Elastomers Market Size Worth $109.2 Billion By 2025

The global elastomers market size is expected to reach USD 109.2 billion by 2025 expanding at a CAGR of 4.8%, according to a new study by Grand View Research, Inc. The market is anticipated to be driven by rising demand from several application areas including automotive, medical, consumer goods, industrial, and others. Moreover, the development of biodegradable grades of elastomers is anticipated to create lucrative growth opportunities for the market. Automotive application segment is expected to lead the market during the forecast period. Rising adoption for hybrid and Electric Vehicles (EVs) is influencing the product demand in this application. High-performance elastomers are used in EVs for better fuel-efficiency and reduced carbon emissions.

A number of manufacturers are engaged in substituting steel to compete in terms of operating range with internal combustion vehicles. In addition, various battery charging stations are installed to improve the operating range of EVs. Rising scale of automotive manufacturing coupled with increasing use of modified plastics is expected to act as a key driver for the market over the forecast period. Booming manufacturing sectors in China and India, particularly in automotive and electronics industries, will drive the APAC regional market. Thermoplastic Elastomers (TPEs) are fully recyclable and capable of reprocessing, which is expected to boost development in the electrical and electronics segments in packaging and wire and cable fields.

They are also highly UV- and ozone-resistant, which increases their scope for outdoor wiring applications. Major types of TPEs include Styrene Block Copolymer (SBC), Thermoplastic Polyurethanes (TPU), Thermoplastic Polyolefins (TPO), Thermoplastic Vulcanizates (TPV), Copolymer Esters (COPE) and other TPEs. Development of innovative TPEs is projected to boost product scope in undiscovered applications and help increase the market share. Emphasis on waste reduction is anticipated to foster the replacement of conventional raw materials with recyclable and sustainable TPEs, which is also likely to boost segment growth.

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https://www.grandviewresearch.com/industry-analysis/elastomers-market

Further key findings from the study suggest:

Asia Pacific led the global elastomers market and is also anticipated to witness the fastest CAGR of 6.1% during the forecast period from 2018 to 2025
China is the fastest-growing country in the global market due to huge growth potential as it is characterized by high demand, as well as production, of elastomers; mainly TPEs
The growth of the elastomers market in China is majorly supplemented by high demand from the footwear industry
Extensive R&D activities in the field of developing eco-friendly grades have led to the creation of several improved product grades, which is expected to help boost the market
Recently, PolyOne Corp. announced to initiate TPE production at its production facility in Pune, India, which will allow the company to cater to the domestic consumer needs

HVAC Systems Market Size Worth $208.6 Billion By 2027

The global HVAC systems market size is anticipated to reach USD 208.6 billion by 2027, according to a new study by Grand View Research Inc., registering a CAGR of 6.1% over the forecast period. Growing commercial sector and rapid urbanization across the globe are driving the demand for HVAC equipment. Furthermore, incentives and rebate programs offered by various governments to promote the use of energy-efficient units is anticipated to drive the market growth.

Moreover, HVAC systems are being integrated with next-generation technologies, such as IoT sensors, remote control systems, and hybrid HVAC units, to increase efficiency and reduce energy consumption. This is also anticipated to support the global market expansion over the forecast period. On the other hand, high installation and maintenance costs, coupled with complexity of retrofit HVAC installations, may hinder the market growth. However, many prominent manufacturers are investing in R&D to develop cost- and energy-efficient units, which will fuel the product demand. For instance, a California-based company developed an ice-powered air conditioner. The new system reduces the energy consumption of the building by freezing a significant amount of water overnight and offers six hours of cooling the next day.

Several residential complexes and businesses are replacing old HVAC systems with new energy-efficient units for higher performance, energy savings, and cost reduction. Moreover, remodeling or new construction of residential, commercial, or industrial buildings require HVAC systems, which is another factor driving the market growth.

Asia Pacific dominated the global market in 2019. This growth is attributed to the rising disposable income and awareness regarding energy-efficient products. Furthermore, the growing real estate sector across the region as a result of increasing population will have a positive impact on product demand. The emergence of smart buildings and government initiatives promoting the use of energy- and cost-efficient systems are also expected to boost the regional market growth.

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https://www.grandviewresearch.com/industry-analysis/hvac-equipment-industry

Further key findings from the report suggest:

Cooling systems dominated the global market in 2019 and this trend is expected to continue through the forecast period owing to the rising demand from the residential and commercial sectors
The residential segment emerged as the leading product segment in 2019 owing to growth of the real estate sector in developing regions
Asia Pacific dominated the global market in 2019, driven by Japan and China, which collectively contributed to more than 50.0% of the total sales in the region. This can be attributed to the high populace, rising disposable income, and improved real estate market
Leading companies and several governments across the globe are promoting HVAC systems through endorsement labels such as ENERGY STAR for energy efficiency and incentive programs, which will boost the market growth
Some of the top companies in this HVAC systems market are LG Electronics, Inc.; Lennox International, Inc.; Carrier Corporation; Samsung Electronics Co. Ltd.; United Technologies Corporation; Johnson Controls International PLC; and Daikin Industries Ltd.

3D Printing Market Worth $35.38 Billion By 2027

The global 3D printing market size is estimated to reach USD 35.38 billion by 2027, according to the new report by Grand View Research, Inc. It is expected to witness a CAGR of 14.6% over the forecast period. 3D Printing (3DP) is also referred to as Additive Manufacturing (AM), as it involves the successive addition of layers of materials in various 2D shapes using an additive process. These layered 2D shapes build upon one another to form a three-dimensional object. The process is different from the subtractive method of production, which begins with a block of material and the unnecessary material is ground out to obtain the desired object.

3D printing is widely adopted in the industrial sector owing to the growing need for enhanced product manufacturing and a shorter time to market. The industrial vertical happens to be the most significant adopter of the 3DP technology and eventually leading to the highest market share of 3D printers for industrial applications over the forecast period. Additive manufacturing is anticipated to evolve with rising R&D and technological advancements.

3D printing continues to gain popularity among hobbyists and innovators. While individuals are using the technology for domestic and personal purposes, universities and educational institutes are using 3DP for conducting technical training. The market is subject to witness a considerable economical appearance rather than being just a labor-intensive industrial manufacturing technique. Particularly in developing economies, such as Brazil, South Africa, and India; machining shops have managed to adopt alternative business models by installing 3D printers and offer related services, such as 3DP materials, software, filaments, and 3D modeling.

Based on applications, the 3D printing market has been segmented further into prototyping, tooling, and functional parts. Automotive, healthcare, and aerospace and defense verticals are among the leading adopters of 3D printing technology. Incumbents of these verticals have an emphasis on accuracy, enhanced product designing, reliability, shorter time to market, and economical production processes. Given that the additive manufacturing possess can offer all these benefits, the adoption of three-dimensional printers by the automotive, healthcare, and aerospace and defense verticals is expected to gain traction over the forecast period.

The 3D printing and related technologies are evolving continuously in line with the intensive R&D activities being undertaken and the aggressive investments being made by the private sector as well as the public sector. Government funding and encouraging initiatives being undertaken in developed economies are prompting manufacturers to pursue improvements in technology and the adoption of new technologies.

North America accounted for the largest market share of more than 35% in 2019 as a result of the extensive adoption of 3D printers for 3D designing, modeling, and manufacturing in various industries. On the other hand, Asia Pacific has emerged as a manufacturing hub owing to an expanding consumer base as well as the continued rise in foreign investments. Hence, the regional market is expected to witness remarkable growth over the forecast period.

3D printing technology happens to be capital-intensive technology. At the same time, manufacturers are holding to their misconceptions about prototyping rather than realizing the advantages associated with 3D printing. Moreover, the market lacks the standard process controls and a skilled workforce required for 3D printing. These are some of the factors expected to restrain market growth. However, government initiatives aimed at increasing awareness and promoting the benefits of adopting 3D printers are expected to help counter the market restraints.

