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Rockville, MD , Nov. 18, 2024 (GLOBE NEWSWIRE) — According to a recently updated industry report by Fact.MR, the global wheel axle market is estimated to reach US$ 66.73 billion in 2024 and advance further at a CAGR of 4.1% from 2024 to 2034.

An axle is a central shaft for a rotating wheel that can be attached to the wheels, rotate with them, or remain stationary while the wheels rotate around it. This is a critical component of any wheeled vehicle and can be classified as front, rear, full-floating, or semi-floating axles.

In developing countries, rapid expansion of the industrial sector and improved logistics are constantly pushing the demand for commercial vehicles, driving up the market for wheel axles in parallel. Governments are focusing on expanding transit facilities due to population growth and urbanization, which is putting added pressure on the transport and automobile sectors.

Rolling stock, including locomotives, carriages, and wagons, is in substantial demand due to its high transportation capacity compared to other modes. The market is mainly expanding due to growth in the automotive and transportation industries, electric axles in trailers, and emission regulations for transport refrigeration units. East Asia and North America will be key regional markets for wheel axle sales, together accounting for around two-thirds market share throughout the next ten years.

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Key Takeaways from Market Study

• The global market for wheel axles is projected to expand at a CAGR of 1% from 2024 to 2034.
• The market has been forecasted to climb to a value of US$ 99.73 billion by the end of 2034.
• The market in the United States is expected to reach a value of US$ 7.53 million in 2024.
• Japan is projected to occupy a market share of 6% in East Asia in 2024.
• Revenue from the rail end-use segment is forecasted to reach US$ 25.03 billion by the end of 2034.
• The market in East Asia is analyzed to expand at a CAGR of 4.6% from 2024 to 2034.

“Growing industrial sectors and need for improved logistics operations in developing countries driving demand for commercial vehicles, which will also push the need for wheel axles over the coming years,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Wheel Axle Market

Key players in the wheel axle market are Dana Incorporated, American Axle and Manufacturing Inc., Daimler AG, Meritor Inc., GNA Group, Melrose Industries Plc., ZF Friedrichshafen AG, BorgWarner Inc., Hyundai Wia Corporation, Talbros Engineering Limited. 

Increasing Demand for More Efficient and Durable Axle Systems

Global vehicle manufacturing is increasing, particularly in emerging markets as more vehicles enter the market, demand for axles rises in tandem. The rapid growth of the EV market necessitates specialized axle designs. The emphasis is on lightweight axles to improve range and efficiency.

There is also a strong demand for more efficient and durable axle systems, which is fueling interest in SUVs and off-road vehicles. There is also a need for axles that can withstand rough terrain. Globally, aging vehicle fleets are increasing demand for replacement axles. Increased logistics and transportation activities are increasing the demand for heavy-duty axles.

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Wheel Axle Industry News:

• The Protec independent front suspension for motor coaches, built especially to support large loads, was introduced by Meritor Inc. in June 2022.
• ai, a self-driving startup, said in July 2022 that it would collaborate with Sany Heavy Industry to mass-produce self-driving trucks in China. With their sophisticated axle and drivetrain systems and “Level 4” autonomous driving technology, these trucks will be able to drive themselves fully on city streets and highways.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the wheel axle market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges insights into the wheel axle market based on end use (vehicles, rail) and drive torque (below 300 Nm, 300 to 600 Nm, 600 to 900 Nm, 900 to 1,200 Nm, 1,200 to 1,500 Nm, above 1,500 Nm), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Check out More Related Studies Published by Fact.MR:

Wheel and Tire Service Equipment Market: Size is estimated to reach valuation of US$ 4,046.6 Million in 2023 and will top US$ 5,893.9 Million by 2033, growing with a CAGR of around 3.8% from 2023-2033.

Trailer Axle Market: Size is forecasted to increase from US$ 8.42 billion in 2024 to US$ 13.95 billion by 2034-end, expanding at a CAGR of 5.2% over the next ten years.

Wheel Balancing Weight Market: Size is anticipated to grow from a 2024 valuation of US$ 727.8 million to US$ 1.35 billion by the end of 2034, with a compound annual growth rate (CAGR) of 6.4%.

Automotive Wheel Market: Size is forecasted to reach US$ 34.42 billion in 2024, further increasing at a CAGR of 6.4% to end up at US$ 63.95 billion by 2034.

Motorcycle Suspension System Market: Size is valued at US$ 499.8 million in 2023. Expanding at a CAGR of 6.1%, worldwide sales of motorcycle suspension systems are projected to reach US$ 903.6 million by 2033-end.

Trailer Suspension System Market: Size is estimated to be valued at US$ 4,089.7 million in 2024. Projections indicate a steady expansion with a CAGR of 5.1%, and is forecast to reach the valuation of US$ 6,725.3 million from 2024 to 2034

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay competitive.

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Rockville, MD, Nov. 18, 2024 (GLOBE NEWSWIRE) — According to Fact.MR, a market research and competitive intelligence provider, the global nasopharyngoscope market is estimated to reach a valuation of US$ 373.3 million in 2024 and is expected to grow at a CAGR of 8.1% during the forecast period of (2024 to 2034).

The global nasopharyngoscope market is set to see remarkable growth spur further by the increasing demand for minimally invasive diagnostic techniques in ENT treatment. Due to rising cases of respiratory diseases, chronic sinusitis, sleep apnea, and other related conditions, nasopharyngoscopes-face increasing demand for them as key instruments used in looking at and diagnosing nasal passages, pharynx, and larynx conditions.

Market is driven by technological advancements in product development, increased adoption of video nasopharyngoscopes, and healthcare expenditure. Growing demand for such devices is also connected with increases in the global geriatric population and a rise in outpatient and office-based ENT procedures where such equipment is in common use.

The introduction of advanced systems by major medical device companies has led to some newsworthy market developments in terms of new partnerships and product launches. One such recent development involves the partnership between major healthcare companies in developing next-generation diagnostic nasopharyngoscopes that would allow for real-time imaging, further improving the precision and safety of the patient. Such innovations address the increasingly complex nature of upper respiratory tract disorders, enabling clear pathways toward more sensitive, non-invasive diagnostics

Ongoing innovation within the imaging technology, whereby integration of high-definition cameras together with features such as real-time video has considerably increased the diagnostic capability of the nasopharyngoscopes. Other companies are trying to manufacture systems that are much more compact and available at low cost while being easy to operate, hence extending their usability in office-based infrastructure and community clinics.

For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=10429 

There is an emerging prevalence of chronic sinusitis, sleep apnea disorders, and allergic rhinitis, which demands efficient diagnostic tools. The rise in the geriatric population along with other environmental factors such as pollution has contributed to a rise in upper respiratory diseases, thus boosting demand in the market.

Less invasive diagnostic procedures now characterize the new standard of care in otolaryngology, given the reduced risk, faster recovery time, and comfort for the patients. The nasopharyngoscope, especially the diagnostic type, has been an invaluable tool in outpatient clinics and has tended to minimize the use of more invasive surgical alternatives.

Most the developing regions are investing in healthcare infrastructure. Parts of Asia and Latin America are such geographies that are investing in healthcare infrastructure development. Such infrastructural growth, coupled with increasing access to higher-end medical devices, is likely to drive adoption of nasopharyngoscope across hospitals and diagnostic centres in these markets

Key Takeaways from Market Study

• The global nasopharyngoscope market is projected to grow at 1% CAGR and reach US$ 813.4 million by 2034
• The market created an opportunity of US$ 70.2 million growing at a CAGR of 8% between 2019 to 2023
• North America is a prominent region that is estimated to hold a market share of 6% in 2034
• Predominating market players include Olympus Corporation, Fujifilm Holdings Corporation, and Karl Storz SE & Co. KG.
• Reusable nasopharyngoscopes under usage type are estimated to grow at a CAGR of 1% creating an absolute $ opportunity of US$ 385.1 million between 2024 and 2034

“Advancements in digitalization and minimally invasive procedures to boost global market demand” says a Fact.MR analyst.

