Controlled Release Drug Delivery Market Worth $69.8 Billion By 2027

The global controlled release drug delivery market size is estimated to reach USD 69.8 billion by 2027 registering a CAGR of 7.8% during the forecast period, according to a new report by Grand View Research, Inc. The benefits associated with controlled release drug delivery systems, such as increased therapeutic efficacy, less side effects, and low treatment cost are the factors driving the market growth.

These technologies offer various benefits over traditional delivery forms, such as reduced dosage and dosage frequency, enhanced patient compliance, less gastrointestinal side effects, uniform drug effect, improved drug efficacy and safety, and reduced fluctuation of plasma drug levels.

Presence of multiple in-vivo biological barriers that affects the absorption, bioavailability, and stability of the drug has open wide horizon for the controlled release drug delivery products. For instance, controlled release drug delivery system has enabled delivery of even large and complex molecules such as DNA/RNA, proteins and polypeptides. Additionally, the rising awareness among healthcare professionals, regarding the advantage of controlled release drug delivery systems over conventional systems is expected to drive the demand for the market in long run.

Rapidly increasing geriatric and pediatric population is one of the major factors fueling the demand for controlled release drug delivery systems, due to high cases prescription non-adherence in this age-group. Innovations in various drug delivery systems has been providing geriatric and pediatric population with easy solutions, which are further propelling the market. Controlled release of drug delivery systems can be altered according to required dosage over a specific period of time.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/controlled-release-drug-delivery-market

Further key findings from the report suggest:

  • Based on application, oral controlled release systems held the largest market share in 2019 owing to increasing usage and ease of convenience offered for administration of medication
  • Targeted drug delivery is poised to be the fastest growing technology segment during the forecast period owing to various benefits of the technology, such as increased safety and therapeutic efficacy
  • Osmotic delivery is projected to witness the fastest CAGR in the activation modulation drug delivery systems during the forecast period, due to the ability of this release mechanism to not be affected by various factors, such as pH, food consumption, and gastrointestinal motility
  • North America held the largest market share in 2019 owing to the presence of developed healthcare infrastructure facilities, increasing R&D activities and existence of major market players
  • Asia Pacific is expected to post the highest CAGR during the forecast period owing to rising investments by dominant players in the region along with developments in the of pharmaceutical industry in emerging countries, such as India and China
  • Some of the prominent companies operating in the controlled release drug delivery market are Orbis Biosciences, Inc.; Merck and Co., Inc.; Alkermes plc; Johnson and Johnson; Coating Place, Inc.; Corium International, Inc.; Depomed, Inc.; Pfizer, Inc; Aradigm Corporation; and Capsugel

Broadband Services Market Worth $647.2 Billion By 2027

The global broadband services market size is estimated to reach USD 647.2 billion by 2027, expanding at a CAGR of 9.0%, according to the new report by Grand View Research, Inc. The rapidly escalating demand for broadband services due to their ability to offer access to the high-speed internet using a wide spectrum of technologies is a major factor driving the market.

The market is positioned to register strong growth over the forecast period owing to rising demand for high speed internet. The high demand is supported by proactive government initiatives, technological advancements for improved user convenience, consumer awareness, and increased usage of devices—such as mobile phones, tablets, MIDs, and eBooks—requiring a high-speed internet connection. High internet speed and widespread availability of broadband services are notable growth-contributors.

Some of the key market trends include, strategic usage of broadband pre-registration indices to collect market data regarding price, engineering decisions, and user preferences; online registration of high-speed internet access makes the process transparent and user-friendly; electronic signature in registration documents and validation of identity proofs aids in maintaining an automatic contract status and limits malpractice; system integration is increasingly emphasized to offer a one-stop-shop service for all marketing, mails, management, installation, and customer support needs; and finally, B2C models are increasingly focused on impacting crowd mentality to attract a larger customer base.

The wireless segment is anticipated to witness fastest growth rate over the forecast period. The growth is attributed to user convenience and technological advancements offered by the segment. The high-speed wireless internet connection uses radio waves or Wireless Fidelity (Wi-Fi) instead of cables. In addition, the evolution of mobile wireless technologies from 3G to 5G is anticipated to drive the segment over the forecast period.

The COVID-19 pandemic has rendered a positive impact on the high-speed internet access as digital consumption has witnessed a sharp rise over the last few weeks. Work-from-home concept in most businesses, online classes in education formats, higher usage of video calls for conferences and personal uses, online shopping of essential items, and higher viewership of entertainment content have notably increased the requirement for high-speed internet access. Investment in companies to adopt digital channels for product promotion and sales is also likely to surge in the near future. Besides speed, add-on services are a key attraction for customers, thereby leveling up the competitive rivalry in the market.

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https://www.grandviewresearch.com/industry-analysis/broadband-services-market

Further key findings from the study suggest:

  • Asia Pacific accounted for the largest market share in 2019, owing to the wide scale usage of high-speed internet services
  • The fiber optics segment dominated the market in 2019 due to its speedy connection, large-scale adoption, and continuously evolving technology
  • Wireless high-speed internet services are positioned to demonstrate double-digit growth momentum over the forecast period
  • Increased adoption of high-speed internet access during COVID-19 has prominently augmented market growth and fueled the digital revolution in business models.

Gaming Peripherals Market Worth $6.96 Billion By 2025

The global gaming peripheral market size is expected to reach USD 6.96 billion by 2025, registering a CAGR of 10.4% from 2020 to 2025, according to a new report by Grand View Research, Inc. The increasing number of online gamers and hardware improvements such as faster processors, graphics and sound cards has enabled a wider scope for the industry. In addition, the industry is also witnessing a high influx of revenue based on a high consumer spending for ultra-modern games. In the past two decades video games have progressed through many stages as gaming consoles have become more sophisticated in the recent years.

The scope of gaming hardware market has gone to a vast extent encompassing a lot of diversity of applications. To supplement the growth factors, investment is one of the value chain components that features the game or a large corporation dealing with large-budgets. On contrary, independent developers may also opt to fund their own platforms. Ongoing innovations are further expected to drive the market growth. For instance, in October 2019, Logitech G, a brand of Logitech introduced PRO X mechanical gaming keyboard that comes with swappable switches as a part of personalization. The new keyboard is a better choice for Esports professionals that exhibits a high reliability and features in enhanced designing.

Asia Pacific is expected to witness a rapid growth attributing to wide popularity of video games and high preference for entertainment and online gaming. India being a huge market for online gaming is gaining traction as digitalization is at its peak. Government initiatives such as ‘Skill India’ and ‘Make in India’ have been encouraging the development of gaming peripherals and entertainment industry. In addition, Indian consumers possess a huge liking for online games and are inclined toward spending on these peripherals.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/gaming-peripherals-market

Further key findings from the report suggest:

  • The headsets segment is expected to expand at the highest CAGR from 2019 to 2025. The introduction of advanced features such as multiple connectivity option, noise canceling technology, adjustable controls, and high audio quality driving demand for headsets segment
  • The gaming consoles segment is expected to register the highest CAGR over the forecast period. This growth can be attributed to the introduction of consoles with wireless connectivity and increasing number of gamers globally
  • Wired segment is still a predominant aspect of technological growth as there is a robust demand for DVD games and other hardware such as joystick, mouse, and other peripherals
  • Online distribution is expected to gain a strong growth as developers now focus on developing their own platforms for release and distribution
  • North America held the largest market share in 2019 and is expected to maintain its dominance over the forecast period. Growing demand for advanced gaming peripherals such as wireless keyboard and mouse, 4K gaming console, and wireless headsets with noise cancellation technology for enhanced gaming experience is expected to drive the growth

Motor Monitoring Market Size Worth $3.1 Billion By 2027

The global motor monitoring market size is expected to reach USD 3.1 billion by 2027, registering a CAGR of 8.3% over the forecast period, according to a new study conducted by Grand View Research, Inc. Energy costs are a major part of operating expenditures of any facility, and motors account for the majority of those expenses. Monitoring motor performance helps in extending the life of the motor, improving reliability, and reducing the facility’s overall operating cost. Moreover, monitoring motor performance with highly trained workers using advanced equipment enables facilities to dictate their own downtime, improve plant operations, and identify poorly functioning equipment quickly. All these factors are anticipated to drive the market over the forecast period.

Motor monitoring is the collection, sorting, and analysing of streamed data with the help of detectors, sensors, diagnostic software and so on and has its application in several industry verticals including oil & gas, power generation, aerospace & defense, automotive, and others. Motor monitoring cannot be done properly through manual methods, as it leads to unanticipated outages, failures and unexpected financial losses. Motor monitoring systems help record the undesired changes at an early stage, and are then rectified by the analysis. Therefore, these systems are being extensively used for improving the overall productivity of the organization.

The market is highly influenced by several factors including increasing prominence of predictive maintenance and rising demand to minimise revenue loss caused due to motor faults. Rising popularity of wireless technologies across various sectors, such as manufacturing, is also contributing to the market growth. In addition, adoption of cloud computing platform is also anticipated to leverage huge growth opportunity for the market over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/motor-monitoring-market

Further key findings from the report suggest:

  • The market is driven by the development of advanced motor monitoring sensors, huge investments in developing countries, and technological advancements in AI and IoT
  • On-premise deployment segment is likely to lead the market. On-premise deployment is more secure and helps collect accurate data in real time, with enough lead time to resolve faults at early stage
  • Online monitoring process is anticipated to be the largest as well as fastest-growing segment from 2020 to 2027 as it offers more detailed monitoring and analysis as compared to portable systems
  • The automotive industry is under continuous pressure to improve performance in a cost-sensitive and competitive environment and is expected to witness the fastest CAGR over the forecast period
  • Asia Pacific is expected to register the fastest CAGR from 2020 to 2027 owing to continuous business expansions and infrastructure development in the region
  • Increasing demand for effective scheduling of machine maintenance along with speculation of equipment failure across several industries, such as oil & gas and manufacturing, is the major factor driving the market growth in North America

E-commerce Software Market Size Worth $20.6 Billion By 2027

The global e-commerce software market size is expected to reach USD 20.6 billion by 2027, expanding at a CAGR of 16.3% from 2020 to 2027, according to a study conducted by Grand View Research, Inc. E-commerce software is used by organizations to offer their products and services online. Various benefits such as cost reduction, enhanced customer experience, and efficient management of inventory is enabling companies to move their business online. This is expected to positively impact growth over the forecast period.

Increasing adoption of online shopping in developing economies is also anticipated to boost market growth during the forecast period. According to the India Brand Equity Foundation (IBEF), the number of online shoppers in India is projected to reach around 220.0 million by 2025. Furthermore, with the introduction of 5G technology, online shopping is anticipated to rise over the coming years. Due to this upsurge, retailers are opting for solutions to meet the customer requirements, efficiently.

E-commerce software portals play a pivotal role, help SMEs and large-scale enterprises reach remote areas, and are gradually becoming a way of doing business worldwide. These portals facilitate in establishing new trading relationships between companies in addition to supporting existing relationships. Moreover, e-commerce platforms enable businesses to lower down their marketing expenses, better management of the suppliers and customers, and boosts sales engagement.

Additionally, rising proliferation of smartphones and increasing internet penetration is further creating avenues for market growth. Owing to the ease of doing business and enabling companies to track their inventory, view orders, and payments on mobile phones has resulted in increased adoption of e-commerce platforms. Furthermore, with increasing competition, several businesses are opting for online business models to gain a competitive edge in the market.

The outbreak of COVID-19 pandemic has resulted in an unprecedented impact on the global economy. People across the globe have shifted to online shopping of groceries and healthcare products as brick-and-mortar stores are shut-down to combat the virus spread. Market players are focusing on offering investments for retailers to start their business online. For instance, 3dcart introduced its COVID-19 e-commerce Assistance Fund plan committing USD 2.5 million for small businesses that are planning to bring their operations online. It is expected that the online shopping trend will continue over the long-term, due to which the market will rise.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/e-commerce-software-market

Further key findings from the study suggest:

  • The cloud segment is projected to witness the fastest CAGR exceeding 15.0% over the forecast period. This upsurge is attributed to the increasing adoption of cloud-based technology across various industry verticals
  • The apparel and fashion segment held the largest market share of 30.8% in 2019. This share is due to the rising number of web-only merchants in the apparel sector
  • Asia Pacific is estimated to witness the fastest CAGR of over 16.0% during 2020 to 2027 due to the digitalization initiatives taken by governments of various countries such as India and China.

Next Gen Sequencing Data Analysis Market Worth $1.5 Billion By 2027

The global next gen sequencing data analysis market size is expected to reach USD 1.5 billion by 2027, expanding at a CAGR of 12.9%, according to a new report by Grand View Research, Inc. Next generation sequencing (NGS) has transformed the field of proteomic and genomic research as the technology is highly accurate, offering higher throughput and used for a variety of applications. This includes de novo assembly, transcriptome, whole-genome sequencing, and resequencing for DNA and RNA. Hence, the high adoption of NGS by academic and clinical settings for genomic and proteomic research drives the demand for NGS data analysis tools.

Numerous tools, such as EpiGentek’s Targeted Methyl-Seq platform and Agilent’s HaloPlex capture system, are used to determine DNA methylation profiles across any individual genome. Bisulfite-methylation mapping of whole-genome is currently a feasible technique for targeted sequencing. Besides, expansion of targeted methylation NGS analysis by techniques such as Single Molecule Real-Time Bisulfite Sequencing is driving the market.

Epigentek Group, Inc.; Novogene Co., Ltd.; and CD Genomics are among the few companies that provide services related to targeted bisulfite or methylation sequencing data analysis. Furthermore, key companies are constantly expanding their product line to suffice significant upswing in the demand for these solutions globally. For instance, in July 2020, Pacific Biosciences introduced SMRT Link v9.0 software that is compatible with its Sequel II System.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/next-generation-sequencing-ngs-data-analysis-market

Further key findings from the report suggest:

  • Analytical software is expected to witness significant growth over the forecast period due to the high demand for data management software for managing a large amount of sequenced information
  • QIAGEN’s CLC Genomics Workbench is one such solution that is a complete toolkit for analyzing transcriptomics, metagenomics, genomics, and epigenomics in one single program
  • The NGS tertiary data analysis segment held the largest share for workflows in 2019 as it involves the usage of numerous tools
  • In addition, the tertiary step is an experiment-specific, complex, and time-consuming step of NGS workflow
  • Availability of software and tools, such as PolyPhen, SIFT, and CIViC, for variant interpretation and annotation, is attributive to the larger share of the segment
  • The outsourced mode segment has gained immense popularity as it minimizes the requirement of expensive computational infrastructure and complex software tools
  • SciBerge.Kfm, a German firm, offers outsourced analyzing services to allow its users to interpret NGS information in a fraction of the total price incurred for deep sequencing and DNA library preparation
  • The wide availability of algorithms and alignment tools for analyzing whole-genome, amplicon, 16S rRNA, methylation, and tumor-normal sequenced data contributes to the dominant revenue share of the short-read segment in 2019
  • TopHat, Bowtie2, STAR, BWA, Minimap2, and HISAT2 are the commonly used alignment tools for high-throughput short-read sequencing
  • The academic research end-use segment dominated the market in terms of revenue share in 2019
  • The rise in the number of skilled professionals, usage of NGS computational tools, and availability of on-site bioinformatics courses and training programs contribute to a larger revenue share
  • North America dominated the market in 2019 in terms of revenue generation
  • The launch of large-scale projects to sequence genome, high demand for personalized medicine, constant approval, and favorable reimbursement policies for NGS-based diagnostic tests are among few factors attributive for the region’s larger share
  • Major market participants have undertaken strategic initiatives to expand the scope of NGS computational tools
  • For instance, in October 2019, Thermo Fisher signed an agreement with Genialis and integrated its Invitrogen Collibri Stranded RNA Library Prep Kit with Genialis Expressions analysis software to ease the evaluation of RNA sequenced data.

Microfluidics Market Size Worth $31.6 Billion By 2027

The global microfluidics market size is expected to reach USD 31.6 billion by 2027, according to a new report by Grand View Research, Inc., registering an 11.3% CAGR over the forecast period. Demand for microfluidic-based devices is expected to surge owing to introduction of novel technologies such as digital microfluidics. These techniques allow on-chip biochemical analysis, thereby driving adoption.

Rise in the adoption of microfluidics for point-of-care diagnostics is expected to have a significant impact on market growth. Industry players such as Abbott, Roche, and Danaher have already incorporated this technology in their existing diagnostic devices and are exploring the scope of digital microfluidics. For instance, Philips’ Minicare I-20 handheld device provides accurate and rapid results for the diagnosis of heart attacks.

Large investments targeted toward the development of microfluidics and promoting their adoption are expected to create opportunities for the expansion for automated as well as miniature devices. For instance, according to an article published in 2018, there have been large-scale investments in “sample-to-answer” microfluidic automated testing in recent years.

Microfluidics has not only been proven beneficial in biological bench-work but also several medical and pharmaceutical applications, including diagnosis of infectious diseases and treatment of cancer. The technology aids in the fabrication of functional living tissues and artificial organs. Companies such as Abbott, Roche, Cepheid, and Becton, Dickinson and Company (BD) are integrating such technologies with in-vitro diagnostics (IVD). Samsung LABGEOPT10 and Abbott i-STAT are examples of single-step blood glucose testing assays that can work on a small sample volume (a single blood drop).

Click the link below:
https://www.grandviewresearch.com/industry-analysis/microfluidics-market

Further key findings from the report suggest:

  • The medical/healthcare segment dominated the market by technology owing to rise in demand for new molecular diagnostic tests with enhanced sensitivities, shorter turnaround time, and increased accuracy at minimal costs
  • PCR & RT-PCR were the largest revenue-generating medical technology in 2019 and the segment is expected to retain its lead throughout the forecast period. Digital PCR in combination with a microfluidic device allows a large amount of PCR reaction mix to be distributed into nanoliter-sized volumes automatically
  • The organs-on-chips application segment is expected to register the fastest CAGR throughout the forecast period. The method can potentially reduce the failure rate in drug development pipelines, thereby reducing the time and money associated with drug development
  • By material, polydimethylsiloxane (PDMS) accounted for the largest revenue share in 2019. The material is used to fabricate microfluidic-based devices because of its nontoxicity, robustness, optical transparency, permeability, biocompatibility, elastomeric features, and low cost.
  • North America dominated the global microfluidics market in 2019 and is expected to retain its dominance over the analysis period. Local presence of leading players, availability of funds and research capital, and launch of novel sample volume screening technologies drives the North America market
  • Asia Pacific is expected to witness the fastest growth owing to rise in aging population, demand for point-of-care diagnostic tests, and presence of academic institutions such as the Institute of Microchemical Technology (IMT), Japan, that are focused on microfluidic-based research
  • Illumina, Inc.; PerkinElmer, Inc.; Agilent Technologies, Inc.; Danaher Corporation; Bio-Rad Laboratories, Inc.; Life Technologies Corporation; Abbott Laboratories; F. Hoffmann-La Roche Ltd; and Fluidigm Corporation are some of the key players operating in the global market

Enteral Feeding Formulas Market Size Worth $8.72 Billion By 2027

The global enteral feeding formulas market size is expected to reach USD 8.72 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.0% from 2020 to 2027. Increasing prevalence of diseases such as diabetes, cancer, dementia, multiple sclerosis, chronic liver disease and COPD is expected to boost the demand for enteral products that aid patients having trouble in oral intake. As per a study published by Cancer Research U.K., approximately 17.0 million new cancer cases were reported in 2018 across the globe. Incidence of cancer is projected to increase by 62% between 2018 and 2040.