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https://www.grandviewresearch.com/industry-analysis/3d-printing-industry-analysis

Further key findings from the report suggest:

3D printing technology is gaining traction owing to the ability of the technology to offer accurate and rapid prototyping and optimize the time to market
Increasing adoption of 3D printers in healthcare, automotive, and consumer electronics verticals is likely to drive the market growth significantly
Demand for desktop 3D printers is expected to increase over the forecast period, as 3D printing is gaining popularity among hobbyists for domestic, household, and personal usage as well as in the education sector for training purposes
The prototyping segment dominated the market in 2019 and is expected to expand its market share to more than 50% by 2027.
The polymer segment contributed to almost half of the entire industry share. However, the metal segment is expected to dominate the market in the next seven years. This is attributed to the increasing demand for metal 3D printing from industrial verticals such as automotive and aerospace & defense
The desktop 3D printing segment is expected to adopt the 3DP technique aggressively over the forecast period. It has been segmented further into educational purpose, fashion and jewelry, objects, dental, food, and others
Asia Pacific 3D printing market, which is emerging as a manufacturing hub for several industry verticals, is anticipated to grow significantly as the continued urbanization triggers the need for infrastructure and prompts the automotive, consumer electronics, aerospace and defense, and healthcare verticals to adopt 3DP, particularly in countries, including China, Japan, and South Korea
The prominent players in the market include Stratasys Ltd.; 3D Systems, Inc.; 3D Ceram; GE Additive; HP Inc.; Tiertime; EnvisionTec, Inc.; and Dassault Systemes

Modular Construction Market Size Worth $174.6 Billion By 2025

According to a recent report published by Grand View Research Inc., increasing emphasis on enhancing safety at construction sites and growing focus in incorporating ‘greener’ building solutions are expected to drive the market over the forecast period.

According to a report, “Modular Construction Market Size, Share & Trends Analysis Report By Type (Permanent, Relocatable), By Application (Residential, Commercial, Industrial, Healthcare), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global modular constructionmarket size is expected to reach USD 174.6 billion by 2025, registering a CAGR of 6.5%, as per a new report by Grand View Research Inc.

The modular construction process involves prefabrication of modules at an offsite location in a controlled environment, resulting in reduced time for the completion of building projects. This process allows limited wastage of raw materials and planned inventory usage thereby, significantly minimizing the investment required for building activities. Assembly lines for modular construction help producers streamline raw material purchasing and inventory management.

Modular constructions are supervised regularlyand can be easily recycled or replaced during renovation activities, thus, making them more user-friendly. Permanent modular construction segment in Sweden accounted for the largest revenue share of 69.1% of the overall market in 2018. This can be attributed to increased demand for residential wooden housing structures in the region.

The industry players are focused on targeting developing economies such as China, India, and Southeast Asian countries that have a vast population –base and to tap robust opportunities in the building sector. Increasing efforts by companies to adopt the latest technologies such as building information modeling (BIM) and 3D printing for optimizing offsite activities are projected to have a positive influence on the industry growth.

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https://www.grandviewresearch.com/industry-analysis/modular-construction-market

Modular Construction Market Report Highlights

The demand for offsite construction specialist has witnessed a strong progression in the past few years, owing to significant growth with modular apartments and particularly the development of rapid building solutions for homelesshousing
Despite the unstable market conditions in 2020 due to Covid-19, the modular construction industry has witnessed a steady growth and demand from key sectors of hospitality, technology advanced manufacturing, and healthcare. With end of Covid-19 restrictions in sight and the presence of a strong product pipeline the market will continue its growth in the coming years
The Middle East construction environment has witnessed a shift in the building methodologies. And modular construction has been touted as the future of constructing large scale building infrastructures. For instance, Amana DuBox’s projects in the regionhighly prefer prefabrication and modular construction
The Covid-19 pandemic has brought a heavy blow to the UK construction market and developers have been impelled to rethink the labour-intensive traditional construction activities. It requires 67% less energy unlike the conventional method and has a positive influence the carbon footprint
The U.S. accounted for 79.3% of the regional market in 2018, owing to its extensive application in healthcare industry by public and private infrastructure
The residential application segmentis projected to advance at a CAGR of 6.9% during the forecast period due to surge in residential housing construction activities, particularly in Asia Pacific countries like India and China

