Global Composite Cylinder Market: An Exclusive Study on Upcoming Trends and Growth Opportunities
iCrowd Newswire
27 May 2021, 20:30 GMT+10
Opportunities in the global composite cylinder market have evolved through a number of stages i.e. from first use of composite cylinders to development of second generation type 4 composite cylinders and increase penetration of cylinder in new application. Lucintel has found the future of this market to be promising; the global composite cylinder market is expected to reach $0.8 billion by 2025 with a CAGR of 0.7%. In this market, type III is the largest segment by tank type, whereas transportation is largest by end use industry. Players can benefit from the available opportunities like higher acceptance level and increasing use of lightweight cylinders.
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CLEVELAND, May 12, 2021 /PRNewswire/ A new Freedonia Group analysis projects global off-road equipment sales to rebound in 2021 from the pandemic-induced declines registered in 2020, rising 5.4% to $439 billion.
Among the key drivers of growth will be the release of pent-up demand as global economies renormalize post pandemic and capital investment returns to growth. Firms that had delayed equipment purchases in 2020 will be better positioned to do so in 2021 and beyond, and many of them will opt for higher value smart technology due to their productivity-enhancing benefits.
Global Smart Off-Road Equipment Sales to Grow 30% Annually Through 2025
Sales of smart equipment are expected to nearly triple between 2021 and 2025, when they will account for over 4% of global demand boosted by increasing use of drones and other smart technologies.:
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CLEVELAND, May 11, 2021 /PRNewswire/ A new Freedonia Group analysis projects a strong post-pandemic rebound for the global market for off-road equipment (i.e., construction, agricultural, mining, and forestry machinery) in 2021, with demand expected to rise 5.4% to $439 billion:
In 2020, the COVID-19 pandemic precipitated a sharp sales decline as demand for off-road equipment plummeted in key end-use industries – particularly construction and mining.
As the pandemic recedes and revenues strengthen in these industries, however, all major off-road equipment markets are poised to rebound in 2021.
Healthy Growth Expected in All Regions Post Pandemic
In 2021 and beyond, the Asia/Pacific region will continue to drive global sales growth, supported by rebounding construction and rising investment as the pandemic recedes: