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Global Industrial Safety Footwear Market Size, Trends, Growth Report 2023-2028

Industrial Safety Footwear Market Outlook

According to the report by Expert Market Research (EMR), the global Industrial Safety Footwear Market Share reached a value of USD 10.46 billion in 2022. Aided by the rising awareness about workplace safety and the growing demand for durable and protective footwear across various industries, the market is projected to further grow at a CAGR of 7.40% between 2023 and 2028 to reach a value of USD 16.05 billion by 2028.

Industrial safety footwear, commonly known as safety boots or work boots, are shoes specifically designed to protect workers from physical harm or hazards at workplaces. They are typically built with sturdy materials and come with features like a steel toe, heat resistance, and slip resistance. Besides offering protection, industrial safety footwear also provides comfort for long working hours, making them an essential component across numerous industries, including construction, manufacturing, oil and gas, and chemical.

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The escalating consciousness about workplace safety is driving the global industrial safety footwear market growth. With the growing understanding of the importance of personal protective equipment (PPE) to prevent workplace injuries, there has been a significant shift towards the adoption of safety footwear. Moreover, the emerging trend of wellness and health at work has further enhanced the demand for industrial safety footwear, as they play a crucial role in providing comfort and reducing work fatigue.

The broadening applications of industrial safety footwear in various industries also contribute significantly to the industrial safety footwear market development. In the construction and manufacturing sectors, safety footwear is necessary to protect workers from heavy objects and sharp materials. The oil and gas industry utilises safety boots for their heat and slip-resistant features, vital for working in hazardous environments. In the chemical industry, safety footwear provides protection against chemical spills and exposure, aiding the industrial safety footwear market growth.

Moreover, the growing need for specialised footwear in niche industries has led to an increased emphasis on the development of customised safety footwear. With the advent of new industries and the increasing complexities of occupational hazards, industrial safety footwear has become a critical component in ensuring workplace safety, thereby fuelling the industrial safety footwear market expansion.

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Industrial Safety Footwear Market Segmentation

The market can be divided based on material, type, distribution channel, application, and region.

Market Breakup by Material

Leather
Rubber
Waterproof
Plastic
Others

Market Breakup by Type

Shoes
Boots

Market Breakup by Distribution Channel

Offline
Online

Market Breakup by Application

Manufacturing
Construction
Mining
Oil and Gas
Chemicals
Food
Pharmaceutical
Transportation

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Industrial Safety Footwear Market Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global industrial safety footwear companies. Some of the major key players explored in the report by Expert Market Research are as follows:

Rahman Industries Limited
Honeywell International Inc.
COFRA S.r.l.
Saina Corporation Co. Ltd.
Elten GmbH
Uvex Arbeitsschutz GmbH
Rock Fall Ltd.
Wolverine World Wide Inc.
Bata Shoe Company Private Limited
Dunlop Protective Footwear B.V.
Others

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Don’t miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation’s future success by acquiring one of our Expert Market Research reports today.

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Contact Person: Clara Johnson, Corporate Sales Specialist – U.S.A.
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Castor Oil and Derivatives Market Share, Trends, Forecast 2023-2028

Castor Oil and Derivatives Market Outlook

According to the report by Expert Market Research (EMR), the global castor oil and derivatives market Trends reached a value of approximately USD 2.94 billion in 2022. Aided by the increasing demand for sustainable and biodegradable products and the widening applications of castor oil and its derivatives in various industries, the market is projected to further grow at a CAGR of 6.50% between 2023 and 2028 to reach a value of USD 4.29 billion by 2028.

Castor oil, extracted from castor seeds, is a versatile vegetable oil known for its unique chemical properties. It consists of derivatives such as hydrogenated castor oil, sebacic acid, undecylenic acid, and dehydrated castor oil, among others. These derivatives possess various features like moisturising, lubricating, and antibacterial properties, making them suitable for applications in a plethora of industries including pharmaceuticals, cosmetics, biodiesel, and plastics.

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The increasing consumer preference for sustainable and environmentally friendly products is driving the global castor oil and derivatives market growth. With the growing awareness about the environmental and health benefits associated with the use of natural ingredients, there has been a marked shift towards products based on castor oil and its derivatives. Moreover, the escalating trend of green chemistry in the industrial sector has further amplified the demand for castor oil, as it is a renewable and biodegradable resource.

The widening applications of castor oil and its derivatives in various industries also play a significant role in boosting the castor oil and derivatives market expansion. In the pharmaceutical industry, castor oil and its derivatives are used for their therapeutic and medicinal properties. The cosmetics industry utilises these for their moisturising and skin-enhancing properties, essential in the formulation of various skincare and haircare products. Furthermore, castor oil’s lubricating properties make it a vital component in the manufacturing of biodiesel and lubricants, thus increasing the castor oil and derivatives market demand.

Moreover, the growing demand for bio-based alternatives in the polymer and plastic industry has led to an increased emphasis on castor oil and its derivatives as viable substitutes for synthetic feedstock. With the rise of sustainable manufacturing practices and the increasing popularity of biopolymers, castor oil and its derivatives have emerged as crucial elements in the formulation of bioplastics, thereby driving the castor oil and derivatives market expansion.

Read Full Report with Table of Contents- https://www.expertmarketresearch.com/reports/castor-oil-and-derivatives-market

Castor Oil and Derivatives Market Segmentation

The market can be divided based on product type, application, and region.

Market Breakup by Product Type

• Sebacic Acid

• Dehydrated Castor Oil

• Hydrogenated Castor Oil (Castor Wax)

• Ricinoleic Acid

• Undecylenic acid

• Others

Market Breakup by Application

• Pharmaceuticals

• Personal Care and Beauty Care

• Lubricants

• Paints and Varnishes

• Plastics and Resins

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Castor Oil and Derivatives Market Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global castor oil and derivatives companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• NK Industries Ltd

• Thai Castor Oil Industries Co. Ltd

• ITOH Oil Chemicals Co., Ltd.

• Hokoku Corporation

• Jayant Agro-Organics Limited.

• Adani Wilmar Ltd.

• N K Proteins Pvt Ltd.

• Ambuja Solvex Pvt. Ltd.

• Taj Agro International (Taj Pharma Group)

• Others

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Global Compaction Equipment Market Trends, Growth, Report 2023–2028

Compaction Equipment Market Outlook

According to the report by Expert Market Research (EMR), the global Compaction Equipment Market Size is projected to grow at a CAGR of 4.30% between 2023 and 2028. Aided by the rising urbanisation, escalating infrastructural activities, and the growing demand for road repair and maintenance, the market is expected to grow significantly by 2028.

Compaction equipment is fundamental to construction and infrastructural projects as it compacts soil, asphalt, or waste materials, thus creating a smooth, level surface and increasing its density. By eliminating air voids, it increases load-bearing capacity, reduces water seepage, swelling, and contraction, which significantly enhance the quality, safety, and durability of the structures.

The escalating urbanisation and rising global construction activities are the primary drivers of the global compaction equipment market growth. As burgeoning cities expand their infrastructure, the demand for effective and durable compaction solutions escalates. Alongside, the advancement of megacities and the growing demand for well-established road networks in developing economies are boosting the market expansion.

The surge in road repair and maintenance projects worldwide further stimulates the compaction equipment market demand. The enhanced focus on road quality and longevity has led to an increased demand for compaction equipment, critical in the road construction process. Modernisation of outdated infrastructure, especially in developed countries, is another factor contributing to the upswing of the market.

The versatility of compaction equipment finds its use across numerous industries, from construction to waste management, reinforcing the compaction equipment market growth. In the waste management industry, these machines play a critical role in compacting waste material in landfills, thereby optimising space and promoting environmental sustainability. The escalating concern about efficient waste management, therefore, leads to an increased demand for compaction equipment.

Moreover, technological advancements have brought forth innovative compaction equipment that provides real-time compaction data, enhanced efficiency, and lower environmental impact. Intelligent Compaction (IC) technology, for instance, offers GPS-based mapping, temperature monitoring, and onboard reporting systems. This technology not only enhances work efficiency but also contributes to saving time, cost, and ensuring quality control. This upsurge in technological advancements and the gradual shift towards automation further fuel the compaction equipment market expansion.

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Compaction Equipment Market Segmentation

The market can be divided based on type, application, end use, and region.

Market Breakup by Type

Smooth Wheeled Roller
Rammers
Vibratory Roller
Sheepsfoot Roller
Pneumatic Roller
Vibratory Plate Compactor
Others

Market Breakup by Application

Soil Compaction
Concrete Compaction
Others

Market Breakup by End Use

Mining
Engineering and Construction

Market Breakup by Region

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

Compaction Equipment Market Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global compaction equipment companies. Some of the major key players explored in the report by Expert Market Research are as follows:

Caterpillar Inc.
Atlas Copco AB
Hitachi Construction Machinery Co., Ltd.
AB Volvo
BOMAG GmbH
Others

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Company Name: Claight Corporation

Contact Person: Clara Johnson, Corporate Sales Specialist — U.S.A.

Email: sales@expertmarketresearch.com

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Address: 30 North Gould Street, Sheridan, WY 82801, USA

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Global Central Air Conditioning Market

The new report by Expert Market Research titled, ‘Global Central Air Conditioning Size Report and Forecast 2023-2028’, gives an in-depth analysis of the global central air conditioning market, assessing the market based on its segments like types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2023-2028)

• Forecast CAGR (2023-2028): 6.7%

Changing climatic conditions and the rising demand from the commercial construction sector are projected to drive the market growth. The home and commercial HVAC industries are being influenced by rising income levels, improving standards of living, and modernisation; therefore, the demand for technologically advanced and energy-efficient central air conditioning systems is expanding. The application of technologically advanced concepts has resulted in improved product operations, which is leading to global adoption of the product. Furthermore, the increasing number of commercial buildings and the increasing construction activities will have a positive impact on the growth of the global market.

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Industry Definition and Major Segments

Central air conditioning is a system that cools air in a central place and distributes it to and from rooms using one or more fans and ducting. Cool air is pumped through a system of supply and return pipes in central air conditioning systems. Cool air is transferred from the air conditioner to the house through supply channels and registers (that is cavities in walls, floors, or ceilings covered with grills).

By type, the market is segmented into:

• Split System
• Packaged Unit
• Rooftop System

The major applications of the market are:

• Residential
• Commercial

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

In the near future, the presence of multiple large-scale enterprises will have a favourable impact on the overall market’s growth. Artificial intelligence (AI) and the internet of things (IoT) will increase global demand for the goods. Central air conditioning systems are frequently utilised in large commercial spaces, like airports, hotels, multiplexes, and hospitals, all over the world due to the ability of the product to regulate the temperature of large spaces. The market’s expansion will be aided in the coming years by significant investment in product research and development. The increasing number of product launches, among other factors, will have a significant impact on market growth in the coming years.

Key Market Players

The major players in the market are Daikin Industries Ltd., Carrier Corporation, Lennox International Inc., Blue Star Limited, and Fujitsu General Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

Media Contact

Company Name: Claight Corporation
Contact Person: Clara Johnson, Business Consultant
Email: sales@expertmarketresearch.com
Toll Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: https://www.expertmarketresearch.com

Global Centrifugal Chillers Market Growth, Trends, Size, Analysis, Report, Forecast 2023-2028

The new report by Expert Market Research titled, ‘Global Centrifugal Chillers Trend Report and Forecast 2023-2028’, gives an in-depth analysis of the global centrifugal chillers market, assessing the market based on its segments like types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2023-2028)

• Forecast CAGR (2023-2028): 4.7%

The global market is expected to be driven by the use of centrifugal chillers in HVAC systems. Centrifugal chillers are low maintenance, have fewer moving components, and are long-lasting. Centrifugal chillers have a smaller footprint and a higher cooling capacity. Centrifugal chillers are very popular due to these characteristics. They are used for indoor installation or weather protected spaces. Centrifugal chillers are widely used as the building stock in regions that comprise large buildings, such as hotels, commercial buildings, industrial plants, university campuses, airports, and hospitals. Over the forecast period, the requirement for a better price-to-performance ratio is expected to boost the demand for centrifugal chillers in the global market.

Industry Definition and Major Segments

The rotary action of an impeller wheel exerts a radial force on the refrigerant inside a volute in a centrifugal compressor. Centrifugal chillers, unlike reciprocating chillers, are well suited for most applications requiring a significant volume of refrigeration.

By type, the market is segmented into:

• <500T
• 500-1000T
• 1000-2000T
• >2000T

Based on application, the market is divided into:

• Commercial
• Industrial
• Others

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

Centrifugal chillers supply chilled water for all applications requiring large-scale cooling capability; they are a cost-effective way to cool massive structures. While centrifugal chillers might be costly, they typically have customised configurations and nearly always provide a return on investment over time. The fast-paced urbanisation is one of the key factors fuelling the sales of centrifugal chillers. These factors are aiding the growth of the overall market. Players are investing heavily in R&D, experimenting with various technological integrations to improve the price-to-performance ratio of centrifugal chillers. Oil-free magnetic bearing technology combined with high-efficiency heat exchangers is expected to achieve widespread application in centrifugal chillers in the coming years. Centrifugal chillers are expected to develop significantly throughout the forecast period due to their numerous advantages over other varieties.

