market growth

Nondestructive Testing Equipment Market by Testing Method, Size 2014-2022

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Nondestructive Testing Equipment Market report, published by Allied Market Research, forecasts that the global market is expected to garner $3 billion by 2022, registering a CAGR of 9% during the period 2016 – 2022. In the year 2015, North America contributed major share in the market, and is projected to continue its dominance throughout the forecast period.

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NDT refers to the method of examining materials/components to detect the defects/discontinuity in component or material to avoid equipment failure. In addition, it is used to ensure the safe utilization of engineering structures, product quality, and performance upon production. Increase in stringent government regulations across different geographical regions due to rise in incidence of infrastructure failures, need for extending the life of obsolete infrastructure, and maintenance optimization by various industries for efficient operations & quality/safety assurance are the factors that drive the growth of NDT market.

nondestructive-testing-equipment-market-segment-review

The market is classified on the basis of NDT testing method into ultrasonic testing, radiography testing, visual inspection testing, magnetic particle testing & electromagnetic testing, eddy-current testing, liquid penetrant testing, and others. Ultrasonic testing is expected to hold the largest market share owing to its ability to detect internal and hidden defect/discontinuity along with its high penetrating power and accuracy. However, liquid penetrant testing is anticipated to show significant growth in the coming years, owing to its low cost and user-friendly approach.

Among the industry verticals, energy & power was the foremost industry in 2015, owing to growth in number of power plants and equipment involved in the same. In the same year, oil and gas industry contributed a significant revenue share of over 20% in the overall market. However, automotive & transportation is expected to witness the fastest growth during the forecast period.

North America generated the highest revenue in this market, followed by Europe and Asia-Pacific. Among the countries of North America, U.S. is the largest market with nearly 80% revenue share of the overall North American market due to significant spending in oil & gas and energy & power infrastructure. However, the market in Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of about 11%. Rise in infrastructural projects and power plants fuels the demand for NDT equipment in Asia-Pacific.

NDT equipment industry displays fair degree of consolidation, with top five industry participants occupying a significant market share. Other key players in the industry include Olympus Corporation, Zetec Inc., and Sonatest among others. The key strategies adopted by these leading players are product launch, expansion, acquisition, partnership, and agreement to strengthen their market position and expand their geographical presence.

The nondestructive testing industry is undergoing rapid change and traditional NDT equipment are evolving in significant ways, providing new advantages and additional value to end-users. Maintenance optimization by various industries to ensure safety and efficient performance of the machines is driving the need for NDT equipment. The increasing cost and challenges involved in building new infrastructure has resulted in significant aging of existing infrastructure. In addition, a wave of consolidations and mergers has recently swept over the NDT industry. states Rachna Singh, Sr. Research Associate, Semiconductor and Electronics at AMR.

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Key Findings of Nondestructive Testing Equipment Market:

  • In 2015, ultrasonic testing was the highest revenue-generating segment, accounting for almost 30% of the overall market size, and is projected to grow at a CAGR of over 7% during the forecast period
  • Liquid penetrant testing is likely to grow at a remarkable CAGR of 11.5%, owing to their low cost and user-friendly approach
  • Asia-Pacific is anticipated to exhibit the highest growth, registering a CAGR of almost 11% during the forecast period
  • North America generated the highest revenue in this market, followed by Europe and Asia-Pacific.
  • The U.S. is projected to maintain its lead in the NDT equipment market in terms of revenue generation until 2022.
    Energy & power and oil & gas industry contributed a significant revenue share in the overall market in 2015.

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Global Service Robotics Market is Expected to Reach $34.7 Billion by 2022 – Allied Market Research

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Global Service robotics market is expected to reach $34.7 billion by 2022, with a CAGR of 23.9% from 2015 to 2022, according to a new report by published by Allied Market Research. The growing need of automation across various industries has encouraged organizations to adopt service robotics for increased productivity, superior quality and precise operations, reduced operation costs, and enhanced safety of workforce. Increasing labor costs coupled with lack of workforce further accelerate the growth of market.

Increasing need for safety along with government regulations for labor protection drives organizations to adopt service robotics for enhanced safety at workplace. The growing penetration of mobile devices facilitates the development of advanced robotic systems and boosts the growth of market. Vendors in the market focus on developing affordable and energy-efficient robots for small and medium enterprises to cater to the growing requirements of consumers. The significant rise in investments in R&D for the development of service robots along with the establishment of organizations including Standardized Procedures for the Advancement of Robotic Combat (SPARC) and International Federation of Robotics (IFR), further fosters the growth of the market.