Gluten Free Sugar Syrup Market Size Worth $1.44 Billion By 2025

The global gluten free sugar syrup market size is expected to reach USD 1.44 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.31% during the forecast period. Major factor attributing the growth is the growing number of gluten intolerant people. Consumer awareness regarding healthy living lifestyle is also attributed to the growth. People are omitting gluten rich foods from their diets to avoid diseases like Irritable Bowel Syndrome (IBS) and celiac diseases among others. By 2018, more than 170 million global population was suffering from celiac diseases, driving consumers to opt for gluten free foods and beverages.

Glucose syrup category was valued to be the largest market accounting for 47.21% of the global market in 2018. It is used to help balance sweetness, enhance flavors, and extend shelf life. Some of the key glucose syrup manufacturers are Cargill, Incorporated, SWEET ADDITIONS, LLC, and Tate & Lyle. Maple syrup is the second largest segment in the global market. This is used as an ingredient in a packaged food or poured on pancakes or oatmeal. Quebec, Canada accounted for 71% of the global maple harvest due to its soil capacity.

Industrial category was valued to be the largest application by accounting over 60% of market share in 2018. Growing consumer awareness regarding gluten free foods is driving companies to use gluten free sugar syrup as an ingredient. Companies are expanding their product line for this category. For instance, The Coca Cola Company has introduced Coke Zero, Diet Coke, Coca-Cola Classic, and other gluten free products.

Direct human consumption category accounted for around 37.67% of the global gluten free sugar syrup market in 2018. It is used to prepare different dishes and cocktails. Under this category independent health store sub category is expected to expand at a CAGR of 8.72% from 2019 to 2025. Consumers prefer this independent health store category due to product varieties. Employee training programs to boost sales is anticipated to further drive the product demand over the forecast period. It has been observed that the U.S. base health stores are operating in online and offline markets to meet the customer demand, for instance, The Better Health Store, The Vitamin Shoppe, and others.

North America is the largest consumer of gluten free sugar product. Around 3.5 million U.S. based consumers are gluten intolerant, driving the market growth. Consumer awareness about celiac disease and the rising trend of leading a healthy lifestyle is driving more people to consume gluten-free diet. Europe is expected to be the fastest growing market with a CAGR of 7.29% from 2019 to 2025. Growing consumer awareness about IBS is attributed to the regional growth.

The market is competitive in nature with the presence of many small and large brands. Some of the major companies are B&G Foods, Inc.; MONIN INCORPORATED; Wholesome Sweeteners, Inc.; CANADIAN ORGANIC MAPLE; Börger GmbH; Skinny Mix; Tereos; and others.

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https://www.grandviewresearch.com/industry-analysis/gluten-free-sugar-syrup-market

Further key findings from the report suggest:

In product segment, corn syrup category is projected to ascend at a CAGR of 7.83% from 2019 to 2025
Glucose syrup product led with an overall market share of 47.21% in 2018
Industrial category was the largest application by accounting a market share of 62.33% in 2018
North America led the global gluten free sugar syrup market in 2018 with a market share of 41.3%
Growing consumer awareness regarding healthy lifestyle is driving the growth
The market is highly competitive in nature with the main players including MONIN INCORPORATED; Wholesome Sweeteners, Inc.; CANADIAN ORGANIC MAPLE; Börger GmbH; and Blue Ocean Biotech
Various manufacturers are concentrating on expanding their product line to increase their customer base

Sodium Sulfur Battery Market Size Worth $480.4 Million By 2027

The global sodium sulfur battery market size is expected to reach USD 480.4 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 29.6% from 2020 to 2027. The growing demand for energy storage batteries and power supply across the globe is expected to boost the growth of the market over the estimated period.

