The North America facilities management market features a high degree of fragmentation with top 10 companies holding a meager 10% share in the overall market, states Transparency Market Research (TMR) in a new report. The market is served by several international and regional players wherein price wars and efforts to forge long-term service contracts renders intense competition in amongst them. To sustain competition, companies are focusing on improving service quality, reduce the time involved to complete tasks, employ advanced cleaning and maintenance services, and roll out bundled services.
As per the TMR report, the demand in the North America facilities management market is likely to translate into a revenue of US$610.21 by the end of 2024, expanding at a healthy CAGR of 13.6% between 2017 and 2024. The opportunities in the market translated into a revenue of US$248.87 bn in 2017. Of the key service types, soft services segment currently holds the dominant share in the overall market. Hard services segment, on the other hand, is anticipated to register lackluster growth over the forecast period. Among the key end users of facilities management, corporate sector is anticipated to remain attractive with a revenue of US$124.75 bn by 2024. However, retail and commercial sector is predicted to emerge lucrative expanding at the leading growth rate over the forecast period.
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Advantages of Saving Valuable Employees’ Time Boosts Uptake
Increasing practices of outsourcing services is primarily driving the North America facilities management market. Businesses are increasingly engaging third-party contractors to outsource facility management for a certain period of time. This helps businesses to focus on core business functions and save valuable time of resources from being used for non-core business activities. Thus, outsourcing helps reduce costs and expenses of businesses in the long run. The demand for facilities management is witnessing an upswing across several industry verticals such as healthcare, government, government, and corporate among others.
Furthermore, increasing demand for standardization of support services is boosting the adoption of facilities management services. Businesses are recognizing the importance of quality support services that makes a mark among clients, which may indirectly boost business growth. Large businesses are increasingly collaborating with world-class facilities management service providers that maintain quality standards and take onus in the event of subpar or poor service rendered.
Lack of Quality Standards Globally Limits Adoption
However, the market could suffer from several growth challenges. Nonexistence of standardization leading to lack of parameters to quantify performance and quality of services is a roadblock to the market’s growth. Quality and service standards are region specific with lack of standardization standards at global level. While different countries have recognized agencies that have set standards for standardization of services, there does not exist a single agency that monitors standardization of services globally.
Apart from this, increasing labor cost and increasing practices of developing in-house services are bottlenecks to the growth of facilities management market. Facilities management service providers are facing challenges of increasing labor costs during the tenure of long-term service contracts. Consequently, organizations are opting for short-term contracts or single contract thereby impacting the growth of facilities management market.
Moreover, due to nonexistence of quality standards, several organizations are forming their own in-house services by hiring personnel to be exclusively engaged in support services.
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The review presented here is based on the findings of a TMR report, titled “Facilities Management Market (Service Type – Hard Services (Plumbing, Air Conditioning Maintenance, Fire Protection Systems, and Mechanical and Electrical Maintenance) and Soft Services (Cleaning and Pest Control, Laundry, Catering, Waste Management, and Security); Industry – Corporate, Government and Public, Healthcare, Manufacturing, Residential and Educational, and Retail and Commercial) – North America Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024.”
Advantages of saving valuable employees’ time drives adoption
Lack of standardization parameters at global level crimps growth
The North America facilities management market is segmented as follows;
Facilities Management Market, By Service Type
Hard ServicesPlumbing and Air Conditioning MaintenanceFire Protection SystemsMechanical and Electrical MaintenanceOthers (Fabric Maintenance, etc.)
Soft ServicesCleaning and Pest ControlSterilizationLaundryCateringWaste ManagementSecurityOthers (Administrative Services, etc.)
Facilities Management Market, By Industry
Government and Public Sector
Residential and Education Institutions
Retail and Commercial
Others (Food, Sport, etc.)
Facilities Management Market, By Country
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The report by Transparency Market Research (TMR), the global microcontrollers (MCU) market has highly competitive landscape. Some of the key players in the market are Fujitsu, Infineon Technologies, Freescale Semiconductor, Inc, Renesas Electronics Corporation, and Texas Instruments. The industry players are increasingly introducing improved and advanced microcontroller-enabled technology in various industry sectors for widening their customer base and to improve their product portfolio.
According to a report by Transparency Market Research (TMR), the global microcontrollers (MCU) market is expected to expand with a CAGR of 9.0% from 2012 to 2018, to attain the value of US$28.49 bn in 2018 from US$15.7 bn in 2011. The automotive industry accounted for the dominant revenue share of 31.4% in the market in 2012. Region-wise, Asia Pacific is dominating the global market followed by the EMEA. The cumulative share accounted by both region is nearly 70.5% of the global market in 2012.
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Extensive Applications in Automotive Industry to Drive Growth
The swift growth of global automotive industry is expected to impact positively on the growth of the microcontroller market. The availability of smartphones, phablets, tablets, and other touchscreens are boosting adoption of the MCUs which is likely to boost growth of the market. Additionally, MCUs have extensive application in consumer electronics such as microwave ovens, washing machines, and television. Furthermore, increasing demand for healthcare equipment such as portable glucometers and blood pressure monitors which uses microcontroller are also considerably supporting for the growth of market for MCUs.
Awareness regarding smart energy management, along with the latest technological advancements, is key driver of the global microcontrollers (MCU) market. A favorable regulatory initiations are supporting deployment of smart grid systems which is likely to boost growth of the market. The technology is chiefly used in smart cards for ensuring better safety to electronic banking transactions and government IDs such as mass-transit fares, security applications, passports, and medical records.
Advent of Novel Features to Create Lucrative Opportunities
Despite of these growth prospects, malfunctioning of microcontroller in extreme climatic conditions such as extremely low and high temperatures are limiting growth of the market. Nevertheless, microcontrollers are manufactured as application-specific integrated circuits to be embedded inside devices they control. They comprise memory, peripherals, and processors coupled with the advent of the novel features such as GPS and keyless entry, the demand for MCUs in the automotive industry is higher than ever. This is creating lucrative opportunities for the growth in the global market for microcontroller.
This information is comprised in the new report by TMR, titled “Microcontrollers (MCU) Market (Product – 8-bit, 16-bit, and 32-bit; Application – Automotive, Computer, Industrial, Consumer Goods, and Communication) – Global Industry Analysis, Size, Share, Growth and Forecast 2012 – 2018.”
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Global microcontrollers (MCU) market has been segmented as:
EuropeU.K.GermanyFranceSpainItalyRest of Europe
Asia PacificChinaJapanAustraliaIndiaRest of Asia Pacific
Latin AmericaBrazilMexicoRest of Latin America
Middle East & AfricaSouth AfricaSaudi ArabiaRest of Middle East & Africa
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The global leak detection and repair market size is anticipated to reach USD 24.47 billion by 2025, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 5.4% during the forecast period. Leaking equipment, pumps, valves, and connectors in the oil & gas industry are the major sources of volatile hazardous air pollutants (VHAP) and volatile organic compounds (VOC) emissions. EPA has laid down LDAR regulations for monitoring of such equipment for possible leakages. An LDAR program is a system of procedures that help to reduce emission of VOCs and VHAPs. This program conducts audits of all components in the oil and gas industries and detects changes, if any, such as changes in gas emission level or temperature level.
Methane is a dominant greenhouse pollutant and is considered 80 times more powerful and harmful than carbon dioxide, a major greenhouse gas. In addition, methane contributes approximately 25.0% to global warming. Hence, various governments are introducing regulations and initiatives to reduce methane emissions.
Apart from government initiatives, various oil and gas producers, transmission, and distribution companies in the U.S. are actively collaborating to devise measures and deploy systems to reduce methane emission. Our Nation’s Energy Future (ONE Future) initiative was formed by 8 major U.S. companies (including Southwestern Energy, BHP Billiton Ltd., and Apache Corp.) in 2014 with an emphasis on collectively achieving methane emissions to one percent (or less) of the total natural gas production. Moreover, developments in oil and gas pipeline in countries in Asia Pacific such as China and India, due to rising energy demand, are expected to boost the growth of the market over the forecast period.
Both portable and fixed gas leak detection systems are used to detect leaks in the oil and gas industry. Currently, most of the oil and gas pipelines are equipped with flow rate measurement sensors. In case of a leak, sensors detect drops in pressure. However, according to a report by the U.S. Department of Transportation, these sensors are successful in detecting leaks only around 40.0% of the time.
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Further key findings from the report suggest:
- Low-cost operation, high accuracy, and sensitivity in leak detection, environmental concerns regarding emission of harmful greenhouse gases, and support provided by governments and regional associations are among the primary growth stimulants for the market
- Presence of the largest oil and gas pipeline network and concentration of major oil and gas producing and refining companies in North America are expected to offer a high-potential market for the deployment of gas leak detection, monitoring, and repair systems over the forecast period
- Major American and European oil & gas companies are focusing on increasing their presence in Asia Pacific through acquisitions and investments
- National oil companies in APAC such as Oil and Natural Gas Corporation, China National Offshore Oil Corporation, and Petronas are also expanding their operations to capitalize on the region’s rapidly growing market
- Latin American Energy Organization (OLADE) is focusing on development of natural gas-based energy generation infrastructure through public-private partnerships. Natural gas is expected to play a vital role in the development.
Grand View Research has segmented the global leak detection and repair (LDAR) market based on product, technology, and region:
Leak Detection and Repair Product Outlook (Revenue, USD Million, 2014 – 2025)
- Handheld Gas Detectors
- UAV-based Detectors
- Vehicle-based Detectors
- Manned Aircraft Detectors
Leak Detection and Repair Technology Outlook (Revenue, USD Million, 2014 – 2025)
- Volatile Organic Compounds (VOC) Analyzer
- Optical Gas Imaging (OGI)
- Laser Absorption Spectroscopy
- Ambient/Mobile Leak Monitoring
- Acoustic Leak Detection
- Audio-Visual-Olfactory Inspection
Leak Detection and Repair Regional Outlook (Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
About Grand View Research
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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Half of the year has passed by in a blink and there is no better time to reflect on the past and assess the future possibilities for Indian agriculture than this. The past few years have been distressful for Indian farmers – dwindling income, drought or consistent drought-like situations and resultant financial debt has posed considerable difficulty to the farming community. There were uncertainties around the elections too, but now that all doubts have been put to rest, it is time to set the right course for Indian farming community.
Developing Agri Startups for Better Use of Crops
Amid all the gloom, one good news is that the Indian agriculture has started attracting foreign investment firms – agri-focused accelerator and investor Pioneering Ventures has launched ‘Rural India Impact Fund’, a private equity fund with a targeted corpus of US$70 million, to provide growth capital exclusively to companies it has backed so far. This is one among the series of venture capitalists flocking to Indian agriculture, a trend that can give tremendous boost to the shaky supply chain management and credit facility to farmers. In fact, the farm-to-fork concept that comprises a growing number of start-ups in the domain will receive further fillip and in turn, the farmers will get a more reliable channel to mobilise their produce. With the new government with a huge mandate in place, we are likely to see more incubation happening for developmental- and early-stage start-ups even as mid-stage start-ups are likely to receive more funding. The government must focus on attend to the support infrastructure needs in each state and address key issues such as requirement for loans, availability of growth capital, taxation on angel investment, and applicability to mainstream government schemes, among others.
Tackling Climate Change and Developing Irrigation
Out from the Intergovernmental Panel on Climate Change (IPCC) report, climate change is as real as a raging fire. In many parts of India, this rapidly aggravating phenomenon has left hundreds of acres of arable land dry and barren. The drought and drought-like condition has forced several farmers in the western and central parts of the country to take adverse steps. Those who are alive are forced to watch standing crops adversely impacted. The changes in climate are a significant trend to watch out for this year. An effective climate risk mitigation strategy comprising better water management, including improving irrigation penetration and opting for drip and micro irrigation as well as investing in more serious research to develop crop variants that are resistant to rising temperatures and drought and will need less water are key. Effective climate mitigation is an effort for sensitizing the adoption of climate change measures to ensure countless benefits for farming and trading fraternity. The government is rolling out curated solutions for early warning system which is expected to play a vital role in evaluating and reducing the risks of erratic climate changes. However, farmers may need some help with expertise in water management and optimum utilization of available water resources that should aim at reducing consumption of groundwater for farming.
PMKSY can provide innovative solutions
The water management and conservation initiatives such as watershed management and drip irrigation play an important role in solving the water problem of the Indian agricultural sector to a large extent. Storing rainwater, also known as rainwater harvesting, can become a reliable source of waters for farmers. The government agencies monitoring water usage to maintain national and international standards should empower the farming fraternity by providing the right kind of support to build the infrastructure. Besides, providing loan waivers and incentives to the farmers who use water judiciously should add an extra plus. Schemes like Pradhan Mantri Krishi Sichai Yojna (PMKSY) are a great move to bring in more area under irrigated agriculture: In 2017, nearly INR 1484 crores was sanctioned under the scheme, aiming to cover 39 lakh ha of land. The micro irrigation scheme under the PMKSY has added 6 lakh ha in the current year. This trend needs to continue as schemes like these are beneficial for small and marginal farmers and in geographies where limited water sources are available.
Apart from these, expansion of agri insurance coverage, effective claim management, controlling distress sale and the oversupply of agricultural commodities during the peak season and mitigate the agricultural losses in the near future are some of the concerns the government needs to address on an urgent basis to enable Indian agriculture flourish.