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Professional service robots are used in healthcare; defense, rescue, and security; field; logistics; and construction industries. The segment of professional service robotics generated $3.9 billion in 2014 owing to high demand of automation from these sectors. Reduction in labor costs, increased operational efficiency, and delivery of high-quality services with improved precision and accuracy further encourages consumers to employ professional service robots. The revenue of personal service robotics segment is expected to grow at a rate of over 26% during the forecast period, owing to high demand of service robots from the domestic and entertainment sectors and rise in disposable income of consumers. In terms of volume, personal robots accounted for a higher share and generated over 4,672 thousand units in 2014.

Healthcare is the major end user industry, in terms of revenue generation, that employs service robots for a wide range of applications such as surgery, diagnostics, physical and mental therapy, and prosthetics among others. Patient monitoring, laboratory automation, drug discovery, and prescription preparation are other applications of service robotics in the healthcare sector. It accounted for over 35% share of the global market revenue in 2014, followed by defense, rescue and security sector.

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Other industries utilizing service robotics include field, logistics, construction, domestic, and entertainment. The construction industry is likely to grow at the highest CAGR during the forecast period. In terms of volume, defense, rescue, & security robots accounted for the highest share and generated around 11 thousand units in 2014 owing to the increased employment of unmanned aerial vehicles, unmanned ground vehicles, firefighting & disaster management robots, professional surveillance robots, and demining robots. The healthcare segment is forecast to grow at the highest CAGR of 29.1% during 2015-2022 in terms of volume.

Key findings of Service Robotics Market:

  • The service robotics market is projected to exhibit a significant growth owing to increasing demand of automation from various industries, rising application areas, and growth in emerging economies.
  • The professional robotics segment is anticipated to dominate the market in terms of revenue owing to the increasing applications from healthcare, defense, rescue and security, agriculture, logistics, and construction industries.
  • The healthcare industry is excepted to maintain its leading position in the market during the forecast period in terms of revenue.
  • Europe is likely to dominate the market throughout the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Next Generation Storage Devices Market Expected to Reach $141 Billion, Globally, by 2022

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Increase in need for better data storage and management among various enterprises, rise in adoption of cloud computing, innovation in storage technology, and continuous increment in unstructured data are major driving factors of the next generation storage devices industry. However, high investment costs, intense competition, and resistance in variation of existing systems limit the market growth. Further, cloud-based storage and solid-state storage are expected to gain significant adoption in near future, owing to their declining costs and high performance.

Next Generation Storage Devices Market Report, published by Allied Market Research, states that the global market was valued at $43 billion in 2015, and is expected to reach $141 billion by 2022. The cloud-based storage segment is expected to dominate the global market. North America accounted for 35% market share in 2014, while the European market is expected to witness significant growth rate during the forecast period.

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Next generation storage technology is a high-tech technology that provides improved data storage and management for various industries, such as BFSI, retail, IT & telecommunication, government, healthcare, manufacturing, and others. The market growth is driven by technological advancements, increased smartphone penetration, rise in online transactions, lower cost of cloud computing platforms, and high internet penetration worldwide. However, lack of security provisions in server-based and cloud services, and high initial investment hinder the growth of next generation storage devices market.

The cloud-based storage segment dominated the global next generation storage devices industry in 2014, with around 38% share. However, the solid-state storage technology is gaining momentum, owing to its various advantages such as high performance and low noise creation over conventional data storage devices. Cloud-based storage is expected to grow at the highest CAGR of 18.7% during the forecast period, followed by solid-state storage.

In 2014, cloud storage system accounted for the maximum revenue share in the global next generation storage devices market, and is expected to grow at the CAGR of 18.0%. Further, software-defined storage system is expected to grow at a considerable growth rate of 17.7%.

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The BFSI and IT & telecommunication segments collectively accounted for around 35% share of the total market revenue in 2014, while the government segment is anticipated to grow at the highest CAGR of 18.1%. The BFSI next-generation storage devices market is expected to grow at the second highest CAGR of 17.8%, owing to surge in digitization, increase in online banking activities, and rise in adoption of private and hybrid cloud in the sector.

