o Turkey

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

• The global agriculture 4.0 market was estimated at USD 67.73 billion in 2023 and is projected to grow at a CAGR of 11.6% from 2024 to 2030.

• The global AI in food & beverages market size was valued at USD 8.45 billion in 2023 and is projected to grow at a CAGR of 39.1% from 2024 to 2030.

Key Companies & Market Share Insights

Some of the key players operating in the market include Ag Leader Technology, AGCO Corporation, AgJunction, Inc., AgEagle Aerial Systems Inc., Autonomous Solutions, Inc., Argus Control Systems Ltd, BouMatic Robotic B.V., CropMetrics, CLAAS KGaA mbH, CropZilla, Deere & Company, DICKEY-john, DroneDeploy, DeLaval Inc, Farmers Edge Inc, Grownetics, Inc., Granular, Inc., Gamaya, GEA Group Aktiengesellschaft, Raven Industries, Trimble Inc., Topcon Positioning System among others.

• AGCO Corporation is a U.S.-based agriculture equipment manufacturer. The company develops and sells products and solutions such as tractors, combines, foragers, hay tools, self-propelled sprayers, smart farming technologies, seeding equipment, and tillage equipment.

• Deere & Company is engaged in the manufacturing & construction of agricultural and forestry machinery; drivetrains and diesel engines for heavy equipment; and lawn care machinery. Additionally, the company also manufactures and provides other heavy manufacturing equipment. The company serves diverse industries such as agriculture, forestry, construction, landscaping & grounds care, engines & drivetrain, government and military, and sports turf.

Prospera Technologies and Agrible, Inc. are some of the emerging market participants in the target market.

• Prospera Technologies is a global service provider of agriculture technology for managing and optimizing irrigation and crop health. The company provides AI-based sensors and cameras that aid farmers in crop monitoring.

• Agrible is a U.S.-based agriculture solution provider. The company helps customers in more than 30 countries optimize water use, crop protection, fertilization, fieldwork, research trials, food supply chains, and sustainability initiatives

Key Smart Agriculture Companies:

• Ag Leader Technology

• AGCO Corporation

• AgJunction, Inc.

• AgEagle Aerial Systems Inc.

• Autonomous Solutions, Inc.

• Argus Control Systems Ltd

• BouMatic Robotic B.V.

• CropMetrics

• CLAAS KGaA mbH

• CropZilla

• Deere & Company

• DICKEY-john

• DroneDeploy

• DeLaval Inc

• Farmers Edge Inc

• Grownetics, Inc.

• Granular, Inc.

• Gamaya

• GEA Group Aktiengesellschaft

• Raven Industries

• Trimble Inc.

• Topcon Positioning System

Recent Developments

• In July 2023, Deere & Company announced the acquisition of Smart Apply, Inc. The company planned to leverage Smart Apply’s precision spraying to assist growers in addressing the challenges associated with input costs, labor, regulatory requirements, and environmental goals.

• In May 2023, AgEagle Aerial Systems Inc. announced that it had entered into a 2-year supply agreement with Wingtra AG. This agreement is purposed to secure the supply of RedEdge-P sensor kits for incorporation with WingtraOne VTOL drones. This is specifically resourceful for those seeking to benefit materially from unparalleled, high precision, and plant-level detail in commercial agriculture, environmental research, forestry, and water management applications.

• In April 2023, AGCO Corporation announced a strategic collaboration with Hexagon, for the expansion of AGCO’s factory-fit and aftermarket guidance offerings. The new guidance system was planned to be commercialized as Fuse Guide on Valtra and Massey Ferguson tractors.

• In February 2023, Topcon Agriculture unveiled the launch of Transplanting Control, an exceptional guidance control solution for specialty farmers. This turnkey solution was designed to boost efficiency, reduce labor, and proliferate production. Further, it delivers GNSS-driven guidance, autosteering & control, thereby proving advantageous for the growers of perennial trees, vegetables, and fruits.

• In January 2023, ASI Logistics in collaboration with SICK, Inc. announced the successful implementation of autonomous yard truck operations. In this collaboration, ASI Logistics leveraged its groundbreaking Vehicle Automation Kit (VAK) along with the industry-leading LiDAR systems of SICK.

• In March 2022, Raven announced its business expansion in South Dakota and Arizona to enhance the development of AI-driven technologies for tailoring cutting-edge solutions. The strategy was also aimed at allowing access to a nearby test farm for same-day testing.