In addition, growing deficiency of macro and micro nutrients among the patients in hospitals during pre and post-surgery drives the demand for enteral feeding formulas. Furthermore, increasing product offerings aimed at specific indications are delivering targeted nutritional needs, which is a key driver of this market. These enteral tube feeds usually contain polysaccharides and proteins for patients capable of digesting and absorbing nutrients without any difficulty. Availability of wide varieties of enteral formulas, along with increased demand for low-cost nutrient formulations among consumers, is boosting the market growth. Moreover, favorable reimbursement scenario supports high adoption of tube feeds among hospital patients as the enteral nutrition is usually covered under Medicare claims.

Moreover, the market is consolidated with presence of few leading players, including Nestle Health Science, Abbott, and Danone. These players are constantly investing in the R&D activities for development of enhanced products that cater to the niche therapeutic areas having high growth potential in the industry in order to gain a competitive edge. Market entry has proved to be challenging for new entrants as the industry is dominated by few major MNCs with high brand recognitions.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/enteral-feeding-formulas-market

Further key findings from the report suggest:

  • Standard formula emerged as the leading product segment in 2019 with a revenue share of 54.3% in the global market
  • By flow type, intermittent feeding flow accounted for the largest revenue share in 2019. Continuous feeding flow is projected to expand at the fastest CAGR during the forecast period
  • The adults stage segment accounted for the largest revenue share in 2019 owing to growing demand for such nutrition formulations in the adult population
  • Others emerged as the leading indication segment in 2019 with a revenue share of 41.9% in the global market
  • Home care emerged as the leading end user segment in 2019 and is expected to witness significant growth over the forecast period
  • North America accounted for the largest share in 2019 due to growing preference for home-based enteral therapy in the region.

Extracorporeal Membrane Oxygenation Machine Market Size Worth $394.9 Million By 2027

The global extracorporeal membrane oxygenation machine market size is expected to reach USD 394.9 million by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 4.5% over the forecast period. The market is primarily driven by the increasing incidence of cardiopulmonary and respiratory diseases, and technological advancements in the field of extracorporeal membrane oxygenation (ECMO) procedures. Cardiovascular disease is one of the leading causes of death globally. According to WHO, 17.9 million people died from cardiovascular diseases in 2016. In addition, according to the Extracorporeal Life Support Organization, a total of 45,035 patients globally suffered from respiratory illnesses in 2016. Increasing awareness about ECMO procedures, coupled with various government initiatives, is further propelling the market for extracorporeal membrane oxygenation machines.

The increasing survival rate of cardiac and respiratory patients undergoing ECMO machine-supported surgery is also driving the ECMO machine market. The application of extracorporeal membrane oxygenation machine in procedures has increased over the years. This machine was traditionally used in cases of circulatory or respiratory failure. However, its applications have expanded to be used as rescue therapy for post-organ transplantation and sepsis and in cases of heart failure. The use of extracorporeal membrane oxygenation machines has been rising gradually worldwide owing to its benefits such as acting as an artificial lung for patients and growing awareness about its use. Moreover, increasing healthcare expenditure by government and private agencies in order to improve healthcare facilities are fueling the market for extracorporeal membrane oxygenation machines. According to the American Heart Association, medical expenditure related to CVDs is expected to reach USD 960 billion by 2030, rising from USD 320 billion in 2011.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/extracorporeal-membrane-oxygenation-ecmo-market

Further key findings from the study suggest:

  • By component, the oxygenators segment accounted for the leading revenue share in 2019 owing to its high cost and usage
  • Based on modality, veno-arterial ECMO machines held the dominant market share in 2019 and is also expected to register the fastest growth rate during the forecast period
  • On the basis of patient type, the adult segment is likely to exhibit a rapid pace over the course of the forecast period owing to the rising incidence of cardiac and pulmonary diseases
  • The respiratory application segment emerged as the leading revenue contributor in the ECMO machine market in 2019 and is also expected to grow at the fastest rate
  • North America accounted for the largest share in 2019 owing to favorable reimbursement policies, the presence of key players, and government initiatives
  • Leading players in the extracorporeal membrane oxygenation machines market include Nipro Medical Corporation Medtronic plc, Microport Scientific Corporation, Sorin Group, MAQUET Holding B.V. & Co. KG, Terumo Cardiovascular Systems Corporation, and Medos Medizintechnik AG. Major players are focusing on technological collaborations and product launches to stay ahead.

Spring Market Size Worth $33.3 Billion By 2027

The global spring market size is expected to reach USD 33.3 billion by 2019, registering a CAGR of 4.5% during the forecast period, according to a new report by Grand View Research, Inc. The market is expected to gain prominence over the forecast period owing consistent growth in the demand of springs from the different end-use verticals such as automotive and transportation, agriculture and forestry, and construction. Also, the adoption of heavy industrial machinery in developing countries to optimize the manufacturing process is also expected to drive the market over the forecast period.

Industrialization and trade have strengthened each other. Trade has provided access to critical industrial inputs such as raw material and updated technologies such as robotics and Computer-aided manufacturing (CAM) for countries which are incapable of producing them. Increased demand for exports has spurred technological development and industrial production. In turn, the introduction of new industrial technologies such as use of 3D printers in manufacturing has shaped the pattern of manufacturing sector and hence increasing the demand for springs from robotics as well as from manufactured products. 

Europe accounted for more than 25.0% of the global revenue generated in the market in the year 2019. Rising government investments to boost electric vehicle production/sales is anticipated to promote regional growth over the coming years. In Asia Pacific, the market is expected to witness the fastest growth over the forecast period, owing to substantial growth of manufacturing sector in countries such as China and India.

However, the market is depended on demand from its end users such as automotive and manufacturing. Therefore, the onset of financial crisis is expected to adversely impact market growth. Also, prices of raw materials such as metal and alloy have rapidly fluctuated, hampering market growth. Furthermore, the presence of a large number of domestic and international market participants has made the market highly competitive. The competitive environment in the market has forced the vendors to sell the products at low prices. This has deeply impacted the profit margins of the market players and has also restricted further research and development in the market. However, frequent adoption of new manufacturing methods, and adoption of customized products is expected to accelerate the growth of the spring market over the coming years.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/spring-market

Further key findings from the report suggest:

  • The market is anticipated to witness a substantial growth, registering a CAGR of 4.5%, on account of the growing demand for spring from end use industries such as automotive and transportation, agriculture and forestry, and construction
  • By type, the helical spring segment is expected to be a key segment, exhibiting the highest CAGR over the forecast period. The primarily factor for high growth is extensive use of these springs in products and machinery in several end-use industries such as automotive and manufacturing
  • Automotive and transportation segment is expected to witness highest growth by 2027. The growth is attributed to significant demand for springs from electric vehicle OEM manufacturers across the globe
  • In 2019, the global electric vehicle fleet exceeded more than 5.0 million units from 2.0 million in 2017. Being a crucial part of all electric vehicles, spring is expected to register a considerable growth over the forecast period
  • In Asia Pacific, the spring market is projected to expand at a CAGR of over 3.0% from 2020 to 2027 owing to increased demand for spring from manufacturing, automobile, and transportation sectors in the region
  • The spring market is fragmented in nature and is dominated by companies such as GALA GROUP; Ace Wire Spring and Form Co., Inc.; Bal Seal Engineering, Inc.; Barnes Group Inc.; Jamna Auto Industries Ltd.; Rassini SAB de CV; and Sogefi SpA.s.