Key Findings of the Next Generation Storage Devices Market:

• The cloud-based storage segment dominated the overall next generation storage devices market, in terms of revenue, and is projected to grow at a CAGR of 18.7% during the forecast period.
• The cloud storage system segment dominated the global next generation storage devices market in 2014, and is anticipated to grow at the highest CAGR.
• The software-defined storage segment is expected to grow at the second highest growth rate of 17.7%.
• IT & telecommunication generated the highest revenue in 2014, while the government sector is estimated to grow at the highest growth rate of 18.1%.
• In 2014, North America was the dominant region, while Europe is projected to grow at the highest CAGR, with rest of Europe market being the major contributor.

Key players operating in the next generation storage devices market include Dell, Inc., HPE Company, Hitachi Ltd., IBM Corporation, NetApp, Inc., Nutanix, Inc., Oracle StorageTek, Pure Storage, Inc., Tintri, Inc., and Toshiba Corp.

Land Mobile Radio System Industry Is Set to Boom in 2022 Across the Globe

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Asia-Pacific region is expected to grow at the highest rate in the defense sector during the forecast period, owing to increase in the number of natural disasters, surge in terrorist activities, and rise in government investment. In addition, the strong growth in the automotive industry and other manufacturing sectors encourage enterprises to adopt land mobile radio systems to increase operational productivity, and deliver high quality goods in lesser time.

Land Mobile Radio System Market is estimated to reach $43,707 million by 2022, registering a CAGR of 17.1% from 2016 to 2022. In 2015, the portable land mobile radio system dominated the global market, in terms of revenue. North America is expected to be the leading contributor to the global market revenue during the forecast period.

The global land mobile radio system market is driven by factors such as increasing awareness of efficient mission critical communication in the defense and emergency response sector. The land mobile radio systems are widely used in various industries such as manufacturing, construction, transportation, mining, and retail. However, dearth of spectrum, limited channel capacities, and stringent government regulations hamper the land mobile radio system industry growth. Furthermore, growing demand for effective communication technologies across emerging countries such as Asia-Pacific and LAMEA with heavy government investments is expected to present numerous opportunities for the land mobile radio system industry growth.

The portable land mobile radio systems accounted for majority of the land mobile radio system market size in 2015, owing to their mobility, ease of operation, and ability to operate in challenging conditions. The portable land mobile radio system market is expected to generate $26,880 million by 2022, registering a CAGR of 18.1%.

The analog land mobile radio system market accounted for the largest share in the global land mobile radio system in 2015, owing to its low cost and intensive applications in non-mission-critical communication. However, the adoption of digital land mobile radio system segment is expected to grow during the forecast period, owing to its high-quality coverage, lower power consumption, log display, integration of customized software applications, and availability of data services. The digital land mobile radio system market is expected to grow at the highest CAGR of 24.9% during the forecast period.

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The land mobile radio systems are used by various end users, including defense & public safety, commercial, construction, transportation, and others, to improve efficiency in the commercial sector, and offer emergency services to users during natural disasters & terrorist attacks. In 2015, the defense and public safety sector accounted for the largest share in global land mobile radio system industry, and is estimated to reach $13,885 million by 2022, registering a CAGR of 15.4%. Land mobile radio systems are widely used by defense sector and public safety organizations, as they enhance contextual awareness, improve decision making, accelerate responsiveness, enable emergency first responders to maintain peace, and offer services to citizens.

North America generated the highest revenue in the global market in 2015, accounting for $5,595 million, and is projected to reach $15,674 million by 2022, registering a CAGR of 15.9% during the forecast period. This is attributed to the increasing scope of applications in commercial, government, construction, and transportation sectors in the region. Increasing inflow of investment in the defense sector coupled with technological advancements in the telecommunication industry has boosted the market growth in this region.

Key Findings of the Land Mobile Radio System Market :

• In 2015, portable land mobile radio system market accounted for the major share in the global market, in terms of revenue, and is projected to grow at a CAGR of 18.1% during the forecast period.
• The analog land mobile radio system market accounted for the highest share of around 60% in the global market in 2015.
• In 2015, North America generated the highest revenue in the market, accounting for around 39% of share in the global market.
• Asia-Pacific is expected to grow at the highest CAGR of 18.7% from 2016 to 2022.

The renowned companies profiled in the report include Airbus DS Communications, Motorola Solutions Inc., Harris Corporation, Thales Group S.A., JVC Kenwood Corporation, Raytheon Company, Cassadian Communications, Inc., Cartel Communication Systems, TE Connectivity Ltd, and RELM Wireless Corporation. These companies have consistently launched new products and introduced novel technologies to cater to the needs and requirements of consumers. A significant increase in inflow of investments was observed for R&D activities among private and public organizations to facilitate product innovation and development of customized solutions.

Driving Innovation: What Makes a New Vision Guided Robotics for Software and Services “Better”?

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A massive amount of investment in public and private sector in the R&D of robotics has enabled the development of new and advanced technologies in vision guided robotics. The demand for vision guided robotics is expected to increase due to increasing need for mechanization and safety and spiraling use of robotics technology across various industries. Furthermore, growing demand for premium quality of products has increased the adoption of vision guided robots in the healthcare and electronics sectors. In addition, increased demand for safety and high quality products and penetration of smart cameras in robotic systems are expected to present lucrative opportunities to market players in the near future.

Vision Guided Robotics
Vision Guided Robotics Market Report, published by Allied Market Research, states that the global vision guided robotics market was valued at $3,834 million in 2015, and is projected to reach $7,718 million by 2022, growing at a CAGR of 10.7% from 2016 to 2022.

Vision guided robotics technology includes robots built-in with cameras and sensors to provide response signal to the robot controller to move accurately to the target position.

The vision guided robotics market is driven by increasing need for automation & safety, high labor cost, dearth of skilled labor, and rise in investments in R&D activities. However, high initial cost and lack of awareness among small- and medium-enterprises (SMEs) are expected to marginally hamper the global vision guided robotics market size during the forecast period.

The hardware segment dominated the market in 2014 with around 66% revenue share of the global market, owing to advancements in processing capabilities and development of smart cameras and new interfaces. Furthermore, the services segment is anticipated to witness the highest CAGR of 13.7%, as services are provided after the installation of software and hardware. In addition, services ensure flexible and efficient mechanization between vision system and robotics.

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The automobile segment dominated the global vision guided robotics market size with around 32% share in 2014, followed by the electrical & electronics segment. Furthermore, the electrical & electronics segment is estimated to grow at the highest CAGR of 12.5% owing to upsurge in need for inspection and testing of electronics to ensure proper functioning of processes.

The vision guided robotics market is categorized based on geography into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region was the highest revenue contributor to the global market in 2014, accounting for around 36% share. It is projected to grow at the highest CAGR of 11.9% during the forecast period on account of growing advancements in the automobile and electrical industry in countries such as India, China, Japan, and Australia.

The report features the competitive scenario of the vision guided robotics market, and provides the comprehensive analyses of the key growth strategies adopted by major players. The key players operating in the vision guided robotics market, include Pleora Technologies, Inc., DENSO Robotics, Allied Vision Technologies, GmbH, OMRON Corporation, Cognex Corporation, ISRA VISION AG, Basler AG, BitFlow, Inc., FANUC America Corporation, and Yaskawa America, Inc.

Key Findings of the Vision Guided Robotics Market :

• The hardware segment dominated the global vision guided robotics market in 2014, and the services segment is expected to grow at the highest CAGR.
• The electrical and electronics segment is estimated to present significant growth opportunities to prominent players operating in the global market.
• The Asia-Pacific vision guided robotics market is expected to have a dominant presence both in terms of market size and growth rate, during the forecast period.
• U.S. was leading region in terms of expenditure on vision guided robotics in 2014, followed by China.

Hybrid Devices Market is Expected to Garner $30.92 Billion, Globally by 2022

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Based on the end users of hybrid devices, the market is segmented into personal use, IT and Telecom and others. Others segment comprises educational institutions, healthcare, retail, and government among others. This segment accounted for the highest revenue in 2015 due to the increasing adoption rate of hybrids in educational institutions. However, the personal use sector is projected to depict the fastest growth during the forecast period.

April 2017Hybrid Devices Market report, published by Allied Market Research, forecasts that the global market is expected to garner $30.92 billion by 2022, growing at a CAGR of 25.6% during the period 2016 – 2022. Asia-Pacific is expected be the largest market for hybrid devices during the forecast period owing to the growth in personal use, educational institutions, and IT & telecom sectors.

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The hybrid devices are categorized based on different types into convertible and detachable hybrid devices. Detachable devices constitute the highest market share due to their lightweight nature and convenience of use. Nonetheless, convertible devices are estimated to portray the fastest growth owing to multi-mode view and the availability of extra battery space in the device that increases battery life.

Devices with screen size 12 inch-15 inch are projected to dominate the market owing to their size and lighter weight. However, devices with screen size greater than 15 inches are expected to depict the fastest growth in the market pertaining to the superior space for better viewing capability.

Asia-Pacific currently constitutes the highest market share in the globalhybrid devices market on account of economic development in the region paired with increasing number of tech-savvy customers. LAMEA is expected to witness fastest growth over the forecast period, at a CAGR of 26.5% owing to the increasing number of internet users paired with the increasing acceptance of the hybrid devices in the educational institutions.

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Key findings of Hybrid Devices Market:

• Detachable hybrid devices market is expected to exhibit a remarkable growth during the forecast period, owing to the lighter weight as compared to convertible hybrid.
• Devices with screen size 12 inch-15 inch contribute the highest market share pertaining to the highly accepted size and light weight of the device as compared to the device above 15-inch screen size.
• Others segment, which comprises educational institutions, retail, healthcare, and government among others, depicts the strongest market for hybrid devices.
• Asia-Pacific region is expected to exhibit promising growth owing to the increasing adoption of hybrids by end users in the region.

The market for hybrid devices comprises dominant players such as HP Development Company, L.P., Microsoft, Lenovo, and others. These market players primarily focus on the development of new features, launch of innovative products with exceptional variations, and adoption of R&D and acquisition as their key strategies to establish their position in the market.

Real-Time Location Systems (RTLS) Market Expected to Reach $7,585 Million, Globally, by 2022

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North America possesses high market potential as compared to others with diverse industry verticals implementing real-time location systems to a greater extent. Furthermore, it is projected to generate the highest market revenue during the forecast period with predominant deployments in the healthcare sector.

Real-Time Location Systems (RTLS) Market Report, published by Allied Market Research, forecasts that the real-time location systems market was valued at $890 million in 2014, and is projected to reach $7,585 million by 2022, growing at a CAGR of 31.4% from 2016 to 2022. The RFID technology segment held a considerable share of the total real-time location systems market in 2014.

Real-Time Location Systems

RTLS consists of a wireless tag that is attached to objects or individuals and the signals emitted from this tag are analyzed with respect to a fixed point of reference, which helps to find the precise location of the individual or the object. RTLS consists of location readers, sensors, application software, battery powered tags, and network infrastructure.

Increase in demand for smartphones, diverse opportunity across applications, and rapid proliferation of business analytics solutions are expected to drive the real-time location systems market growth. In addition, technological advancements are expected to provide lucrative opportunity for the market growth. However, operational challenges and high initial costs limit the real-time location systems industry.

In 2014, RFID segment accounted for the maximum revenue share in the technologies of real-time location systems market. The adoption of RFID has significantly increased owing to its enhanced features such as low maintenance cost, high accuracy, and long battery life as compared to other wireless communication technologies such as Wi-Fi, thus providing growth opportunity for the real-time location systems market. In addition, ZigBee technology is expected to dominate the real-time location systems market, registering a CAGR of 32.9% during the forecast period.

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The healthcare sector showed the highest growth rate in 2014. Increase in proliferation of RTLS technology is expected to enable patients to search nearby labs and hospitals as per their convenience, thereby driving the real-time location systems market growth. Furthermore, these solutions are useful to track and locate critical care equipment and personnel in case of emergencies. In addition, it eliminates the operational cost associated with asset management and equipment utilization. The others segment is anticipated to grow at a CAGR of 32.6% from 2016 to 2022.

Asia-Pacific is estimated to grow fastest due to increase in the adoption of RTLS and extensive growth in China, Japan, Australia, and India.

Key Findings of The Real-Time Location Systems (RTLS) Market:

• Healthcare and manufacturing & processing sectors are expected to exhibit a significant growth in the real-time location systems industry.
• RFID generated the highest revenue among technologies of real-time location systems market.
• Asia-Pacific is projected to exhibit substantial growth during the forecast period.

The key players include Stanley Healthcare Solutions (AeroScout, Inc.), Zebra Technologies Corp., Versus Technology, Inc., Axcess International, Inc., SAVI Technology, Sonitor Technologies AS, TeleTracking Technologies, Inc., Awarepoint Corp., DecaWave Limited, and Ubisense Group PLC.