Smart Lighting Industry worth USD 18.0 billion by 2029

 According to a research report "Smart Lighting Market by Installation Type (New Installations, Retrofit Installations), Offering (Hardware, Software, Services), End-use Application (Indoor, Outdoor), Communication Technology (Wired, Wireless) and Region - Global Forecast to 2029" The smart lighting market is expected to reach USD 18.0 billion by 2029 from USD 9.5 billion in 2024, at a CAGR of 13.8% during the 2024-2029 period. Various companies are investing in smart lighting which gives an opportunity for growth in the smart lighting market. The smart lighting market is continuously developing, with the presence of multiple players. Currently Europe is contributing significantly to the growth of the smart lighting market. Similarly, the Asia Pacific, North America and RoW regions are expected to be the growing market for the forecasted period.

The hardware segment currently leads the smart lighting market and is expected to have the largest market share in the forecast period.

Smart lighting systems encompass hardware components such as luminaires, sensors, switches, dimmers, relays, controllers, and gateways. The hardware segment of the smart lighting market is further categorized into lights and luminaires and lighting controls. The adoption of smart lighting controls has seen a steady increase as a measure to curb energy consumption. Moreover, heightened awareness regarding energy management has propelled the growth of the lighting controls market. Additionally, governmental regulations mandating the use of energy-efficient products have spurred the adoption of lighting controls. However, the growth of these systems has been constrained by the high installation costs and lengthy payback periods associated with LED lights.

In November 2023, Signify Holding launched Philips radii auto-linkable ultra efficient solar lights which are designed to synchronize and illuminate simultaneously upon motion detection. Utilizing ultra efficient technology, these solar lights can illuminate outdoor areas for up to six nights before requiring recharging from sunlight. Available as pedestal and wall lights, they ensure consistent performance even on cloudy days, providing reliable lighting for gardens and other outdoor spaces.

In January 2024, at the Consumer Electronics Show in Las Vegas, Legrand, a renowned global specialist, and premier single-source provider of electrical wiring solutions, unveiled its newest addition to the radiant collection of smart lighting. This latest offering features new Matter-enabled Wi-Fi smart devices, slated for release in 2024. This advancement represents the next evolution of the Smart Lighting with Wi-Fi line, introducing the Matter standard to light switches, dimmers, and outlets. It underscores Legrand's ongoing dedication to innovation in the realm of smart lighting.

The wireless segment of the smart lighting market is predicted to register the highest CAGR in the forecast period.

In a wireless system, control devices establish communication wirelessly using radio frequency (RF) waves and other technologies, negating the necessity for physical wiring. Wireless communication protocols are essential for facilitating communication among evolving technologies. Although still in its nascent stages of adoption, wireless technology is increasingly viewed as the future due to its capacity to eliminate wiring requirements and enable the integration of additional monitoring and control points. Among the prevalent wireless technologies for smart lighting are ZigBee, BLE, EnOcean, Wi-Fi, 6LoWPAN, and wireless hybrid protocols. Wireless connectivity presents novel opportunities for energy and cost savings, particularly in commercial settings where a vast network of lights needs to be managed within a confined area.

 

In July 2021, Signify Holding acquired Telensa Holdings Ltd, a UK-based specialist in wireless monitoring and control systems tailored for smart cities. With this acquisition, Signify Holding incorporates a narrow-band and TALQ-compliant solution into its portfolio of feature-rich, open, and secure systems. This strategic move allows Signify Holding to expand its customer base, offering affordable smart city infrastructure solutions utilizing unlicensed radio space. Telensa will retain its brand name and continue to market its systems independently.

In March 2021, Honeywell International Inc. entered into an agreement to acquire a controlling interest in Fiplex Communications, Inc., a Miami-based company specializing in in-building communication systems. Fiplex's products, including bi-directional amplifiers (BDAs), ensure uninterrupted radio coverage within buildings, enhancing the safety of first responders and occupants in challenging environments. This acquisition will broaden Honeywell International Inc.’s offerings in in-building connectivity and communication solutions, with Fiplex's solutions serving as a platform for innovation within Honeywell International Inc. wireless portfolio.

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Establishing guidelines for enhanced lighting system efficiency.

A standard protocol establishes guidelines for data representation, signaling, authentication, and error detection to facilitate the connection, communication, and data exchange between computing or control endpoints. Digital protocols can be unidirectional or bidirectional. Bidirectional protocols enable devices or luminaires to share data for effective communication. Currently, ZigBee and DALI are the primary protocols used in lighting solutions. Implementing standard protocols like KNX and DALI for control applications has enhanced the operational efficiency of lighting systems.

Next-generation standard protocols evolve by incorporating previous generation standards like the European Home Systems Protocol (EHS), BatiBUS, and the European Installation Bus (EIB or Instabus). With standard protocols, lighting systems can synchronize and connect with other automation systems, promoting better device compatibility and simplifying installation processes for smart lighting. Existing standards focus on making components compatible with control systems to facilitate their integration into smart lighting systems. Additionally, adopting standard protocols helps to lower installation costs.

Smart lighting market for the Asia Pacific region to register the highest CAGR between 2024 and 2029 forecast.

The Asia Pacific region is poised to emerge as the fastest-growing market for smart lighting systems in the forthcoming forecast period. With its vast potential, the smart lighting market is expected to gain widespread acceptance among consumers in the Asia Pacific region, becoming an integral part of digitized households. The escalating construction endeavors across Asia Pacific significantly contribute to the market's expansion, presenting numerous opportunities for energy-efficient and advanced lighting systems. China and India are forecasted to witness the construction of approximately 200 million and 18 million homes, respectively, paving the way for novel energy-efficient lighting solutions and advanced lighting technologies.

Moreover, the surge in smart city and infrastructure projects initiated by governments is expected to further catalyze the demand for energy-efficient lighting solutions and advanced lighting systems in the coming years. Government initiatives offering subsidized LED lights are anticipated to play a pivotal role in propelling the accelerated growth of the Asia Pacific smart lighting market.

Key Players

 

The report profiles major players in the smart lighting market are Signify Holding (Netherlands), Legrand (France), ACUITY BRANDS, INC. (US), ams-OSRAM AG (Austria), Honeywell International Inc. (US), Zumtobel Group (Austria), Wipro Lighting (India), Lutron Electronics Co., Inc (US), IDEAL INDUSTRIES, INC. (US) (Cree Lighting), LEDVANCE GmbH (Germany), Current (US), Savant Systems, Inc (US), Inter IKEA Systems B.V. (Netherlands), Dialight (UK), Schneider Electric (France), ABB (Switzerland), Lightwave (UK), RAB Lighting Inc. (US), Synapse Wireless Inc. (US), Panasonic Corporation (Japan), Leviton Manufacturing Co., Inc. (US), Syska (India), BUILDING ROBOTICS INC. (BRI), A SIEMENS COMPANY (US), Helvar (Finland), LIFX (US), Nanoleaf (Canada), Sengled GmbH (Germany), and TVILIGHT Projects B.V. (Netherlands).

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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3D Printing Industry worth USD 37.4 billion by 2029

 The report "3D Printing Market by Offering (Printer, Material, Software, Services), Technology (Fused Deposition Modelling, Stereolithography), Process (Powder Bed Fusion, Material Extrusion, Binder Jetting), Application, Vertical & Region - Global Forecast to 2029" The 3D Printing market is projected to grow from USD  17.5 billion in 2024 and is estimated to reach USD  37.4 billion by 2029; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 16.4% from 2024 to 2029. The growth of the 3D Printing market is driven by ease in the advancement of customized products; reduction in manufacturing cost and process downtime; global government investment in 3D printing projects; availability of wide variety of industrial-grade 3D printing materials; complex part manufacturing in the aerospace & defense sector.

By offering, service segment is projected to grow at a high CAGR of 3D Printing market during the forecast period.