Sodium sulfur (NaS) batteries are pre-eminent by adding electrodes to increase their operational flexibility and lifespan. It also eliminates the hazards related to fire calamities. However, sodium sulfur batteries are hazardous and can catch fire easily when they meet moisture and air. Due to the highly corrosive nature, along with the high operating temperature of sodium polysulfide, these batteries are used in stationary applications, including grid energy storage.

The renewable energy stabilization application segment is projected to witness substantial growth over the upcoming years as NaS batteries are a possible energy storage technology to support renewable energy power generation, precisely solar and wind generation plants. Moreover, the growing integration of renewable energy sources, such as solar and wind, into the grid areas is projected to boost the growth of the renewable energy stabilization application segment. The industrial product segment accounted for 81.8% share of the global revenue in 2019. Growing energy requirements have resulted in an improved usage of storage batteries used in off-grid locations, which has directly impacted the demand for NaS batteries.

The Asia Pacific held a leading share in the global market in 2019. The growth of the market is ascribed to the growing demand for renewable energy storage units across the commercial and industrial sectors. Moreover, in 2019, Asia Pacific accounted for over 47% of the global investments in renewable sources of energy. The growing investments across the region are driven by the government authorities in the countries that are putting more effort to surge renewable sources of energy. The presence of many manufacturers in Japan and South Korea is also likely to support regional market growth. Moreover, potential industries across India, Malaysia, Thailand, and Singapore are likely to create high demand for such batteries in the upcoming years.

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https://www.grandviewresearch.com/industry-analysis/sodium-sulfur-batteries-market

Further key findings from the report suggest:

The industrial product segment was valued at USD 49.23 million in 2019
The Asia Pacific is projected to grow at a substantial rate throughout the forecast period. Japan is expected to account for the maximum share in the Asia Pacific region in the years to come
In Europe, the industrial product segment dominated the industry and accounted for 81.8% share of the total revenue in 2019
The MEA is likely to witness moderate growth during the projected period.

Arbitrary Waveform Generator Market Size Worth $557.8 Million By 2025

The global arbitrary waveform generator market size is expected to reach USD 557.8 million by 2025, registering a CAGR of over 9% from 2019 to 2025, according to a new report by Grand View Research, Inc. The growing number of applications of these generators across numerous end-use sectors is expected to drive the arbitrary waveform generator (AWG) market growth over the forecast period. There has been a considerable rise in the investments and R&D activities carried out in various sectors, including healthcare, telecommunications, and aerospace & defense, which have led to the introduction of sophisticated and technologically advanced equipment. As a result, AWGs are expected to be the standard for the simulation of waveforms owing to the high complexity of electronic systems.

The augmented demand for these generators in the commercial sector can be primarily attributed to the growing popularity of reliable DDS integrated circuits. Users are increasingly preferring these generators over the conventional function generators owing to benefits such as improved performance and cost-effectiveness offered by these generators for computing applications. Additionally, the aerospace & defense and healthcare sectors are witnessing significant investments in the development of advanced equipment, which require sophisticated testing and signal measurement procedures. This is expected to drive the demand for AWGs in these sectors.

Dynamic applicability in the manufacturing and military sectors, along with surging demand from the telecommunications sector, is anticipated to drive the AWG market growth. Various enterprises are shifting their preference from traditional function generators to advanced AWGs owing to their enhanced performance. As a result, the decision-makers in these enterprises are now able to augment the performance throughput of their equipment as per their requirements, in addition to leveraging the benefit of cost-effectiveness.

The rising popularity of new technologies, including EDGE and WiMAX, is poised to further escalate the demand for AWGs. These generators offer numerous benefits, such as higher speed, flexibility, and performance, which are expected to augment the AWG market growth in the next six years. Moreover, in order to ensure optimum flexibility and versatility of these generators, several manufacturers such as Keysight Technologies and Tektronix, Inc. are developing AWG software to allow the generation of standard-compliant waveforms and to offer high-precision testing capabilities.

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https://www.grandviewresearch.com/industry-analysis/arbitrary-waveform-generator-market

Further key findings from the report suggest:

Various wireless communication technologies use AWGs to ensure optimum accuracy, frequency stability, and marginal noise in wireless communication networks
Technologies in the aerospace & defense sector, such as radar, and electronic warfare, require testing to ensure maximum accuracy, flexibility, and scalability
The shifting of manufacturing facilities to developing economies such as China and India, owing to low manufacturing costs, is expected to drive the AWG market growth in APAC region
The prime focus of the arbitrary waveform generator (AWG) market participants is testing and debugging of the communication systems to ensure timely delivery of messages between a device and a hub.

Natural Gas Fired Electricity Generation Market Demand To Reach 70,500.0 MW By 2027

The global natural gas fired electricity generation market demand is expected to reach 70,500.0 MW by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.71% from 2020 to 2027. Rising government support, growing energy demand across the world, and a rise in natural gas production are various factors boosting industry growth.

Worldwide power demand is rapidly growing owing to strong economic growth in some of the major countries globally. Furthermore, the growth was powered by countries, such as the U.S., China, Japan, and India, which account for a dominating share in the world’s energy demand. Countries are looking to opt for natural gas as a power generation source over coal owing to fewer carbon emissions being emitted by natural gas.

Industry participants are entering into various strategic collaborations with the governments of some of the countries to aid them to renovate and modernize the power sector of the respective countries. Furthermore, vendors are utilizing joint ventures and mergers and acquisitions in order to develop advanced technologies and expand their foothold across various regional markets.

However, the production of natural gas is concentrated in a few countries, which results in the risk of gas supply disruptions owing to geopolitical tensions, eventually affecting trade and supply of natural gas. Furthermore, the rise in adoption of renewable energy technologies is estimated to hamper the growth of the market in the forecast period.

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https://www.grandviewresearch.com/industry-analysis/natural-gas-fired-electricity-generation-industry

Further key findings from the study suggest:

Combined cycle technology emerged as the dominating segment in 2019 and is expected to maintain its lead over the forecast period owing to its higher overall efficiency and lower fuel requirement as compared to open cycle technology
Power and utility emerged as the largest end-use segment in 2019 owing to a number of natural gas fired electricity generation power plants under pipeline to fulfill the growing demand from power in their region of operation
North America held a significant revenue share in the market in 2019 owing to the rise in production and availability of natural gas in the region
The Asia Pacific is expected to expand at the fastest growth rate over the forecast period. China, Japan, and Thailand are expected to contribute significantly to the growth of the market in the region
The Middle East and Africa is expected to witness significant growth in the forecast period owing to a number of natural gas fired electricity generation power projects under the development stage in countries, such as Saudi Arabia, Iraq, and UAE.

Atmospheric Water Generator Market Worth $8.9 Billion By 2027

The global atmospheric water generator market size is expected to reach USD 8.9 billion by 2027, expanding at a CAGR of 19.5%, according to a new report by Grand View Research, Inc. Increasing consumer demand for atmospheric water generator (AWG) in industrial and commercial applications is expected to drive the market.

Moreover, depleting freshwater reserves, particularly in Asia Pacific and Latin America region is anticipated to further propel market growth. Furthermore, various characteristics offered by AWGs such as high purity water output, and easy transport are expected to drive their demand in military applications over the forecast period.

Growing demand for AWGs to replace traditional supply units such as water pipelines, especially at industrial and commercial workplaces, is likely to open new avenues for the industry over the forecast period. However, high capital cost and energy consumption associated with the product are expected to hinder market growth.

The water output offered by AWGs primarily depends on the humidity and temperature of the surrounding environment, which affects the performance efficiency of the system. Product innovations to reduce the cost and improve its efficiency are expected to propel the AWG market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/global-atmospheric-water-generator-market

Further key findings from the study suggest:

Cooling condensation accounted for 98.9% revenue share in 2019 on account of its high output coupled with less complex mechanism when compared to wet desiccation technique
The residential application segment, in terms of revenue, is expected to witness a CAGR of 16.7% from 2020 to 2027 owing to rising disposable incomes coupled with product innovations is expected to drive the demand for AWGs in the segment
The product demand in Latin America, in terms of volume, is likely to witness a CAGR of 17.7% owing to depleting freshwater resources coupled with uneven geographical distribution of freshwater resources, and inadequate water supply infrastructure
The product demand in India is anticipated to reach USD 302.9 million by 2027 owing to the rapid industrial growth coupled with increasing construction and manufacturing activities in the country
In January 2020, Energy and Water Development Corp., (EAWD) sold its self-sufficient energy supply AWG system to a Mexican company engaged in manufacturing bottled water.

Electronic Contract Manufacturing & Design Services Market Worth $788.9 Billion By 2027

The global electronic contract manufacturing and design services market size is expected to reach USD 788.9 billion by 2027, registering a CAGR of 8.5% over the forecast period, according to a new study by Grand View Research, Inc. The electronics industry is highly competitive in nature owing to the increasing complexity of electronic products and rising pressure on OEMs for reducing costs. Moreover, decreased product lifecycles have upped the demand for better contract manufacturing capabilities and related services. To achieve the same, OEMs are seeking support from contract manufacturers, which in turn, is driving the market over the forecast period.

OEMs subcontract with Electronics Manufacturing Service (EMS) companies and benefit from their expertise in design, manufacturing, and supply chain management. Furthermore, reduced initial investments and increased operational efficiencies allow OEMs to focus on their core competencies. This has led to surging demand for electronic contract manufacturing and design services by OEMs. Moreover, the establishment of in-house manufacturing units is a key challenge faced by majority of OEMs. Thus outsourcing is a preferred option to keep pace with increasing competition.

The market is projected to witness significant growth due to rising demand from end-use industries, including healthcare, aerospace and defense, IT and Telecom, and automotive. The healthcare industry is expected to witness substantial growth owing to the increasing demand for medical devices. Surging need for optimizing resources and technological developments in manufacturing facilities have led to increased adoption of EMS among end-use industries.

Asia Pacific dominated the market in 2019 and is anticipated to account for largest market share over the forecast period. This is attributed to availability of low-cost labor and raw materials in the region. China accounted for more than 33% share in 2019 in the region. In North America, the growth of the market is attributed to increasing number of medical institutes and R&D centers working on advanced diagnostic products.

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https://www.grandviewresearch.com/industry-analysis/the-global-electronic-contract-manufacturing-services-market

Further key findings from the report suggest:

The market is expected to witness a healthy growth owing to rising need for resource optimization and growing developments in manufacturing technology
Electronics manufacturing segment accounted for the largest market share in 2019. However, electronics design and engineering services segment is projected to witness highest growth rate over the forecast period owing to surging inclination of OEMs towards outsourcing of contract manufacturing and designing services
On the basis of end-use, the IT and telecom sector held the dominant revenue share in 2019. However, non-technical sectors such as healthcare, automotive, and aerospace and defense are expected to witness noteworthy growth over the forecast period owing to rising outsourcing trends in these industries
Asia Pacific accounted for over 45% share of the overall revenue in 2019 and is expected to dominate the electronic contract manufacturing and design services market over the forecast period owing to high availability of raw materials and low-cost labor in the region
Hon Hai Precision Industry Co., Ltd.; Flextronics International, Ltd.; Jabil Circuit, Inc.; Sanmina Corporation; and Benchmark Electronics, Inc. are some of the key market players that captured a significant share in 2019.