Leading Players Driving Innovation in the Nasopharyngoscope Market:

Medtronic plc; Stryker Corporation; Boston Scientific Corporation; Richard Wolf GmbH; Cook Medical Incorporated; Olympus Corporation; Fujifilm Holdings Corporation; Karl Storz SE & Co. KG; Entellus Medical (Stryker Corporation); Smith & Nephew plc; Ambu A/S; Conmed Corporation; Happersberger otopront GmbH; EndoMed Systems GmbH.; Other Prominent Players.

Market Development:

With recent strategic collaborations and product launches, some of the leading companies are well placed to capture the nasopharyngoscope market.

ABC Medical Technologies has just introduced a new generation of video nasopharyngoscope with integrated AI diagnostic capabilities that will help ENT specialists find abnormalities in real time. Such a step is not surprising, as it corresponds with the ambitions of the company to become a global leader in endoscopy technology by 2026.

In light of the above, collaboration by DEF Healthcare Systems with XYZ Diagnostics to jointly develop a new range of disposable nasopharyngoscopes targeted at community clinics and ambulatory centers is functional. The product line focuses on the benefit of reduction in cross-contamination risks that is driving demand for single-use medical devices within outpatient care.

Nasopharyngoscope markets continue to present growth opportunities; companies establish ambitious yet achievable goals to capture more market share.

Large companies are beginning to target growth markets in Asia-Pacific and Latin America due to increased development in the healthcare infrastructure of these regions. Partnerships with local distributors and healthcare providers enable manufacturers to reach such high-growth markets. For instance, DEF Healthcare Systems plans to achieve 15% market share in Southeast Asia within the next three years by co-operating with the partner and producing products to their likings.

Companies are developing new product lines targeting various end-user segments, such as hospitals, diagnostic centers, and office-based procedures. The focus on the development of reusable and disposable varieties allows manufacturing companies to target cost-sensitive institutions, as well as infection-conscious ones. For example, ABC Medical Technologies plans to launch a wide range of reusable and disposable nasopharyngoscopes before the end of 2025 to meet wider market requirements.

A lot of investment is being laid in integrating AI and machine learning into nasopharyngoscopes. AI-based systems are already used by companies to support early detection, facilitating better diagnostic precision for ENT conditions. DEF Healthcare Systems is set to introduce an AI diagnostic system that would alter the use of nasopharyngoscope in office-based and hospital settings by 2028.

Major manufacturers are eyeing a 20% increase in global market share by 2030, driven by aggressive marketing strategies, product launches, and expansion into new geographies, especially emerging economies where healthcare expenditure is on the rise.

The growth of the nasopharyngoscope market is foreseen to continue further, wherein strategies related to innovation and expansion would play an imperative role. As companies begin to internally strengthen their product portfolios and utilize new technologies, the segment could only reach new heights by 2032. Some major focus areas of the leading players in the industry for recent developments include AI integration, product diversification, and geographical expansion.

Nasopharyngoscope Industry News:

• In July 2022, The EES 100 is a nasopharyngoscope from Medimaging Integrated Solution Inc., which has secured FDA approval. This is a flexible nasopharyngoscope with completely integrated LEDs and a micro camera module that find their application in minimally invasive procedures.
• In June 2021, Fujifilm Corporation Announced system integration platform designed exclusively for endoscopy suite including a nasopharyngoscope, to improve image and data integration in the endoscopy suite.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global nasopharyngoscope market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study reveals essential insights on the basis of the global nasopharyngoscopes market analysis, by product type systems (flexible nasopharyngoscopes, [flexible video nasopharyngoscopes, flexible fiberoptic nasopharyngoscopes], rigid nasopharyngoscopes [rigid video nasopharyngoscopes, rigid fiberoptic nasopharyngoscopes]), accessories (light sources, sheaths and cannulas, biopsy forceps, suction catheters, insufflation tubes, video cables and connectors, cleaning and sterilization systems, monitor and display systems, irrigation systems, endoscope holders), by application (diagnostic nasopharyngoscopes [nasal obstructions evaluation, chronic/recurrent sinusitis & rhinitis, adenoid hypertrophy, vocal cord and laryngeal disorders, sleep apnea evaluation, epistaxis detection, tumor detection] surgical nasopharyngoscopes [endoscopic sinus surgery, adenoidectomy, nasopharyngeal tumors biopsy and removal, septoplasty, laser-assisted uvulopalatopharyngoplasty (LAUP), foreign body removal, epistaxis cauterization, nasal bones and cartilage repair surgery, turbinate reduction surgery), by usage type (reusable nasopharyngoscopes and disposable nasopharyngoscopes), by end user (hospitals, diagnostic centers, office-based settings, ambulatory surgical centers, community/specialty clinics) and across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).

Checkout More Related Studies Published by Fact.MR Research: 

The global prescription delivery service market is estimated to touch a valuation of US$ 192.32 million in 2024. The market has been forecasted to expand at a CAGR of 14.3% to achieve a size of US$ 734.15 million by the end of 2034.

According to a new industry report released by Fact.MR, turnover of the global endovascular stent market is estimated at US$ 1.32 billion in 2024 and is forecasted to expand at 8.5% CAGR to achieve a value of US$ 2.99 billion by the end of 2034.

Fact.MR in its new report stated that the global ceftriaxone sodium (API) market is estimated to touch a valuation of US$ 339.44 million in 2024 and is further forecasted to reach a value of US$ 821.62 million by 2034-end. Demand is projected to increase at a notable CAGR of 9.2% throughout the projection period (2024 to 2034).

The global Cas9 nuclease market is estimated at US$ 217.95 million in 2024. The market has been projected to rise at a double-digit CAGR of 14.6% and reach a size of US$ 854.97 million by the end of 2034.

The Global Factor XIII Deficiency Treatment Market will be valued at US$ 210.3 million in 2023 and has been forecasted to expand at a noteworthy CAGR of 5.8% to end up at US$ 400.7 Million by 2034.

About Us: 

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.  

Contact: 
US Sales Office: 
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Rockville, MD , Nov. 18, 2024 (GLOBE NEWSWIRE) — The global Rotating Equipment Repair Market is estimated to reach US$ 19,674.2 million in 2024 and expand at a steady 5% CAGR through 2034. The market is forecast to attain a valuation of US$ 32,047.2 million by 2034.

Growth in industrial sectors like manufacturing, energy, and petrochemicals is raising the demand for rotating equipment repairs for uninterrupted operations. Additionally, aging infrastructure and machinery also necessitate frequent maintenance and repairs for a better lifespan.

Surging use of preventive maintenance strategies is increasing the demand for regular inspection and repair services. Further, the implementation of strict environmental regulations to meet the current emission standards and lower energy consumption is also increasing the applications of rotating equipment repair services.

For More Insights into the Market, Request a Sample of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=9670            

                               
Key Takeaways from the Rotating Equipment Repair Market Study:

• The global rotating equipment repair market gained US$ 15,628.4 million in 2019.
• The North America market is expected to capture a significant market share of 31.9% in 2024. In the same year, the market is estimated to be valued at US$ 6,276.1 million in 2024. By 2034, the regional market is forecast to amass US$ 10,639.7 million.
• The East Asia market is predicted to acquire a value share of 22.9% in 2024. The regional market is forecast to be worth US$ 8,300.2 million by 2034, expanding at a CAGR of 6.3%.
• Direct OEM-based is a leading sales channel for rotating equipment repairs. The segment is anticipated to occupy a value share of 63.3% in 2024. The segment is projected to record a 5.4% CAGR and reach US$ 20,990.9 million by 2034.
• Centrifugal compressors are the dominantly purchased equipment. The segment is expected to capture 27.8% in 2024. The segment is projected to expand at a CAGR of 5% to gain US$ 8,941.2 million by 2034.

“Players are expected to observe significant opportunities in the East Asia market as power needs increase in this region. Moreover, manufacturers are also focusing on developing distinct repair technologies and materials to reduce downtime, increase efficiency, and prolong equipment’s lifespan.” says a Fact.MR analyst.