3D printing services have entirely revolutionized the manufacturing process in various industries. This growth is fueled by the transformative impact of 3D printing services on manufacturing across various industries. These services enable customers to customize designs, offering unprecedented flexibility in designing and manufacturing 3D printed parts and accelerating product development through efficient iteration management. Industries like dental, aerospace, civil and military aeronautics, and jewelry have already experienced a revolution in their manufacturing processes, leveraging 3D printing for streamlined production, enhanced design possibilities, and cost reduction. The on-demand nature of 3D printing services reduces costs associated with tools and fixtures by eliminating the need for large inventories and minimizing downtime. Additionally, 3D printed tools made from high-strength plastics are strong, lightweight, cost-effective, and drastically reduce replacement time from weeks to hours, optimizing manufacturing processes and overall operational efficiency for businesses embracing 3D printing services across diverse industry verticals.

Selective laser Sintering (SLS) segment in technology will account for highest CAGR during the forecast period.

Selective Laser Sintering involves a powder-based 3D printing method that integrates laser to fuse layers of material, creating a final part. The process begins by tracing the pattern of individual cross-sections of the 3D design onto a powder bed using the laser. Once the layer is formed, the build platform descends, and another layer is added on top, repeating until the part is complete. SLS is favored for functional applications requiring snap fits, living hinges, and mechanical joints due to its material range and platform sizes, making it suitable for producing robust products with strength and heat resistance directly. Notably, SLS stands out as a self-supporting additive manufacturing technology, eliminating the need for additional support structures and allowing for the creation of intricate geometries and monolithic assemblies. Its durability and capability to rival traditionally manufactured parts make it ideal for end-use applications in industries like automotive and aerospace. The technology's ability to produce complex parts without expensive tooling or retooling translates into significant time and cost savings, especially for small-run parts and mass customization. Additionally, SLS facilitates the digital storage of designs, ensuring accessibility and readiness for production as needed, further enhancing its efficiency and applicability in various manufacturing contexts.

Powder Bed Fusion in process segment in 3D Printing market will account for the highest CAGR during the forecast period.

Powder bed fusion (PBF) stands out as a rapidly growing process within the 3D printing market, initially prevalent in 3D metal printers but expected to expand into 3D polymer printers in the near future. This method offers numerous advantages, including reduced material wastage and costs due to a superior buy-to-fly ratio, accelerated production development times, and the ability to swiftly prototype and produce low volumes. PBF's strengths extend to creating functionally graded parts, enabling fully customized batches, eliminating fixed designs, and delivering superior resolution compared to other additive manufacturing techniques. Moreover, PBF facilitates the efficient recycling of un-melted powder and enables the joining diverse material grades like ceramics, glass, plastics, metals, and alloys, eliminating the need for machining fixtures. Its widespread industrial applications span medical sectors, where it customizes orthopedic components like titanium alloy cranial or acetabular implants to aerospace domains, such as producing GE9X engine fuel nozzles for Boeing 777 aircraft. Notably, the Boeing 777 incorporates 300 additively manufactured parts, showcasing PBF's significance in aerospace innovation. Automotive leaders like Koenigsegg also leverage PBF across their manufacturing processes, utilizing it for rapid prototyping and creating metal parts like turbocharger housings, exhaust components, air ducts, and interior mirrors for production vehicles like the 'One:1' hypercar.

Functional Part Manufacturing in the application segment in the 3D Printing market will account for the highest CAGR during the forecast period.

Continuous advancements in 3D printing technology have propelled the capability of producing mechanically functional parts at high volumes, a domain traditionally dominated by conventional manufacturing methods. One key driver of this shift is the development of faster printing speeds and techniques. For instance, in November 2022, Wipro (India), as part of Wipro's manufacturing initiative, launched its first indigenous industrial-grade 3D printer, the Wipro 3D F300-2. This printer, designed for educational institutes, industries, and R&D centers, featured automatic platform leveling, a magnetic print bed, a self-cleaning nozzle, and IoT-enabled remote monitoring. It catered to manufacturing functional parts with a wide range of industrial-grade materials, showcasing advancements in additive manufacturing capabilities.

Automotive in the vertical segment in 3D Printing market will account for the highest CAGR during the forecast period.