• In October 2021, BouMatic announced the acquisition of SAC Group to leverage automatic and conventional milking systems. The transaction demonstrated the company’s incessant commitment to delivering best-in-class dairy farm solutions to consumers across the world.

• In May 2021, AGCO announced a targeted spraying solutions strategic collaboration with Raven Industries Inc., BASF Digital, and Robert Bosch GmbH. The objective of this deal was to assess the targeted spraying technology for enhancing crop protection product applications by limiting crop input costs and addressing environmental sustainability.

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

#Smart Agriculture Market #Smart Agriculture Industry #Smart Agriculture Market size #Smart Agriculture Market share #Smart Agriculture Market analysis

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msinsights · 30 days

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China Servo Drive Market Size, Share, Overview, Segments, Top Vendors, Regional Outlook and Forecast by 2031

The China Servo Drive Market has emerged as a significant player in the global industrial automation sector, demonstrating remarkable growth and resilience in recent years. Servo drives, essential components in motion control systems, play a crucial role in various industries, including manufacturing, automotive, electronics, and robotics. As China continues to advance technologically and invest heavily in industrial automation, the demand for servo drives has surged, driven by the need for precise and efficient control of machinery and equipment.

Get Free Sample Report @ https://www.metastatinsight.com/request-sample/2744

Top Companies

Ningbo Xingtai Technology Co., Ltd., Shenzhen Sinovo Electric Technologies Co., Ltd., Nanjing Oulu Electric Corp., Ltd., COTRUST Technologies Co., Ltd., Shenzhen Lensail Technology Co., Ltd., Wuhan Huazhong Numerical Control Co., Ltd., Ningbo Vicks Hydraulic Co., Ltd., ACS Motion Control Ltd., CoolDrive A8 (Tsino-Dynatron Electrical Technology).

The growth of the China Servo Drive market can be attributed to several factors, including the country's robust manufacturing sector, rapid industrialization, and increasing adoption of automation technologies. China's manufacturing prowess, fueled by its large labor force, infrastructure development, and government support, has made it a global manufacturing hub. As manufacturers strive to improve productivity, quality, and flexibility, they are increasingly turning to servo drives to optimize their production processes and achieve higher levels of efficiency.

Moreover, the automotive industry, a key driver of demand for servo drives, has witnessed significant growth in China. With the rise of electric vehicles (EVs) and the transition towards smart manufacturing, automotive manufacturers are increasingly relying on servo drives to power various components, such as robotics, conveyors, and assembly lines. The demand for servo drives in the automotive sector is expected to continue growing as China aims to become a leader in electric and autonomous vehicles.

Browse Complete Report @ https://www.metastatinsight.com/report/china-servo-drive-market

In addition to manufacturing and automotive, the electronics industry in China has also contributed to the growth of the servo drive market. With the proliferation of consumer electronics, smartphones, and other electronic devices, there is a growing demand for high-precision manufacturing processes that rely on servo drives for precise motion control. Furthermore, the emergence of Industry 4.0 and the Internet of Things (IoT) has accelerated the adoption of servo drives in smart factories and industrial automation applications, driving further growth in the market.

#Servo Drive

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omshinde5145 · 1 month

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Building Automation System Market Share, Sales Channels and Overview Till 2030

Building Automation System Market is expected to grow from USD 84.2 billion in 2023-e to USD 200.6 billion by 2030, at a CAGR of 13.2% during the forecast period. The building automation system market is a competitive market, the prominent players in the global market include ABB, Bosch, Emerson, General Electric, Honeywell, Hubbell, Johnson Controls, Mitsubishi Electric, Schneider Electric, Siemens, among others. The growth of this market is attributed to growing emphasis on sustainability from the government and private sector. However, technical challenges of integrating automation solutions and availability of skilled professionals are the major restraining factor for the market growth.

Key Market Players

Siemens AG

Honeywell International Inc.

Johnson Controls International plc

Schneider Electric SE

ABB Ltd.

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Market Overview and Growth Drivers

Technological Advancements

The building automation system market is heavily influenced by continuous technological advancements. Innovations in IoT (Internet of Things), AI (Artificial Intelligence), and cloud computing have revolutionized the way buildings are managed. IoT-enabled devices provide real-time data, enabling predictive maintenance and reducing operational costs. AI algorithms help in optimizing energy usage, thus lowering the overall carbon footprint of buildings.