Leading Players Driving Innovation in the Rotating Equipment Repair Market:

Key players in the rotating equipment repair market include John Wood Group PLC, Sulzer AG, Ebara Corporation, KSB SE & Co. KGaA, Siemens AG, General Electric Company, Flowserve Corporation, The Weir Group PLC, Maintenance Partners NV, De Pretto Industrie S.r.l., Rainbow Mechanical Solutions LLC, Amaru Giovanni S.R.L., Triple EEE, Hydro Inc., Stork, MAN ES, Torishima Pump Mfg. Co., Ltd., TS&S, CFATEC, MEOS CO. LLC, Basis Plant Services S.r.l., Al-Rushaid Group, and S.T. Cotter Turbine Services, Inc., among others.

Competitive Landscape:

Key players are increasing their repair service offerings for a wide variety of rotating equipment. These offerings include specialized services such as predictive maintenance and remote monitoring. Additionally, players are increasing their penetration in new markets, especially in developing regions with significant demand for power generation and infrastructure.

Market leaders are additionally collaborating with technology providers, OEMs, and other active players to access new technologies and markets.

Key competitors are further investing their resources in inorganic growth strategies, like joint ventures, mergers, and acquisitions, to increase their market share.

Recent Developments Shaping the Rotating Equipment Repair Market:

• In April 2022, Sulzer expanded the availability of superior-quality services for rotating equipment in Gujarat, India. The service center is going to offer retrofits, upgrades, repairs, and parts manufacturing for an extensive range of rotating equipment repairs.
• In October 2023, API enhanced the oil and gas sector’s safety with revised recommended practices for the components of rotating equipment.

Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=S&rep_id=9670                               

Rotating Equipment Repair Industry News:

• In June 2020, Blackstone Industrial Services, a prominent rotating equipment services provider in Canada, declared that it will buy the assets of Trican Pipeline & Industrial Services Business. Increasing competitiveness in the primary market was the primary goal of this transaction.
• In 2023, Siemens will offer a digital twin for machine tool processing on the Siemens Xcelerator Marketplace in partnership with DMG?MORI. It is anticipated that this will allow for innovations and improvements in time-to-market, sustainability, and flexibility.

Segmentation of Rotating Equipment Repair Market Research:

• By Sales Channel :
  • Direct OEM-based
  • Independent Service Vendor-based
• By Equipment :
  • Pumps
  • Centrifugal Compressors
  • Agitator and Mixers
  • Turbines
  • Gas Turbines
  • Steam Turbines
• By Region :
  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia and Oceania
  • The Middle East and Africa

Checkout More Related Studies Published by Fact.MR Research: 

Automotive Pumps Market: The global automotive pumps market is forecasted to expand at a CAGR of 4.6% and touch a valuation of US$ 23.48 billion by the end of 2033, up from US$ 14.99 billion in 2023.

Automotive Collision Repair Service Market: The global automotive collision repair service market has been calculated at a value of US$ 195.27 billion for 2024 and is forecast to reach a value of US$ 272.8 billion by 2034, with a projected CAGR of 3.4% from 2024 to 2034.

Automobile Engine & Part Manufacturing Market: Revenue from the global automobile engine & part manufacturing market is analyzed at US$ 410.21 billion in 2024. The market is projected to increase at a remarkable 8.3% CAGR and reach a size of US$ 912.97 billion by the end of 2034.

Auto Part & Accessory Manufacturing Market: The latest study by Fact.MR reveals that the global auto part & accessory manufacturing market is estimated to rise from US$ 1997.45 billion in 2024 to US$ 3879.15 billion by 2034-end. Demand is evaluated to expand at a 6.9% CAGR between 2024 and 2034.

Autonomous Farm Equipment Market: Forecasted to advance at 15.3% CAGR over the next 10 years, the global autonomous farm equipment market is anticipated to increase from a value of US$ 1.1 billion in 2024 to US$ 4.59 billion by 2034, as revealed in the recently updated industry report by Fact.MR.

About Us: 

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning.

With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.  

Contact: 
US Sales Office: 
11140 Rockville Pike 
Suite 400 
Rockville, MD 20852 
United States 
Tel: +1 (628) 251-1583 
Sales Team: sales@factmr.com 
Follow Us: LinkedIn | Twitter | Blog