3D Printing has gained significant traction in the automotive industry, particularly for prototyping projects. 3D printing services offer rapid and cost-effective solutions for producing complex automotive prototype parts, facilitating iterative design and validation processes. This technology allows for the development of custom prototypes without complex tooling, supports iterative design changes, accommodates complex part geometries, enables on-demand production, offers material selection flexibility, and is cost-effective for low-volume manufacturing. Companies like Elite Mold & Engineering, a leading 3D printing specialist in Michigan, provide comprehensive services from prototyping to production, catering to the automotive sector's evolving needs with streamlined solutions. Companies like BMW (Germany), Renault Group (France), and Porsche (Germany) are also actively using 3D printing for prototyping and exploring end-use part applications. For instance, in November 2023, BMW (Germany) integrated the Solukon SFP770 unpacking and cleaning station for 3D-printed plastic parts at its Additive Manufacturing Campus. This system combined necessary post-processing steps, streamlined prototyping workflows, and enabled efficient cleaning and finishing of SLS parts, supporting BMW's automated additive manufacturing production line success for automotive parts. Ford uses HP’s 3D printing technology to reuse its 3D printed powders and parts and produce injection molded fuel-line clips for its Super Duty F-250 trucks. The reused materials deliver better chemical and moisture resistance, are lighter, and minimize the costs by 10% compared to the conventional fuel-line clips.

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Asia Pacific will account for the highest CAGR during the forecast period.

The Asia Pacific region is poised to experience rapid growth in the 3D printing market, driven by a notable shift toward prototyping and advanced manufacturing using this technology. Government initiatives, coupled with robust research and development capabilities and foreign direct investment (FDI), have played a pivotal role in accelerating market growth. In China, technological advancements have spurred the adoption of 3D printing, with many companies replacing traditional manufacturing assembly lines with 3D printers. India has also witnessed substantial growth, supported by a strong knowledge base and government initiatives in manufacturing. Industry players in the region are actively developing ecosystems that support additive manufacturing and other advanced technologies. Countries like Singapore, Malaysia, Australia, and Vietnam are at the forefront of research and development, contributing to a robust ecosystem for 3D printing applications.

Key Players

Key companies operating in the 3D Printing market are Stratasys (US), 3D Systems, Inc. (US), HP Development Company, L.P. (US), EOS GmbH (Germany), General Electric (US), Materialise NV (Belgium), Desktop Metal, Inc. (US), voxeljet AG (Germany), SLM Solutions (Germany), Renishaw plc. (UK).

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The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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VSaaS Industry worth USD 10.7 billion by 2029

The report "VSaaS Market by Type (Hosted, Managed, Hybrid), Feature (AI-enabled VSaaS, Non-AI VSaaS), AI Visual Analysis (Object Detection & Recognition, Intrusion Detection, Facial Recognition, Anomaly Detection), Vertical & Region - Global Forecast to 2029" The global VSaaS market is expected to be valued at USD 5.0 billion in 2024 and is projected to reach USD 10.7 billion by 2029; it is expected to grow at a CAGR of 16.1% from 2024 to 2029. The scalability and flexibility offered by VSaaS solutions enable businesses to expand their surveillance systems as needed, making it an attractive option for organizations of all sizes and industries seeking to enhance security and operational efficiency.

The VSaaS market for hybrid type will hold the highest CAGR during the forecast period.

The VSaaS market for hybrid services is experiencing notable growth due to its ability to offer a flexible and customizable approach to video surveillance. Hybrid services combine the benefits of cloud-based and on-premises solutions, allowing businesses to leverage local infrastructure for high-resolution video storage and cloud services for remote access, scalability, and redundancy. This hybrid model addresses businesses' diverse needs and preferences, particularly those with stringent security requirements or limited bandwidth availability. Additionally, hybrid VSaaS solutions offer seamless integration with existing surveillance infrastructure, allowing businesses to modernize their systems gradually while maximizing the value of their investments in legacy equipment. 

VSaaS market for AI-enabled VSaaS to hold the highest CAGR during the forecast period.

The VSaaS market for AI-enabled VSaaS is experiencing rapid growth due to the transformative impact of artificial intelligence on video surveillance capabilities. AI-powered VSaaS offers advanced features such as real-time object detection, facial recognition, and behavior analysis, enabling businesses to enhance security, optimize operations, and extract valuable insights from video data. Integrating AI algorithms allows for more accurate and efficient detection of threats and anomalies, reducing false alarms and enabling proactive responses to security incidents.

VSaaS market for object detection & recognition AI visual analysis to hold the highest CAGR during the forecast period.

The VSaaS market for object detection and recognition is experiencing significant growth due to its ability to enhance security, operational efficiency, and customer experience across various industries. Object detection and recognition technologies leverage advanced algorithms, such as deep learning and computer vision, to accurately identify and classify objects in real-time video streams. This enables businesses to detect and respond to security threats more effectively, whether identifying unauthorized individuals, detecting intrusions, or recognizing suspicious behavior.

VSaaS market for infrastructure vertical to hold the highest CAGR during the forecast period.

The VSaaS market for the infrastructure vertical is experiencing notable growth due to several key factors. Firstly, infrastructure assets such as transportation networks, utilities, and critical facilities require robust surveillance solutions to ensure safety, security, and operational efficiency. VSaaS offers infrastructure operators the ability to remotely monitor and manage vast and often remote or hard-to-reach areas, improving incident response times and reducing operational costs. Additionally, as governments and organizations worldwide invest in modernizing and expanding infrastructure, there is a growing emphasis on incorporating smart technologies, including video surveillance, to enhance resilience and sustainability.

VSaaS market for Asia Pacific to hold the highest CAGR during the forecast period.

The growth of the VSaaS market in the Asia Pacific region is particularly pronounced due to several key factors. Firstly, the region's rapid urbanization and economic development have increased security and surveillance infrastructure investments across various industries. Additionally, the widespread adoption of digital technologies, coupled with advancements in cloud computing and internet connectivity, has made VSaaS more accessible and cost-effective for businesses of all sizes. Furthermore, rising concerns about safety, security, and regulatory compliance drive demand for modern surveillance solutions, including VSaaS, to address evolving security threats and operational challenges.

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Key Players

The VSaaS Market includes significant Tier I and II players like ADT (US), Johnson Controls (Ireland), Axis Communication AB (Sweden), Motorola Solutions, Inc. (US), Securitas AB (Sweden), and others. These players have a strong market presence for VSaaS across various North America, Europe, Asia Pacific, and RoW countries.   

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Hyperspectral Imaging Systems Industry worth USD 1,359 million by 2029

The report "Hyperspectral Imaging Systems Market by Product Type (Cameras, System Integrator, Service Provider), Technology (Pushbroom, Snapshot, Tunable Filter, Imaging FTIR, Whiskbroom), Wavelength and Region - Global Forecast to 2029" The hyperspectral imaging systems market is expected to be valued at USD 847 million in 2024 and is projected to reach USD 1,359 million by 2029; and is expected to grow at a CAGR of 12.6% during the forecast period. Development of more affordable, portable, and user-friendly hyperspectral imaging systems, and increasing funding for R&D focused on enhancing the analytical capabilities of hyperspectral imaging technologies are some of the key drivers fueling the expansion of the hyperspectral imaging systems market. Restraints such as needing specialized expertise and meeting regulatory compliance hinder market growth. However, factors such as the ongoing miniaturization of sensors enabling deployment in handheld and airborne platforms and growing industry collaborations provide lucrative opportunities for market players in coming years.

Based on application type, the hyperspectral imaging systems market for research & diagnostics is expected to hold the highest CAGR during the forecast period.

As businesses prioritize efficiency and accuracy in research and diagnostic processes, hyperspectral imaging offers unparalleled capabilities in identifying subtle differences and anomalies in materials or biological samples. Moreover, technological advancements are enhancing the resolution and speed of hyperspectral imaging systems, making them increasingly valuable for research institutions, laboratories, and medical facilities seeking innovative solutions for analysis and diagnosis.

Snapshot by technology type to witness the highest CAGR during the forecast period.

Snapshot technology can capture spectral data in a single snapshot, eliminating the need for scanning and significantly reducing acquisition time. This makes snapshot systems ideal for real-time or rapid analysis applications, such as medical diagnostics, food inspection, and industrial quality control. Additionally, advancements in sensor technology are enhancing the performance and affordability of snapshot systems, driving their adoption across various industries seeking efficient and cost-effective imaging solutions.

Hyperspectral imaging systems market for visible & NIR by wavelength to hold the highest market share during the forecast period.