Energy Efficiency and Sustainability

With the global emphasis on sustainability, there is a growing demand for energy-efficient buildings. Building automation systems play a pivotal role in achieving these goals by monitoring and controlling energy consumption. Smart sensors and controllers adjust lighting, heating, and cooling based on occupancy and weather conditions, leading to significant energy savings. Governments and regulatory bodies worldwide are also implementing stringent energy efficiency standards, further propelling the adoption of BAS.

Enhanced Security and Safety

Security is a paramount concern for building owners and occupants. Modern building automation systems integrate advanced security features such as access control, surveillance cameras, and alarm systems. These features not only enhance the safety of the premises but also ensure compliance with safety regulations. In addition, automated fire and life safety systems are critical components of BAS, providing real-time alerts and facilitating quick emergency responses.

Market Segmentation

By Component

The building automation system market can be segmented based on components into:

Hardware: Includes sensors, controllers, actuators, and networking devices. The hardware segment is crucial for the physical implementation of BAS and forms the backbone of system operations.

Software: Encompasses management and analytics software that helps in monitoring, controlling, and optimizing building operations.

Services: Comprises installation, maintenance, and consulting services that ensure the smooth functioning and integration of BAS components.

By Application

Building automation systems find applications across various sectors, including:

Commercial Buildings: Office spaces, retail outlets, and hotels leverage BAS for enhanced operational efficiency and occupant comfort.

Industrial Buildings: Factories and warehouses use BAS to streamline production processes and maintain optimal working conditions.

Residential Buildings: Smart homes utilize BAS for convenience, security, and energy savings.

Institutional Buildings: Schools, hospitals, and government facilities employ BAS to ensure a safe and efficient environment for occupants.

By Region

The building automation system market is geographically segmented into:

North America

Europe

Asia-Pacific

Latin America

Middle East & Africa

These companies are focusing on strategic collaborations, mergers and acquisitions, and product innovations to maintain their market position and expand their customer base.

Challenges and Opportunities

Challenges

Despite the numerous benefits, the building automation system market faces several challenges:

High Initial Costs: The installation and integration of BAS components can be expensive, deterring small and medium-sized enterprises from adopting these systems.

Complexity of Integration: Integrating BAS with existing infrastructure can be complex and time-consuming, requiring specialized expertise.

Cybersecurity Risks: As BAS become more interconnected, they are increasingly vulnerable to cyber-attacks, necessitating robust security measures.

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Opportunities

The building automation system market presents several opportunities for growth:

Smart Cities Initiatives: Governments worldwide are investing in smart city projects, which involve extensive deployment of BAS for efficient urban management.

Technological Advancements: Continued advancements in AI, IoT, and cloud computing will drive the development of more sophisticated and cost-effective BAS solutions.

Regulatory Support: Favorable regulations and incentives for energy-efficient buildings will boost the adoption of BAS.

Future Outlook

The future of the building automation system market looks promising, with continuous technological advancements and increasing awareness about energy efficiency and sustainability. The integration of BAS with smart grids and renewable energy sources will further enhance their capabilities, making buildings more autonomous and eco-friendly. Additionally, the growing trend of smart homes and IoT devices will create new opportunities for market expansion.

Conclusion

In conclusion, the building automation system market is poised for significant growth, driven by technological advancements, increasing demand for energy efficiency, and enhanced security needs. By addressing the challenges and leveraging the opportunities, market players can capitalize on the growing demand for intelligent building solutions. As we move towards a more connected and sustainable future, building automation systems will play a crucial role in shaping the built environment.

#Building Automation System #Building Automation System Size #Building Automation System Demand #Building Automation System Trends

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semiconductorsandelectronics · 1 month

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IIoT and Industry 4.0: How Smart Manufacturing is Revolutionizing the Industrial Sector

The convergence of IIoT and Industry 4.0 is leading to the creation of smart factories that are highly automated, efficient, and responsive to changing market demands. This article examines the impact of IIoT on smart manufacturing, focusing on industry size, share, growth trends, and the future outlook.

Market Size and Growth

The global IIoT market is experiencing robust growth, driven by the adoption of Industry 4.0 principles. The industrial IoT industry is projected to expand from a valuation of USD 194.4 billion in 2024 to USD 286.3 billion by 2029, reflecting a compound annual growth rate of 8.1%. The adoption of IIoT in smart manufacturing is particularly significant in the automotive, electronics, and aerospace industries.

