Showing posts with label US Breast Pumps Industry. Show all posts
Showing posts with label US Breast Pumps Industry. Show all posts

Friday, October 20, 2023

US Air Compressor Market Path to $31 Billion Growth Drivers, Market Domination, and Future Projections

 The US air compressors market is all set to achieve record market value in the forecasted period of 2023-2027. The US air compressors market is the largest market in North America and the third largest globally only behind China and Germany. The market is driven by factors such as high growth in the household appliance market, development of the automotive industry, and technological advancements in air compressors.

Story Outline

  • The home appliances segment of air compressors dominates the market by capturing a market share of 60%.
  • Around 70% of manufacturers of small-scale industries use compressed air systems in their operations.
  • In 2020, Sulzer Ltd purchased a 25% share of Tamturbo Plc, an oil-free air compressor manufacturer and developer company by making a crucial investment in the company.

According to Ken Research, The US air compressor market is growing immensely owing to different factors influencing the market. The US air compressor market is the third largest market for air compressors in the world with an export value of 1.96 Bn in 2022, only behind China and Germany. The home appliances segment of the market is dominating the market. The home appliances market is anticipated to grow around 30 Mn units by 2027. The growth of the air compressor market is interlinked with developments in industries such as automobiles, manufacturing, pharmaceuticals, and electronics.

1. Influence of Covid-19 on US AIR Compressor Market

US air compressor market

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  • The US air compressor market suffered substantial revenue losses owing to plummeting demand from several industries during COVID-19. The demand for air compressors in the United States declined by 25 % in the year 2020 compared to 2019.
  • The value chain of air compressors was affected significantly during the restrictions of the pandemic. Additionally, Elgi Equipment, one of the leading players in the market, closed 100% of its facilities due to the restrictions of the pandemic in 2020.
  • During the global pandemic due to the temporary closure of the market, companies invested hugely in the research and development field to strengthen the area of innovation and technological advancements. Sullair, a leading air compressor manufacturer in the country launched Perkins, a portable diesel air compressor. Perkins compressors are capable of high ability and durability.

2. Current Scenario of the US Air Compressor Market

US air compressor industry 
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  • The US market of air compressors is dominating the global air compressor market and is anticipated to grow at a CAGR of 5.9% in the forecasted period of 2022-2027.
  • The US air compressor market offers various application types. The home appliances segment of air compressors is dominating the market by capturing a market share of 60%. Followed by transportation, manufacturing, and commercial.
  • The demand for oil-free and lightweight products is increasing in the industry as these air compressors are more effective industry operations. The market for oil-free air compressors in America is estimated to reach $1Bn by 2026.

3. Growth drivers of the US Air Compressor Market

US air compressor sector 
The market is impacted by different factors affecting the market. Some of the major growth drivers of the market are high growth in the household appliance market, development of the automotive industry, technological advancements in air compressors, the mature manufacturing industry, and high demand from small-scale industries.
  • The enhanced demand for air compressors from small-scale industries is contributing immensely to the expansion of the market. Several industries such as chemicals & petrochemicals, oil & gas, construction, commercial, automobile, and pharmaceuticals require air compressors for a wide range of applications. Around 70% of manufacturers of all industries use compressed air systems in their operations.
  • The technological advancements in the industry are lifting the US air compressor market. Recently, the market made a significant development in the IIoT (Industrial Internet of Things). This innovation has enabled to monitoring of air compressor systems remotely. Air compressors connected to the Internet of Things (IoT) give more than 150 data measures every second, giving the current state of its internal components like the motor, belt, oil barrel, etc.

4. Major Players of the US Bio-stimulants Market

air compressor market

  • Some of the significant players in the market are Atlas Copco, Sullair LLC, Gardner Denver Inc., Kaser Kompressoren, Ingersoll-Rand Plc, Rolair System, Elgi Compressor USA Inc., Hitachi Industrial Equipment Systems Co. Ltd., Ciasons Industrial Inc., Aerzener Maschinenfabrik Gmbh, Quincy Compressor, Bauer Compressors Inc, and Others.
  • In June 2023, Chat Industries started a strategic partnership with Avina Clean Hydrogen Inc. to supply chart industries’ Howden compressors for Alvina’a green hydrogen plant in southern California.
  • Recently, Altas Copco introduced its ZR/ZT series of oil-free, 100% certified, and rotary screw compressor-equipped air compressors. Alongside, the company has also acquired a UK-based airflow compressor & Pneumatics for an undisclosed amount. In the year 2021.
  • In 2020, Sulzer Ltd purchased a 25% share of Tamturbo Plc, an oil-free air compressor manufacturer and developer company by making a crucial investment in the company.