Key Market Players

The major players in the market are Johnson Controls International plc, Carrier Global Corporation, Daikin Industries Ltd, Haier Group, and Trane Technologies Company, LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Global Biodegradable Polymers Market Growth, Share, Trends, Analysis, Report, Forecast 2023-2028

The new report by Expert Market Research titled, ‘Global Biodegradable Polymers Market Size Report and Forecast 2023-2028’, gives an in-depth analysis of the global biodegradable polymers market, assessing the market based on its segments like types, distribution channels, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2023-2028)

• Forecast CAGR (2023-2028): 21.1%

The market is likely to be driven by increased interest in biodegradable materials in sectors, such as packaging, agriculture and medicine. Governments around the world are tackling the problem by banning single-use plastics and promoting the use of biodegradable plastics. Also, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. Packaging is one of the leading segments used in both rigid and flexible packaging. Replacement of conventional plastics by these products in food packaging, such as boxes, wraps, cups, and plates is gaining momentum, supporting the growth of the global market. The improving food packaging standards of various food and safety organisations in various places are projected to fuel the expansion of the packaging sector in emerging regions, thereby propelling the growth of the global market for biodegradable polymers over the forecast period.

Industry Definition and Major Segments

Biopolymers are biodegradable polymers that come from a variety of natural sources. Biopolymers, such as PLA, PHA, and starch are commonly used biopolymers that cause less environmental damage. Biodegradability is a property of polymers that is independent of their origin and can be altered at the molecular level.

By type, the market is segmented into:

• Starch-based Plastics
• Polylactic Acid (PLA)
• Polyhydroxy Alkanoates (PHA)
• Polyesters (PBS, PBAT, and PCL)
• Cellulose Derivatives

Based on distribution channel, the market is divided into:

• Agriculture
• Healthcare
• Textile
• Packaging
• Consumer Electronics
• Others

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

Biodegradable polymers are increasingly finding usage in niche applications, such as in the shale gas industry, hygiene products, and fishing gears, among other applications. These are expected to present future opportunities for the market. Developing countries, like China and India, are going through urbanisation and industrialisation. Consumer goods emerged as one of the largest industries for biodegradable polymers. The major end-use sectors considered include household appliances, electronic devices, and various electronic gadgets. Electronic devices with conventional plastic parts, such as casing, circuit boards, and storage are now being manufactured with biodegradable plastic. Further, biodegradable polymers are used in surgical implants employed in vascular or orthopaedic surgery and plain membranes. These factors are expected to propel the market growth globally.

Key Market Players

The major players in the market are BASF SE, NatureWorks LLC, Novamont SpA, Total Corbion PLA, Rodenburg Biopolymers, and Biome Bioplastics Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Global Cellulose Market Growth, Trends, Size, Analysis, Report, Forecast 2023-2028

The new report by Expert Market Research titled, ‘Global Cellulose Market Trend Report and Forecast 2023-2028’, gives an in-depth analysis of the global cellulose market, assessing the market based on its segments like sources, derivative types, purities, end-uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2023-2028)

• Forecast CAGR (2023-2028): 4.1%

Cellulosic materials have several applications in thermo-reversible and tenable hydrogels, coating additives, paper making, flexible screens, food packaging, optically transparent films, and lightweight materials for ballistic protection and automobile windows. This is expected to propel the market growth in the forecast period. The rising paper production and the increasing adoption of cellulose fibre in the textile industry in emerging economies are expected to drive the global market growth. Moreover, there has been significant growth in the textile industry due to an increase in consumer inclination toward comfortable clothing, resulting in increasing demand for high-value fabrics, such as hemp, silk, and viscose. The technology advancements will further accelerate the sales of textile fibres, which is expected to observe a significant growth in the foreseeable future.

Industry Definition and Major Segments

Cellulose has advantages over synthetic fibres and has the potential to replace fossil-based products, that are known to be harmful to the environment. Water and the bulk of organic solvents are insoluble in cellulose. It shows good chemical stability, mechanical properties, biocompatibility, hydrophilic and biodegradation properties.

By source, the market is segmented into:

• Natural
o Crops
o Fruits
o Tree Wood
• Synthetic

By derivative type, the market is classified into:

• Commodity Cellulose Pulp
• Cellulose Fibres
• Cellulose Ethers
• Cellulose Esters
• Microcrystalline Cellulose
• Nanocellulose
• Others

By purity, the market is divided into:

• Above 95%
• 85%- 95%
• Below 85%

By end use, the market is classified into:

• Food
• Pharmaceuticals
• Paper and Pulp
• Cosmetics
• Textile
• Others

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

Cellulose foams are being employed in the fabrication of packaging reels to replace polystyrene-based products. The main benefit of employing cellulose instead of wood-based pulp fibres is that CNF may strengthen the thin cells in the starch foam, replacing fossil-fuel-based polymer reels with a lighter sustainable material. This will have a positive impact on the cellulose market. Substantial demand for printed books, clothing, pharmaceutical products, and packaging, especially essential goods, will contribute to the high revenue generation due to the rising disposable income and standard of living. Further, improvements in the education system and the growing demand for printed books across developing countries, including India and Thailand, will propel the cellulose market revenue over the forecast span.

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Key Market Players

The major players in the market are International Flavors & Fragrances Inc. (Dupont De Nemours, Inc.), Eastman Chemical Company, Daicel Corporation, MACHEREY-NAGEL GmbH & Co. KG, and Celanese Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Global Cheese Powder Market Size, Price, Trends, Growth, Analysis, Report, Forecast 2023-2028

The new report by Expert Market Research titled, ‘Global Cheese Powder Market Growth Report and Forecast 2023-2028’, gives an in-depth analysis of the global cheese powder market, assessing the market based on its segments like types, applications, sources, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2023-2028)

• Forecast CAGR (2023-2028): 6.7%

In comparison to hard cheese, cheese powder is very easy to handle and store, and it has a longer shelf life, which propels the global cheese powder market forward. This market is driven by factors, namely rapid growth of the global convenience food and fast-food industry, increase in consumer spending, rapid urbanisation, and improved standard of living of the consumers leading to increasing demand for ready to eat meals. Also, the longer shelf life of cheese powders has led to packaged food producers preferring it over the others. The increasing adoption of cheese among consumers has led to an increased demand for cheese powder. The globalisation of food culture will stimulate preference for exotic flavoured cuisines, thereby fuelling the global industry demand.

Industry Definition and Major Segments

Cheese powder is a nutrient-dense powder made from cheese culture, salt, and other components. The powder has a flavour comparable to ordinary cheese, but it lacks the wetness that regular cheese does. It is usually served with popcorn, vegetables, or other foods and dishes that require a boost of flavour or cheese. It is a widely used condiment and a common salt alternative.

By type, the market is segmented into:

• Cheddar
• Mozzarella
• Parmesan
• American Cheese
• Blue Cheese
• Others

The major applications of the market are:

• Bakery and Confectionery
• Sweet and Savoury Snacks
• Sauces, Dressings, Dips, and Condiments
• Ready Meals
• Others

Based on source, the market is classified into:

• Conventional
• Organic

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

The companies are concentrating on expansions, new product launches, and acquisitions, which is growing the market for cheese powder. Increased disposable income, a busy lifestyle, new product launches, and an increase in the number of working women are other factors driving this market growth. Cheese powder manufacturers’ new and innovative product offerings to accommodate changing consumer dietary habits and patterns drive the market for cheese powder. The same technology that makes milk powder may be used to make cheddar powder. As a result, important players are more likely to create a powder from cheddar than other accessible cheeses due to a lower production cost. Other advantages, like its greater flavour profile, have made it a preferred feedstock for powdered cheese manufacture.

Key Market Players

The major players in the market are Kerry Group Plc, The Kraft Heinz Company, Archer Daniels Midland Company (ADM), Lactosan A/S, and Aarkay Food Products Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Global Automotive Usage Based Insurance Market Growth, Share, Size, Analysis, Report, Forecast 2023-2028

The new report by Expert Market Research titled, ‘Global Automotive Usage Based Insurance Market Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global automotive usage-based insurance market, assessing the market based on its segments like packages, vehicle types, technologies, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2023-2028)

• Forecast CAGR (2023-2028): 21.4%

Benefits of usage-based insurance (UBI) include improved driving, possibly lower premiums, possible reduction in road accidents, enhanced road safety, and better insurance products with the help of the right kind of data. Such benefits are driving the global market growth. The increasing popularity of smartphones has provided insurance providers access to means to enhance and strengthen their relationships with clients, thereby propelling the market growth. Increasing automobile production and sales, particularly in developing nations, changing demographic trends, changing driving patterns, and an increasing number of affluent middle-class people are some of the primary factors driving the rise of global automotive usage-based insurance.

Industry Definition and Major Segments

Usage-based insurance (UBI) is a type of insurance in which the premium is proportional to the amount of time the insured product or service is used. Telematics insurance is another name for usage-based insurance in the car insurance sector. In industrialised countries, usage-based insurance is very common for automobiles. In a usage-based insurance scheme, the car insurance firm keeps track of how one drives; if one’s driving earns a good score, it may result in cheaper car insurance costs.

By package, the market is segmented into:

• Pay-As-You-Drive (PAYD)
• Pay-How-You-Drive (PHYD)
• Manage-How-You-Drive (MHYD)

Based on vehicle type, the market is divided into:

• Passenger Vehicles
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By technology, the market is classified into:

• Black Box
• Smartphone
• Embedded Telematics
• On-Board Diagnostics (OBD)
• Others

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

The advancement and development of the Internet of Things (IoT) has generated a wave of connectivity, which had an influence on almost all industry verticals. The same wave has also created a significant impact on the automotive and insurance industry. Insurance companies are increasingly utilising IoT data to improve the precision in gauging risk, pricing policies, and estimating other necessary reserves. The advancement of IoT has led to the introduction of insurance policies, such as Automotive Usage-based Insurance (UBI). The market is also expanding due to the presence of telematics providers in various regions. The presence of robust telecommunications infrastructure and mobile communications technology globally is further driving the market growth.

Key Market Players

The major players in the market are Allianz SE, TomTom International B.V., Vodafone Automotive S.p.A, Assicurazioni Generali S.p.A., Travelers Indemnity Company, Esurance Insurance Services, Inc., Trak Global Group, and AXA S.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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Global Drone Data Services Market Size, Share, Price, Trends, Growth, Report, Forecast 2023-2028

The new report by Expert Market Research titled, ‘Global Drone Data Services Market Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global drone data services market, assessing the market based on its segments like service types, platforms, end-uses, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

The key highlights of the report include:

Market Overview (2023-2028)

• Forecast CAGR (2023-2028): 37.3%

The market is likely to be driven by applications of drone technology in aerial photography, shipping and delivery, disaster management, military, geographic mapping, precision agriculture, law enforcement and security, entertainment, and other applications. In the agriculture industry, drone data services are widely used to acquire information on soil type, hydrography, topography, and land development. Also, the increasing use of drones in commercial sectors, along with the growing use of drone data in operational and big data analytics, has fuelled the demand for drone data services. One of the major factors driving the growth of the drone data services market is the growing demand for drone information analysis among companies around the world to perform various critical tasks remotely, such as cadastral surveying, corridor surveying, LiDAR mapping, automated mapping, and volumetric calculations.

Industry Definition and Major Segments

Drone data services, also known as unmanned aerial vehicle (UAV) services, entail gathering, processing, and disseminating digital data collected by aerial surveys. They use drones with a variety of cameras and sensors, including RGB cameras and LiDAR payloads (light detection and ranging). These drones gather still photographs, videos, thermal images, and multispectral images of the ground from various angles in order to create geo-referenced orthomosaics and 3D models of the area.

By service type, the market is segmented into:

• Mapping and Surveying
• Photogrammetry
• 3D Modelling and Digital Elevation Model (DEM)
• Others

Based on platform, the market is divided into:

• Cloud-based
• Operator Software

The end-uses of the market are:

• Real Estate and Construction
• Security and Law Enforcement
• Agriculture
• Mining
• Others

On the basis of region, the market is segmented into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

Companies may now quickly upload, store, process, and share aerial photos due to recent technological advancements in the internet of things (IoT), artificial intelligence (AI), and cloud-based storage. Apart from that, several key companies are focusing on research and development (R&D) operations to introduce autonomous drones for intracity transportation, which is pushing the market expansion. Other factors contributing to market expansion include the expanding popularity of cloud-based drone data services, increased construction activities, shifting tendency toward precision agriculture, and product advancements. The improved regulatory framework, increasing requirement for high-quality data, and growing concerns regarding worker safety aid the growth of the drone data services market.

Key Market Players

The major players in the market are Pix4D SA, PrecisionHawk, Inc., DroneCloud, Sentera Inc., and Skycatch, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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