The Role of IIoT in Smart Manufacturing

IIoT plays a critical role in enabling smart manufacturing by connecting machines, sensors, and systems to create a seamless flow of information. This connectivity allows for real-time monitoring, predictive maintenance, and optimization of manufacturing processes, leading to increased productivity and reduced downtime.

Trends in Smart Manufacturing

Digital Twins: The use of digital twins to simulate and optimize manufacturing processes is becoming more prevalent.

Predictive Maintenance: IIoT enables predictive maintenance, allowing manufacturers to anticipate equipment failures and reduce unplanned downtime.

Collaborative Robots (Cobots): The integration of IIoT with cobots is enhancing human-machine collaboration on the factory floor. The integration of IIoT with Industry 4.0 is transforming manufacturing into a more intelligent and efficient process. As the industry continues to evolve, IIoT will play an increasingly important role in driving the future of smart manufacturing.

#IIoT market

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chandupalle · 1 month

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IIoT and Industry 4.0: How Smart Manufacturing is Revolutionizing the Industrial Sector

Market Size and Growth

The Role of IIoT in Smart Manufacturing

Trends in Smart Manufacturing

Digital Twins: The use of digital twins to simulate and optimize manufacturing processes is becoming more prevalent.

Predictive Maintenance: IIoT enables predictive maintenance, allowing manufacturers to anticipate equipment failures and reduce unplanned downtime.

Collaborative Robots (Cobots): The integration of IIoT with cobots is enhancing human-machine collaboration on the factory floor.

The integration of IIoT with Industry 4.0 is transforming manufacturing into a more intelligent and efficient process. As the industry continues to evolve, IIoT will play an increasingly important role in driving the future of smart manufacturing.

#IIoT market #industrial iot market

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saranshayaweb · 1 month

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What’s Next? Predictions for the Future of Cloud Computing with AWS

Hey there! If you’re anything like me, you’ve probably marveled at how quickly technology evolves. Remember when we used to store everything on floppy disks? Now, we’re in a world where cloud computing reigns supreme, and Amazon Web Services (AWS) is at the forefront of this revolution. So, what’s next for AWS and cloud computing? Let’s dive into some exciting predictions and trends that will shape the future!

The Current Cloud Landscape

Before we jump into the future, let’s take a quick look at where we are now. Cloud computing has transformed the way businesses operate. From small startups to large enterprises, companies are leveraging cloud services for flexibility, scalability, and cost-effectiveness. According to recent reports, the global cloud computing market is expected to reach a staggering $1 trillion by 2028. That’s a lot of zeros!

AWS is a major player in this space, holding a significant market share. I remember a few years back when I attended a tech conference and heard a startup founder share how they scaled their business using AWS. They went from a small team in a garage to a thriving company, all thanks to the cloud. It was a powerful reminder of how technology can empower innovation.

Predictions for AWS in the Coming Years

Increased Automation and AI Integration

One of the most exciting trends on the horizon is the increased automation and integration of artificial intelligence (AI) within AWS services. Imagine a world where mundane tasks are handled by intelligent systems, allowing you to focus on what truly matters—creativity and strategy.

AWS has already made strides in this direction with services like Amazon SageMaker, which simplifies the process of building, training, and deploying machine learning models. I once had a friend who was hesitant to dive into AI for his business. After using SageMaker, he was amazed at how easy it was to incorporate machine learning into his operations. He went from being overwhelmed to feeling empowered.

In the coming years, we can expect AWS to roll out even more tools that automate complex processes. Think about it: automated data analysis, predictive maintenance, and personalized customer experiences—all powered by AI. This will not only save time but also enhance decision-making capabilities.

Growth of Edge Computing

Now, let’s talk about edge computing. If you haven’t heard of it yet, don’t worry; you’re not alone! Edge computing refers to processing data closer to where it’s generated rather than relying solely on centralized data centers. This is crucial for applications that require real-time data processing, like IoT devices.

AWS is already investing in edge computing solutions, such as AWS Greengrass, which allows you to run local compute, messaging, and data caching for connected devices. I remember visiting a smart factory that used edge computing to monitor machinery in real time. They could predict equipment failures before they happened, saving them thousands in repairs. That’s the power of edge computing!

As more devices connect to the internet, the demand for edge computing will skyrocket. AWS will likely expand its edge services to accommodate this growth, enabling businesses to harness the power of real-time data processing.

