Automotive Catalytic Converter Market Driven By Increasing Automobile Production Till 2024: Grand View Research, Inc.

The global automotive catalytic converter market size is expected to reach USD 272.95 billion by 2024 according to a new report by Grand View Research, Inc.

In 2015, the global automotive industry experienced a relatively strong growth and profitability, with annual sales reaching pre-recession levels, especially in the U.S., China, India, Japan, and South Korea. This is anticipated to favorably impact the global automotive catalytic converter market over the forecast period. Stringent emission norms by governments and regulatory authorities worldwide have further strengthened industry growth.

Catalytic converters are constituted of precious metals such as platinum, palladium, or rhodium. These metals are used as catalysts and are enclosed in a muffler-like package, which is attached at the exhaust end. Researchers are increasingly working towards the development of advanced catalytic converters that extensively reduce the toxicity of the exhaust emissions as well as improve vehicle fuel efficiency.

However, high R&D costs pertaining to the development of innovative and efficient converters is expected impede industry growth over the next eight years. Moreover, increasing adoption of hybrid and electric vehicles is expected to challenge market growth.

North America automotive catalytic converter market revenue by product, 2014 – 2024 (USD Billion)

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Further key findings from the report suggest:

  • Three-way oxidation-reduction catalytic converters have a value addition over their two-way catalyst counterparts as they perform three simultaneous chemical conversions. They carry out the oxidation of carbon monoxide & un-burnt hydrocarbons to water &carbon dioxide, along with the conversion of oxides of nitrogen to nitrogen &oxygen. Three-way type converters accounted for over 35% of the industry share and are expected to maintain their dominance over the forecast period.
  • Diesel oxidation catalyst converters are exclusively used in diesel engine vehicles and are expected to witness a steady demand over the forecast period. They are equipped with diesel particulate filters in order to eliminate particulates from the exhaust emissions. Manufacturers and associations have stepped up their R&D activates to develop new, innovative products such as the four-way catalytic converter.
  • Platinum tends to be a good oxidation catalyst as a result of which it was extensively used in such automobile components in the past. However, on account of the high cost associated with platinum, it is increasingly being replaced by palladium and rhodium. Rhodium exhibits greater efficiency towards the removal of toxic exhaust emissions and is thereby expected to witness a surge in demand over the next eight years. Rhodium accounted for over 40% of the industry demand and is presumed to continue its dominance over the forecast period.
  • Stringent emission standards such as the Bharat Stage V & VI in India that are based on the European Standards EuroV and EuroVI have made installation of catalytic converters obligatory for automobile assemblers. This is done to inhibit the issue of harmful exhaust emissions. Europe dominated the global automotive catalytic converter industry contributing to over 30% of the global revenue in 2015. The presence of several prominent automotive manufacturers in Europe is expected to generate a steady demand in the region over the forecast period.
  • Key industry participants include BASF Catalysts, Faurecia, Magneti Marelli, SMPE and Tenneco. Vendors are gradually adopting innovative distribution strategies such as e-commerce retailers and offer online catalogs apart from directly supplying to automobile assemblers.

Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-automotive-catalytic-converter-market                                                                                

About Grand View Research, Inc:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

For more information: http://www.grandviewresearch.com

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Ground Handling System Market Is Expected To Reach USD 189.09 Billion By 2022: By Grand View Research, Inc.

The global ground handling system market size is expected to reach USD 189.09 billion by 2022, according to a new report by Grand View Research, Inc.

The substantial growth prospects of the aircraft ground handling system market can be attributed to a global increase in the passenger and cargo air traffic. Support by several governments worldwide and the local airport authorities are also stimulating the industry growth. Aviation and local airport authorities regulate the operations of handling equipment related to the safety of airliners, passengers, and the cargo to be transported.

The multi-billion-dollar expansion of airline fleets and airports globally has set off significant growth prospects for the aircraft handling industry players.Both, airlines operators and airports are focused on procuring and implementing advanced technologies to meet the rising air traffic and ensuring greater profitability, performance, and efficiency amidst stiff competition.

An emerging trend in the industry is the use of renewable energy sources to power equipment. Biogas-powered snow removal equipment, which is an eco-friendly approach, is being developed increasingly to carry out snow removal at airports. Furthermore, with the integration of IT in ground support operations, companies are increasingly developing innovative ground support software to address the specific needs of handlers.

However,high initial and replacement costs for such equipment are presumed to challenge market growth over the forecast period. Advanced and innovative ground support equipment that is sustainable is comparatively expensive and cuts into the profit share of major commercial airline companies.

North America ground handling system market by service, 2012-2022, (USD Billion)

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Further key findings from the report suggest:

  • Aircraft support equipment accounted for over40% of the overall market share in 2014 and is poised for significant growth over the next seven years. The growth in this segment can be attributed to increasing global airline fleets at the airport, and increased prominence of air travel.
  • Baggage and cargo handling service segment is anticipated to witness substantial growth over the forecast period, growing at a CAGR of over 10% from 2015 to 2022. The growth in baggage and cargo support service is dependent upon the increase in the number of commuters using air travel, and an increase in air cargo transport.
  • Projected to grow at an estimated CAGR of over 10%, from 2015 to 2022,ramp support service is expected to witness significant growth over the next seven years. The growth in ramp handling service segment can be attributed to increasing demand for passenger movement, aircraft towing, parking assistance, and aircraft marshaling.
  • The ground handling system market in Asia Pacific accounted for over 25% of the overall market share in 2014 and is presumed to witness significant levels of growth over the forecast period.India and China are expected to incorporate considerable opportunities for regional industry growth, due to increasing urbanization, large population, eventually leading to extensive domestic traveling.
  • The Middle East regional market is presumed to witness substantial growth over the forecast period, growing at a CAGR of close to 9% from 2015 to 2022. The region incorporates significant growth potential owing to asurge in aviation activities in the form of expansion,modernization, and domestic air travel.

About Grand View Research, Inc:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

 For more information: http://www.grandviewresearch.com

 

Armored Vehicle Market To Gain Demand Quickly Due To The Rise In Commercial Security Awareness Till 2022: Grand View Research, Inc.

The global armored vehicle market is expected to reach USD 26.79 billion by 2022, according to a new report by Grand View Research, Inc. Increasing defense expenditure worldwide to improve military capabilities is expected to contribute to revenue growth.

Rising internal and external terrorism activity worldwide is expected to drive industry demand over the forecast period. Technology advancements such as unmanned vehicles are expected to fuel market growth. Increased focus of government such as India, China and the U.S. will contribute to industry growth.

According to Department of Industrial Policy & Promotion (DIPP) Indian government is expected to make investment of USD 130 billion on defense forces and additional USD 110 billion on homeland security over the next seven years. Rising unrest or civil war such as civil war in Iraq may also drive the armored vehicle market.

Companies are continuously investing in R&D to drive new technology and products. Enhanced fuel efficiency and protection are key aspects for future development. Budget limitations and macroeconomic conditions may delay the ongoing or future development over the forecast period.

U.S. armored vehicle market by product, 2012 – 2022 (USD Million)

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Further key findings from the report suggest:

  • APC is key product segment and estimated to grow at a CAGR of 2.5% from 2015 to 2022. They are primarily used for safer deployment of infantry to battle fields or high threat areas and can be distinguished from IFVs based on the weapons they carry. Principally, APCs are not intended to take part in direct-fire battle, but are armored to provide protection from shrapnel and small arms fire and armed for self-defense. Mine-resistant ambush protected (MRAP) market is expected to growth at a CAGR of over 2.5%.
  • Armored vehicles can be used to enhance defense capabilities, maintain homeland security, and for commercial applications. Homeland security works to prevent terrorist attacks with the country, reduce the vulnerability to terrorism, and minimize the damage from attacks that do occur.
  • Asia Pacific armored vehicle market is estimated to be the key regional segment and accounted for over 30% of the overall revenue share in 2014. Rising defense budget of countries and increase in border or terrorism threats in Asia Pacific is expected to contribute to regional growth over the forecast period. North America armored vehicle market is estimated to hold over 25% of overall revenue share by 2022.
  • This industry is highly competitive, key industry participants include BAE Systems, General Dynamics Corporation, Elbit Systems, INKAS, International Armored Group, Krauss-Maffei Wegmann, Iveco, Rheinmetall Ag, Lenco Industries, Inc, and Lockheed Martin.
  • In September 2015, BAE Systems announced that it delivered the first production series ARCHER artillery system to the Swedish Defense Materiel Administration (FMV). Lenco Industries’ Bearcat and BEAR are used as military counter attack and rescue automobile; they are also used as patrol automobile on a military base or in urban environment.

About Grand View Research, Inc:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

For more information: http://www.grandviewresearch.com

Material Handling Equipment Market To Be Driven By The Growing Concerns For Workplace Safety Till 2025: Grand View Research, inc.

The global material handling equipment market is expected to reach USD 41.1 billion by 2025, according to a new report conducted by Grand View Research, Inc. The rise in manufacturing activities in the automotive, pharmaceutical, chemical, and food & beverage industries is projected to spur demand. The growing concerns for workplace safety are expected to remain a key driver.

The global material handling equipment market is anticipated to witness a high growth over the forecast period. This is accredited to the use of technologically advanced products, such as hydraulic components which are incorporated into this equipment. Furthermore, the integration of telematics solutions & tracking sensors into these products is expected to gain traction in the near future, thereby fueling the equipment sales. The rising espousal of automated storage and retrieval systems is expected to further catapult the equipment market growth over the next nine years.

China material handling equipment market by product, 2014 – 2025 (USD Billion)

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Further key findings from the report suggest:

  • Automated storage & retrieval systems segment captured over 25% of the total revenue in 2015 and is projected to exhibit a significant growth at a CAGR of over 6.9% from 2016 to 2025. This growth is attributed to the surging espousal of automated equipment in warehouses and manufacturing centers
  • On account of the wide scope of applications, these products aid in moving, protecting, and storing goods in warehouses. The e-commerce segment is expected to gain prominence over the forecast period with an estimated CAGR exceeding 10.0%.
  • Asia Pacific emerged as the fastest growing market and is expected to witness a healthy CAGR of over 7%, which is primarily due to the rising manufacturing activities in the developing countries of this region
  • The key purveyors in this industry comprise Daifuku,SSI Schaefer,BEUMER Group, Kion Group (Dematic), and Swisslog AG.

About Grand View Research, Inc:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

For more information: http://www.grandviewresearch.com

Stringent Emission Norms & Limitations Of Renewable Energy Sources Is Expected To Drive Marine Propulsion Engines Market Till 2020: Grand View Research, Inc.

The Global Marine Propulsion Engines Market is expected to reach USD 10.95 billion by 2020, according to a new study by Grand View Research, Inc. Significant modernization in marine propulsion as a direct consequence of increased demand for operationally dependable and financially efficient ships is expected to drive the marine propulsion engines market. The shipping industry has started to focus more on reducing fossil fuel consumption by developing electric motors which also help increase energy efficiency.

The market is expected to be hindered by regulations of the International Convention for the Prevention of Pollution from Ships (MARPOL), which apply principally to the protection of the marine environment and prevention of contamination by oil, chemical spills, sewage, marine species, and air pollution by engine exhaust gases. With the advancement in technology and increasing awareness pertaining to environmental conservation, development of propulsion systems that run on alternate fuels and with minimal emissions has garnered special importance.

Although wind and solar energy have gained prominence as auxiliary propulsion sources in the marine propulsion engines market, they are inadequate to suffice the power requirements for primary propulsion purposes.

Global marine propulsion engines market by product (USD Million), 2012 – 2020

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High reliability and easy operability have resulted in diesel engines being the most extensively used to meet the primary as well as auxiliary ship propulsion needs in the marine industry. Presence of well-established spare part and repair networks globally coupled with availability of trained engineers and established training facilities has further driven the diesel marine propulsion engines demand.

Depleting conventional and shale gas reserves have led to the increase in the demand for liquefied natural gas (LNG) as a marine fuel which involve dual fuel diesel (DFD) engines as prime movers. Wind energy and solar energy have gained prominence as auxiliary power generating sources as they do not emit harmful pollutants. Although steam turbine systems were traditionally used as prime movers, they have been increasingly substituted by diesel and dual fuel diesel (DFD) engines. Steam marine propulsion engines are still used in niche applications such as coal carriers and LNG carriers.

Asia Pacific accounted for a substantial share of the overall marine propulsion engines market revenue in 2013, which can be attributed to significant investments by countries in the Far East such as China and South Korea. North America is among the highest adopters of LNG as a propulsion medium.

Leading marine propulsion engines manufacturers such as Wärtsilä, Rolls-Royce, MAN Diesel, Caterpillar, and Cummins adopt global multi-sourcing strategies to explore alternative sources of supply. Marine propulsion engines manufacturers have dedicated professional sales staff having expertise in the company’s entire product lines for identifying specific and tailored solutions. The marine propulsion engines market is characterized by frequent mergers and acquisitions in a bid to achieve competitive advantage.

About Grand View Research, Inc:

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

For more information: http://www.grandviewresearch.com

Flight Simulator Market Is Predicted To Grow Swiftly Due To Increasing Adoption Of FFS Owing To High Fidelity And Reliability Till 2024: Grand View Research, Inc.

The global flight simulators market is expected to reach USD 5.62 billion by 2024, according to a new report by Grand View Research, Inc. Increasing adoption of FFS owing to high fidelity and reliability is expected to provide adequate growth prospects over the coming years. Customers also opt for FTDs on account of their low operational costs, modular approach, real-time aerodynamic flight model, and remote configuration as well as management. The industry is expected to witness moderate growth over the forecast period owing to the aforementioned factors.