Visible & NIR hyperspectral cameras have versatility and a wide range of applications. These wavelengths can capture detailed spectral information across visible and NIR spectra, making them suitable for diverse industries such as agriculture, environmental monitoring, and food inspection. Moreover, combining visible and NIR wavelengths enables enhanced analysis capabilities, allowing businesses to extract valuable insights for improved decision-making and quality control processes.  

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North America, in the hyperspectral imaging systems market, is expected to exhibit the highest market share during the forecast period.

Due to several key factors, the North American region is expected to hold the highest market share in the hyperspectral imaging systems market. The region boasts a robust technological infrastructure and a strong presence of key market players driving innovation and adoption. Increasing investments in agriculture, defense, and healthcare sectors fuel the demand for advanced imaging solutions.

Key Players

The hyperspectral imaging systems market includes major Tier I and II players like SPECIM, SPECTRAL IMAGING LTD. (Finland), Malvern Panalytical Ltd (UK), Corning Incorporated (US), HORIBA (Japan), Bayspec, INC. (US) and others. These players have a strong market presence in advanced packaging across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

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Asset Integrity Management Industry worth USD 31.5 billion by 2029

 The report "Asset Integrity Management Market by Service Type (NDT, Risk-based Inspection, Corrosion Management, Pipeline Integrity, Hazard Identification, Structural Integrity Management, Reliability Availability and Maintainability) - Global Forecast to 2029" The global asset integrity management market is expected to be valued at USD 23.9 billion in 2024 and is projected to reach USD 31.5 billion by 2029; it is expected to grow at a CAGR of 5.7% from 2024 to 2029. The asset integrity management market is driven by driven by regulatory compliance, technological advancements, and sector-specific demands.

Non-destructive testing (NDT) inspection service type in asset integrity management market to dominate during the forecast period.

Non-destructive testing (NDT) inspection commands the largest share in the market due to its fundamental role in ensuring the structural integrity and safety of assets across diverse industries. NDT techniques allow for thorough examination without causing damage to the material being inspected, making it a preferred choice for asset maintenance and evaluation. Its versatility enables the detection of flaws, defects, or weaknesses in materials, welds, and components, providing invaluable insights into asset condition without disrupting operations. As industries increasingly prioritize safety, regulatory compliance, and operational efficiency, the demand for NDT inspection services continues to surge, further solidifying its dominance in the asset integrity management market.

Oil & gas industry holds for the largest share in asset integrity management market.

Oil and gas industry holds the largest share in the asset integrity management market due to its critical reliance on maintaining the integrity of complex infrastructure and equipment. The sector operates in challenging environments such as offshore platforms, pipelines, and refineries, where asset failure can have severe safety, environmental, and financial consequences. With stringent regulatory requirements and increasing pressure to optimize production efficiency, oil and gas companies prioritize comprehensive asset integrity management solutions to ensure operational reliability, safety, and compliance. This emphasis on risk mitigation and the industry's substantial investment in asset maintenance and monitoring solidifies oil and gas as the dominant sector driving the demand for asset integrity management services.

Based on plant location offshore oil & gas plants to exhibit highest CAGR during the forecast period.

The offshore oil and gas industry is poised for the highest CAGR in asset integrity management due to its critical reliance on maintaining safety and reliability in harsh environments. Increasing exploration in deeper waters and remote locations amplifies the demand for advanced monitoring and maintenance solutions. Stringent regulatory standards and the potential consequences of asset failure drive the adoption of comprehensive integrity management practices. Furthermore, technological advancements facilitate more efficient monitoring and maintenance of offshore assets. These factors collectively contribute to the anticipated growth in the offshore sector's asset integrity management market.

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North America region dominates the asset integrity market during the forecast period.

Due to several key factors, North America is poised to dominate its market share during the forecast period. The region's significant concentration of industries like oil and gas, manufacturing, power generation, and aerospace necessitates robust asset integrity management practices for operational reliability and safety. Moreover, North America benefits from advanced technological capabilities and a strong regulatory framework, driving the adoption of sophisticated asset monitoring and maintenance solutions. Additionally, the region's commitment to innovation and investment in infrastructure modernization reinforces its leadership in the asset integrity management market. Lastly, the increasing emphasis on sustainability and environmental stewardship further solidifies North America's dominance in the market.