Expansion of Hybrid and Multi-Cloud Solutions

In today’s world, businesses are not just choosing one cloud provider; they’re often leveraging multiple platforms to meet their needs. This is where hybrid and multi-cloud solutions come into play. A hybrid cloud combines on-premises infrastructure with public cloud services, while multi-cloud involves using multiple cloud providers.

AWS is well-positioned to support these strategies. With services like AWS Outposts, businesses can run AWS infrastructure on-premises while seamlessly integrating with the cloud. I once spoke to a CTO who shared how their company used a hybrid approach to maintain control over sensitive data while benefiting from the scalability of the cloud. It was a game-changer for them!

As we look ahead, expect AWS to enhance its hybrid and multi-cloud offerings. This will provide businesses with the flexibility to choose the best solutions for their unique requirements, ultimately driving innovation.

Emerging Technologies Impacting AWS

Serverless Computing

Let’s delve into serverless computing, a game-changing approach that allows developers to build and run applications without worrying about the underlying infrastructure. With serverless, you pay only for the compute time you consume, which can lead to significant cost savings.

AWS Lambda is a prime example of serverless computing in action. I remember chatting with a developer who used Lambda to create a web application. He was amazed at how quickly he could deploy features without managing servers. It freed up his time to focus on coding rather than infrastructure management.

In the future, we can expect AWS to expand its serverless offerings, making it even easier for developers to build scalable applications. This trend will empower more businesses to innovate without the burden of managing servers.

Internet of Things (IoT) Integration

The Internet of Things (IoT) is transforming industries by connecting devices and enabling data exchange. AWS has been a leader in IoT solutions with services like AWS IoT Core, which allows you to connect devices securely to the cloud.

I once visited a smart home expo where I saw how IoT devices could communicate with each other seamlessly. Imagine controlling your lights, thermostat, and security system from your smartphone! As IoT adoption continues to rise, AWS will likely enhance its IoT services to support more devices and applications.

In the coming years, we can expect AWS to introduce new features that make it easier for businesses to leverage IoT technology. This could include improved data analytics, enhanced security measures, and more robust device management capabilities.

Sustainability Initiatives

Sustainability is becoming increasingly important in the tech industry, and AWS is no exception. The company has committed to achieving 100% renewable energy usage by 2025. This is a bold move that reflects a growing awareness of the environmental impact of cloud computing.

I remember attending a panel discussion where industry leaders emphasized the importance of sustainable practices. One speaker shared how their company reduced its carbon footprint by migrating to AWS. It was inspiring to see how technology could contribute to a greener future.

As we look ahead, we can expect AWS to continue prioritizing sustainability. This could involve developing more eco-friendly data centers, promoting energy-efficient practices, and offering tools to help businesses measure and reduce their carbon footprint.

Competitive Landscape

AWS is not alone in the cloud computing arena. Companies like Microsoft Azure and Google Cloud are fierce competitors, each vying for market share. So, how will AWS maintain its leadership position in this competitive landscape?

One strategy AWS may employ is to focus on innovation. By continuously rolling out new features and services, AWS can stay ahead of the curve. Additionally, partnerships with other tech companies could enhance its offerings and expand its reach.

I once spoke with a business owner who chose AWS over other providers because of its extensive range of services. He emphasized that the ability to access a comprehensive suite of tools made his decision easy. This highlights the importance of offering a diverse range of solutions to attract and retain customers.

As the competition heats up, AWS will likely invest in research and development to ensure it remains a top choice for businesses looking to leverage cloud computing.

Conclusion

As we wrap up our exploration of the future of AWS and cloud computing, it’s clear that exciting developments are on the horizon. From increased automation and AI integration to the growth of edge computing and hybrid solutions, the landscape is evolving rapidly.

Personal anecdotes and experiences remind us of the transformative power of technology. Whether it’s a startup scaling its operations or a smart factory optimizing its processes, the impact of cloud computing is profound.

As we look to the future, let’s embrace the possibilities that AWS and cloud computing offer. The journey is just beginning, and I can’t wait to see how it unfolds. Whether you’re a business owner, developer, or tech enthusiast, there’s never been a better time to get involved in the cloud revolution. Here’s to the exciting future ahead!

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robertemma27-blog · 2 months

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The Evolution of 3D Machine Vision Market in Industrial Applications

The 3D machine vision market was valued at USD 1.5 billion in 2020 and is projected to reach USD 2.4 billion by 2025; it is expected to grow at a CAGR of 9.4% from 2020 to 2025.

The rising awareness of consumers about product quality has led to an increased demand for quality inspection and automation of end products. A growing number of companies are focusing on automation systems to reduce their production costs post-COVID-19 But due to the lockdown across countries, companies are facing severe cash flow issues and are deferring new projects related to the implementation of 3D machine vision in their factories. The ongoing COVID-19 pandemic has caused disruptions in economies and supply chains, thereby causing companies operating in different industries to adopt a global supply chain model. A number of manufacturing companies have halted their production, which has collaterally damaged the supply chain and negatively impacted the 3D machine vision market.

APAC held the largest market share in the 3D machine vision market between 2020 and 2025 The 3D machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region. The growing awareness about and demand for high-quality and zero-defect products has fueled the need for 3D machine vision in inspection-related applications in the manufacturing fields.

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The key players in the ecosystem of the 3D machine vision market profiled in this report are OMRON Corporation (Japan), Keyence Corporation (Japan), Cognex Corporation (US), Basler AG (Germany), National Instruments (US), ISRA Vision AG (Germany), TKH group (Netherlands), Stemmer Imaging (Germany), MVTec Software GmbH (Germany), and Tordivel AS (Norway).

Cameras expected to lead hardware segment for 3D machine vision market The 3D machine vision market for hardware is expected to hold the largest share during the forecast period. The cameras segment in hardware is projected to grow at the highest CAGR from 2020 to 2025. Cameras in machine vision systems play an important role in capturing 3D images. The high demand for high-quality images and quick image processing is fueling the growth of the cameras segment of the market. The smart camera-based machine vision system is expected to grow at a faster rate during the forecast period as smart camera-based machine vision systems are cost-effective, compact, and flexible since it is easier to implement changes in these systems based on revised regulations and standards. In addition, with the advancements in smart camera technology and IoT, which can be easily be integrated with smart cameras, and the penetration of the smart camera-based machine vision systems is likely to increase in the next few years.

Positioning & Guidance to hold the highest share among Smart Camera-based applications in the 3D machine vision market during the forecast period The smart camera-based systems segment of the 3D machine vision market for positioning & guidance is expected to grow at the highest CAGR as well as will hold the largest share from 2020 to 2025. This is because the smart camera-based 3D machine vision systems are mostly preferred by manufacturers for flexible robotic vision inspections for processor development and the round-the-clock operations. The automotive industry increasingly depends on robotic vision inspection technology.

Food & beverages in industrial vertical to grow at the fastest rate in the 3D machine vision market during the forecast period The 3D machine vision market for food & beverages is projected to grow at the highest CAGR during the forecast period. This growth can be attributed to the use of 3D machine vision in the food industry as several companies use 3D machine vision systems for application-specific solutions in the areas of grading, sorting, portioning, processing, quality checking during processing, and packaging. The market is also expected to witness stable growth during the COVID-19 crisis owing to the increasing global demand for food and beverages. Also, the growing food production capacity and the increasing automation in the food industry in APAC are fueling the growth of the market for food & beverages in APAC.

Postal & Logistics to hold the largest market in the non-industrial vertical for 3D machine vision market during the forecast period The 3D machine vision market for postal and logistics will hold the largest market share in the non-industrial vertical during the forecast period. 3D machine vision-based autonomous navigation (self-localization, obstacle detection, docking) helps in providing the required flexibility and free-navigation capability in crowded environments, for inter-cell transportation logistics services. However the outbreak and spread of COVID-19 have impacted the postal and logistics activities as most of these services remained shut across the world.

#3D Machine Vision Market

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amey-inkwood · 2 months

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Forklift Truck Market: Impact of Automated Manufacturing Facilities

First developed in the early 20th century by companies such as Clark and Yale & Towne Manufacturing, forklifts are powered industrial trucks used to lift and move materials across short distances. The two power-operated prongs at the front of the vehicle can slide under heavy loads and then be raised for stacking and moving objects in shipping depots, warehouses, and more. According to Inkwood Research, the global forklift truck market is set to grow with a CAGR of 6.60% over the forecast years of 2023 to 2032. The market is set to capture a revenue share of $130.75 billion, reaching a volume of 2546.21 thousand units by 2032.