Conclusion

The US air compressor industry is balanced for exceptional development, anticipated to reach a market value of $31 billion during 2023-2027. Despite the effect of the pandemic, the market has bounced back due to its pivotal role across differing businesses. The home appliances section, anticipated to develop around 30 million units by 2027, maybe a prevailing force, whereas divisions such as automobiles, manufacturing, pharmaceuticals, and electronics altogether impact its direction. The market's recovery is credited to components like innovative progressions, advancements in oil-free and lightweight products, and the advancement of the automotive industry. With a solid foothold in North America and a CAGR of 5.9%, the US market remains energetic, driven by increased demand from small-scale businesses and the transformative potential of IIoT. Major players like Atlas Copco and Sullair LLC continue to contribute to the market's development through key associations and innovations.

Thursday, October 19, 2023

US Breast Pumps Market Expected to Reach 2.5 Billion USD by 2028

 The US Breast Pumps Market is poised for a steered growth due to rise in birth rate, increased employment opportunities for women, growing awareness about breastfeeding benefits, and increasing online retail and e-commerce spending.

Story Outline

  • Constant increase in birth rate in US, raising the demand for breastfeeding products and accessories such as breast pumps, thus leading to market growth.
  • With 57% of labor force participation and an increased employment rate of 55% among women, breast pump is emerging as a boon for working mothers to manage their personal as well as professional life together.
  • The increasing knowledge, awareness, and acceptance regarding breastfeeding, are pivotal factors that are driving growth of US Breast Pumps Market. Many new mothers are prioritizing breastfeeding their child rather than opting for powdered milk after knowing the nutritional benefits of breastfeeding for the child as well as the mother too.
  • Increasing online retail and e-commerce spending has been seen as an important factor for the Growth of US Breast Pumps Market. As online platforms provide customers with a wide variety and easy accessibility of breastfeeding products.

US Breast Pump Market is expected to grow at a CAGR of 10% in the forecast period (2022-2028) and is being driven due to rise in birth rate, increased employment opportunities for women, growing awareness about breastfeeding benefits, and increasing online retail and e-commerce spending. This article will provide information about the growth drivers of the US Breast Pumps Market in detail.

1.  Constantly increasing birth rate in US increasing the need for breast pumps for new mothers.

A constant increase in the birth rate of US has directly benefitted the breast pump market by expanding the need and potential customer base of the US Breast Pump Market. As more babies are born the demand for breastfeeding-related products, such as breast pumps also increases. This surge in childbirth creates a larger audience of new mothers who requires breastfeeding solutions to make their life easier and more convenient.

In 2021, the number of births and general fertility rate in the United States increased for the first time in the last seven years. The total number of births in 2021 was reported around 3.65 million which is a 1% increase from that of 2020. The general fertility rate in 2021 was approx. 56.6 births per 1,000 women ages 15-44. In 2022, the estimated number of babies born across US was 3.66 million according to provisional data gathered from more than 99% of birth certificates issued that year.

The modest increase in birth rates in 2021 as well as 2022, has given rise to the use of breast pumps by new mothers leading to increased sales and for retailers and manufacturers. The increased demand also prompts manufacturers to innovate and launch new and improved breast pumps to cater to the evolving needs of the expanding customer segment.

Considering the rising birth rates, product innovation and increasing demand for breast pumps the US Breast Pumps Market is expected to grow at an expected CAGR of 10% in the forecast period 2022-2028.

2. Rise in labor force participation and employment rate, increasing the demand for breast pumps among working mothers.

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The increased employment rate in US for women has shown a major impact on US Breast Pump Market. As more women are inclined towards joining workforce, the demand for breast pumps is rising. When a woman is working, she needs to balance breastfeeding her child along with fulfilling the professional commitments at the workplace. Working women often feel the need to use breast pumps to express and store breast milk, as this provides nourishment to their infants while they are away from home for work.

The labor workforce participation rate of women in 2022, was around 57%. The age groups 25 to 34 years, 35 to 44 years, and 45 to 54 years all had participation rates above 75%, with 25 to 34 years having the highest participation rate of around 77.6%. Women with ages 16 to 19 had participation rate of around 37.2%, while women 65 years and older had a participation rate of around 15.5%. The involvement of women in the labor market has changed majorly in the past several years. Women received much more level of higher education from 1970 to 2021.

The proportion of women between the age group of 25 to 64 who held a college degree quadrupled. In 2022, the employment rate of women stands around 55%. The above data, increased women labor workforce, and employment rate fosters greater reliance of women on breast pumps. Employment-related laws such as provisions in the Affordable Care Act assures that workplace accommodations for new and nursing mothers, which increases the demand for breast pumps. All these factors influence women to use breast pumps while pursuing their professional careers, thus fueling the Breast Pump Market of US.

3. Does increasing knowledge, awareness, and acceptance about breastfeeding benefits, affecting the growth of US Breast Pumps Market?

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The increasing knowledge, awareness, and acceptance regarding breastfeeding, are pivotal factors that are driving growth of US Breast Pumps Market. As new mothers get to know about the dietary and immunological benefits of breast milk, they prefer to breastfeed their child for at least 6 months after the birth of the child. This growing awareness has a direct relation to the demand for breast pumps in the US market.

According to the data in 2022, around 83.2% of infants initiate breastfeeding at the time of birth with around 24.9% of the babies are exclusively breastfed till 6 months of age. From 2007 to 2022 there is a steady increase in breastfeeding rates over time. According to the Centers for Disease Control and Prevention, three out of four women (75%) in US breastfeed their child.

Breastfeeding not only protects babies from infections and diseases but also decreases the risk for mothers to have breast and ovarian cancers. The studies published in the journal Pediatrics estimated that almost 90% of the families in US follow guidelines related to breastfeeding exclusively for six months. By doing this those families saved approximately $13 billion annually from reduced medical and other costs.

This shows that the acceptance of breastfeeding by new mothers as a healthier choice enhances the outcomes of using breast pumps. The increasing acceptance and awareness regarding breast pumps create a symbiotic relationship with the breast pump market, hence helping the breast pump market of US to grow.

4.  Online retail and e-commerce making breast pumps easily accessible to the new mothers.

US Breast Pumps Sector Size 
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Online e-commerce plays a significant role in increasing the growth of breast pump market in US. Online platforms provide convenience and accessibility to a vast variety of products to consumers who shop for breast pumps and related products. The online accessibility of such products allows customers to compare prices, customer reviews, etc. to make informed purchasing decisions while shopping online.

The e-commerce sales grew around 7.7% in 2022, year over year there is a dramatic drop from the double-digit e-commerce growth in each of the past five years, but the growth in 2022 is still enough to set a record high. The noticeable growth in sales comes with a slight bump in e-commerce penetration from 21.0% in 2021 to 21.2% in 2022. E-commerce share of total retail growth in 2022 was 23.8% year over year. That’s a slight down from 25.2% share of total retail growth in 2021.

Overall, the e-commerce spending in the past year shows that online retail and e-commerce spending has revolutionized the breast pumps market. By providing choice, convenience, and information to the new mothers the US Breast Pumps market is achieving record breaking growth along with the emerging players in the industry.

Conclusion

The growth of the US breast pump market is being driven by a combination of factors. The rising birth rate, increased employment of women, growing awareness about breastfeeding benefits, and the role of online e-commerce are collectively shaping the market's expansion. As birth rates increase, demand for breastfeeding solutions such as breast pumps rises. More women entering the workforce further fuels the need for convenient breastfeeding options. Increased awareness of breastfeeding benefits positively impacts demand. Additionally, the accessibility and convenience provided by online e-commerce platforms have transformed how products reach consumers. These factors synergistically contribute to the remarkable growth of the US breast pump market.