Key Players

The asset integrity management market includes major Tier I and II players like SGS Société Générale de Surveillance SA. (Switzerland), Bureau Veritas (France), Intertek Group plc (UK), TechnipFMC plc (UK), Aker Solutions (Norway), Applus+ (Spain), DNV AS (Norway), John Wood Group PLC (UK), Oceaneering International, Inc. (US), Fluor Corporation (US), Baker Hughes Company (US) and others. These players have a strong market presence of asset integrity management across various countries in North America, Europe, Asia Pacific and the Rest of the World (RoW).

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem.Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research.The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Power Tools Industry worth USD 45.5 billion by 2029

 The report "Power Tools Market by Tool Type (Drilling and Fastening Tools, Demolition Tools, Sawing and Cutting Tools, Material Removal Tools, Routing Tools), Mode of Operation (Electric, Pneumatic, Hydraulic), Application and Region - Global Forecast to 2029" The power tools market is expected to grow from USD 39.5 billion in 2024 to USD 45.5 billion by 2029, at a CAGR of 2.9% during the forecast period. The growth of the construction industry in emerging economies, widespread adoption of battery-powered power tools worldwide, and rising demand for power tools in the automotive sector are significant factors. Furthermore, the development of smart and connected power tools, coupled with the increasing demand for household application power tools, generates opportunities for market growth.

Drilling and Fastening Tools segment is expected to grow at the highest CAGR during the forecast period.

The drilling and fastening tools segment are expected to grow at the highest CAGR during the forecast period. Drilling and fastening tools are extensively used across industrial sectors due to their versatility. Professionals rely on these tools for a wide range of repair and maintenance tasks. Additionally, impact tools, screwdrivers, impact wrenches, and nut runners are commonly employed for various fitting and fastening applications in both industrial and residential settings. Notably, the automotive industry is a major driver of market growth, as it heavily relies on these tools in its operations. These factors collectively contribute to the anticipated rapid growth of the drilling and fastening tools segment in the power tools market.

Electric mode of operation segment is expected to grow at the highest CAGR during the forecast period.

Electric mode of operation is expected to grow at the highest CAGR during the forecast period. Electric power tools can be operated either with a battery or a corded power supply, depending on the particular application. The growing preference for cordless electric tools is driven by their enhanced convenience and portability. Moreover, advancements in battery technology have notably improved the performance and durability of these cordless tools, making them increasingly appealing to both professionals and DIY enthusiasts.

Residential/DIY Application is expected to grow at the highest CAGR during the forecast period.

Residential/DIY Application is expected to grow at the highest CAGR during the forecast period. The growing popularity of cordless power tools among homeowners is driving market growth. Specifically, DIY enthusiasts prefer electric power tools for their home improvement projects, opting for compact and lightweight options for daily tasks. This trend highlights a significant shift towards ergonomically designed solutions in the power tools market. Furthermore, advancements in battery technology, providing longer runtime and improved performance, add to the appeal of cordless tools. Additionally, the inclusion of user-friendly features and smart technologies further increases the attractiveness of cordless power tools among homeowners, leading to market expansion.

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Asia Pacific is expected to grow at the highest CAGR during the forecast period.

The Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The rapid urbanization and industrialization seen in countries like China, India, and Southeast Asian nations are prompting significant investments in infrastructure development, construction projects, and manufacturing activities. This increase in construction and industrial endeavors leads to a higher demand for power tools across various sectors. Additionally, the growing disposable income and expanding middle-class population in the region are driving the demand for power tools for residential and do-it-yourself (DIY) purposes. Furthermore, advancements in technology and the availability of innovative power tool solutions tailored to the specific needs of the Asian market are contributing to market growth.

Key players

Major companies operating in the power tools market include Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), Hilti Corporation, (Liechtenstein), Andreas Stihl AG & Co. KG (STIHL) (Germany), Atlas Copco AB (Sweden), Apex Tool Group, LLC (US), Ingersoll Rand (US), Snap-on Incorporated (US), among others.

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