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How Automation is Restructuring the Production Space

The automation of manufacturing facilities has revolutionized logistics and supply chain management. Key advantages of automation in manufacturing facilities include:

More efficient use of materials

Higher production rates and increased productivity

Improved safety and reduced costs

Reduced factory lead times

Shorter workweeks for labor

Better product quality

With increased automation in warehouses and factories, the demand for efficient and smart material handling solutions has surged. Forklift trucks have proven to be optimal in this automated landscape, facilitating seamless movement of goods, optimizing processes, and ensuring safety. Technological advancements in automated forklift trucks have made them significant assets in material handling, especially in large facilities where human workers may need to cover long distances for hauling, picking, and putaway functions. The adoption of energy retrofit systems, including energy-efficient technology, HVAC retrofit, and LED retrofit solutions, has also become integral in these facilities to enhance energy efficiency.

Stay Up-to-Date with the Latest Global Forklift Truck Market

Automation Meets Manufacturing Efficacy | The Indispensable Role of Forklift Trucks

The demand for automation, particularly in the form of smart and autonomous forklifts, in the manufacturing industry is influenced by several key factors, including the need for increased operational efficiency and the ability to handle complex and heavy loads. Advancements in forklift technology and the subsequent rise in production capacities have led to the following developments:

Diverse End-User Applications: Forklifts play a pivotal role in various manufacturing industries such as retail & e-commerce, construction, mining, and manufacturing. Warehouses heavily rely on these versatile vehicles for the efficient lifting and transportation of cargo. Notably, retail & e-commerce is set to be the fastest-growing and dominating end-user during the forecast period. The adoption of energy retrofit technologies in these sectors has further optimized operations.

Retail & E-commerce: The e-commerce sector's growth has led to warehouses adapting to smaller aisles and taller shelves to optimize inventory visibility and facilitate faster delivery, increasing demand for compact and efficient forklifts tailored to this industry.

Mining Sector: Utilizes heavy-duty, high-capacity lift trucks to handle demanding operations. The adoption of energy retrofit systems for mining has also enhanced energy efficiency in these challenging environments.

Construction Sector: Forklifts are essential for transporting heavy building materials across challenging terrains, acting as both lifting equipment and vehicles. Energy-efficient systems in construction sites have improved operational efficiency and sustainability.

Prominence of ICE Powered Forklifts: Internal combustion (IC) engines continue to be favored for high-throughput applications, outdoor tasks, and environments requiring multiple shifts. ICE-powered forklift trucks find extensive application in industries such as iron, steel, automobile manufacturing, and shipbuilding. As these manufacturing sectors grow, so will the adoption and expansion of ICE-powered forklifts.

High Adoption in Food & Beverage and Pharmaceuticals: In the manufacturing industry, electric forklifts play a pivotal role, especially in sectors such as food & beverage and pharmaceuticals. Electric lift trucks enable efficient and precise handling of products. The advanced ergonomics and minimal emissions of forklift trucks make them suitable for applications in the food industry, where energy-efficient buildings and deep energy retrofits are becoming more prevalent.

Asia-Pacific’s Strong Foothold: Countries across Asia-Pacific, including China, Japan, and India, are highly engaged in manufacturing and construction activities. These projects generate significant demand for forklift trucks for handling goods. The Asia-Pacific forklift truck market is projected to grow with the highest CAGR of 6.83%, with China capturing a dominant revenue share of 46.31% by 2032. China's manufacturing sector is poised for growth with government initiatives promoting new projects in areas such as manufacturing, packaging, and public health, further driving the demand for forklifts and energy retrofit solutions.

Automation is revolutionizing the future of material handling operations, offering significant cost savings and seamless integration with existing operations. Automating fleets of forklifts can add substantial value to manufacturing operations. With the notable presence of leading companies such as Toyota Industries Corporation, KION AG, Hyster-Yale Materials Handling Inc, and others, the global forklift truck market is set to witness lucrative growth prospects during the forecast period. Additionally, the adoption of energy retrofit systems, including energy-efficient technology and energy-efficient buildings, will continue to drive innovation and efficiency in material handling and manufacturing operations.

Frequently Asked Questions (FAQs) –

1. What is the difference between forklifts and trucks? A: While trucks are better suited for lifting lighter materials to increased elevations, forklifts are optimal for moving heavier objects at lower heights.

2. What are the main types of forklift engines? A: Forklift engines can be separated into two main categories, namely, electric engines and internal combustion (IC) engines. According to our experts, electric powered is expected to be the fastest-growing engine type during the forecast period.

#Forklift Truck Market #BUILDING #CONSTRUCTION #inkwood research #market research reports

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