The need to effectively replicate real flying training with the usage of motion and visual systems has resulted in the introduction of sophisticated simulators in the market. Increase in government spending and growing security concerns particularly in the military sector is anticipated to escalate product demand significantly. The rising concerns over pilot training cost along with fluctuating fuel prices may further drive demand for flight simulators over the next eight years.

China Flight Simulator Market By Product, 2012 – 2024 (USD Million)

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Further key findings from the report suggest:

  • The FFS product segment accounted for over 90% of the overall revenue in 2015 and is expected to grow at a CAGR of over 4% from 2016 to 2024. This growth is owing to features that provide motion, sound, visuals, and all other aircraft operations that create a realistic flight training environment.
  • The demand in civil application segment is primarily due to the rising air traffic coupled with the growing emphasis on the passenger as well as pilot safety. Governments in several countries have enforced strict regulations regarding the use and significance of simulation training.
  • The services segment is anticipated to grow at a CAGR exceeding 3.0% over the forecast period. This is primarily attributed to the rise in number of simulator installation by international airways.
  • Europe accounted for more than 30% of the overall market share in 2015 and is expected to exhibit a modest growth over the next eight years on account of the elevating enforcement of regulations pertaining to pilot training and passenger safety.
  • The Asia Pacific flight simulators market is estimated to exhibit a substantial growth over the forecast period in light of the growing aviation industry, resulting in the increasing demand for flight simulators. The Middle East & Africa is also projected to showcase a substantial demand of over 4%, which is primarily be attributed to the presence of carriers including Emirates, Etihad Airways, and Qatar that are investing heavily in this industry.
  • Prominent industry players include CAE, Boeing, L-3 Link Simulation & Training, Lockheed Martin, Rockwell Collins, Thales and SaaB. Industry participants emphasize on joint ventures, mergers and acquisitions in order to acquire greater financial, technical, marketing, manufacturing and distribution expertise.

 For more information: http://www.grandviewresearch.com

Flexitanks Market Will Be Worth $1.49 Billion By 2024: Grand View Research, Inc.

The global flexitanks market is expected to reach USD 1.49 billion by 2024, according to a new report by Grand View Research, Inc. Increasing commodity export, particularly in Asia Pacific, is expected to foster flexitanks demand over the forecast period. Cost-effective and efficient nature of flexitanks has increased product popularity among the end-users. Flexitanks can carry more amount of liquid in a standard container than the ISO tanks or drums used for bulk transport traditionally.

Single trip was the leading product segment and accounted for over 90% of total market volume in 2015. Single trip flexitanks are very much cost-effective compared to multi-trip flexitanks, as they eliminate cleaning and repositioning costs incurred. Green logistic practices incorporated by most of the flexitank manufacturers and logistics providers ensure proper disposal of used flexitanks without causing any environmental ill-effect.

Virtually, flexitanks can be utilized for any liquid and semi-solid food material. This has helped higher flexitank penetration in the foodstuffs application segment. Higher operational benefits and cost-effectiveness have made flexitanks an attractive alternative.

China and South East Asian countries have become the prominent manufacturing hubs for key manufacturers in the world. Huge foodstuffs & chemicals’ export from Asia Pacific & North America is expected to push flexitanks demand to greater heights over the forecast period.

U.S. flexitanks market volume by product, 2014 – 2024 (Units)

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Further key findings from the report suggest:

  • Global flexitanks market demand was 984,000 units in 2015 and is expected to reach 4,928,106 units by 2024, growing at a CAGR of 18.6% from 2016 to 2024
  • Foodstuffs were the leading application segment and accounted for over 30% of total market volume in 2015. Easy availability of FDA approved flexitanks in all regions has been a major factor for its increased penetration.
  • Chemical is expected to be the fastest growing application segment at an estimated CAGR of 19.0% from 2016 to 2024. The growth can be attributed to increasing popularity of flexitanks along with the fact that all non-toxic liquid chemicals can be transported using flexitanks.
  • Asia Pacific emerged as the leading regional market and accounted for over 60% of the total volume in 2015. Increasing commodity trade along with higher market penetration is expected to spur the regional market growth over the next seven years. The region is also expected to witness the fastest growth over the forecast period.
  • Key market participants operating in the global flexitanks market include Environmental Packaging Technologies Inc., Qingdao LAF Packaging Co. Ltd., Trans Ocean Bulk Logistics Ltd, and SIA Flexitanks Ltd.

 For more information: http://www.grandviewresearch.com