Artificial Intelligence
Household Appliances Market Size is Growing at USD 1096.54 Bn by 2030
Ottawa, Jan. 25, 2023 (GLOBE NEWSWIRE) — The rising technological advancements in the various household appliances such as refrigerators, dishwashers, air conditioners, and washing machines is driving the growth of the global household appliances market. The rising disposable income of the consumers, growing population, rising number of nuclear families, changing lifestyle, rising urbanization, and improving standards of living are some of the prominent factors that are expected to boost the growth of the global household appliances market.
The rising innovations and development of energy-efficient and eco-friendlier household appliances is gaining a rapid traction among the consumers. Furthermore, the easy availability of financing and installment options is increasing the affordability of the consumers and hence it drives the demand for the household appliances. The surging penetration of the e-commerce platforms across the globe is expected to significantly boost the sales of the various household appliances across the globe.
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The ease of gathering information over the internet and easy comparison available between various brands and products over the internet is considered to be a significant factor that influences the buying behavior of a modern-day consumer. Furthermore, the introduction of various latest and innovative features in the products significantly influences the growth of the household appliances market.
Report Highlights
- By product, the major appliances segment dominated the market. The refrigerators segment mainly drives the growth of the major appliances segment. The high demand for the refrigerators among the population for storing food and food products has led to the higher adoption of refrigerators. Moreover, the availability of huge variety of refrigerators based on size, door, and functions is expected to fuel the demand for the refrigerators during the forecast period.
- By distribution channel, the e-commerce is expected to be the fastest-growing segment. The rising penetration of e-commerce platforms, growing adoption of smartphones, and growing penetration of internet is fostering the sales of household appliances through e-commerce channels. The easy shopping, convenient payment options, huge variety of products, easy refund and replace options, huge discounts, and quick home delivery are the major features of the e-commerce platforms that drives the growth of the household appliances market.
Recent Development
- In January 2021, Samsung and Deutsche Telekom successfully tested their first 5G SA trial in Czech Republic, Europe.
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Scope of the Report
| Report Attributes | Details |
| Revenue Forecast by 2030 | USD 1096.54 Billion |
| CAGR | 6.46% from 2022 to 2030 |
| By Product |
|
| By Distribution Channel |
|
| By Region |
|
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | B Electrolux, Qingdao Haier Co., Ltd., Hitachi, Ltd., LG Electronics Inc., Midea Group Co., Ltd., Panasonic Corporation, Robert Bosch GmbH, Samsung Electronics Co., Ltd., Sharp Corporation, Whirlpool Corporation and others |
Regional Snapshot
Asia Pacific dominated the global household appliances market in 2022. Asia Pacific is the home to several leading household appliances manufacturers such as Samsung, LG, Panasonic, and Bajaj. The huge penetration of the various brands across the urban and the rural areas of the region has significantly contributed to the market growth. The rising government investments to electrify the rural areas is expected to boost the demand for the household appliances in the forthcoming years. The presence of huge population, rising disposable income, improving living standards, and growing number of nuclear families are the major factors responsible for the growth of the Asia Pacific household appliances market.
North America held the second position in the household appliances market. The huge demand for the luxury home improvement items, high disposable income, higher standards of living, and higher number of households in the major market like US has significantly driven the growth of the North America household appliances market. The proliferation of digital technologies has led to the development of more efficient and sustainable household appliances, which is expected to boost the demand in the forthcoming future.
Market Dynamic
Driver
Technological advancements and the rising number of product launches
The proliferation of digital technologies and the growing investments by the market players to introduce new and innovative appliances in the market is significantly driving the growth of the household appliances market. The integration of various novel technologies like artificial intelligence, machine learning, internet of things, and robotics in the household appliances is expected to drive the growth of the global household appliances market during the forecast period.
Restraint
Lack of infrastructure
In the rural areas of several developing and underdeveloped economies, there is a lack of proper infrastructure and lack of electricity. The lack of electrification is a major factor that may hamper the market growth. Most of the population in underdeveloped economies lives in the rural villages and depends on agriculture. The low affordability and lack of electricity restricts them to adopt the advanced household appliances.
Opportunity
Rising investments in the development of sustainable product
The manufacturers are investing heavily on the development of eco-friendly products. The traditional household appliances significantly contributed to the emission of greenhouse gases. The rising awareness regarding the harmful effects of the appliances on the environment is boosting the demand for the energy-efficient and eco-friendlier household appliances in the market.
Challenge
Availability of counterfeit products
There are numerous local manufacturers who provide low quality and counterfeit household appliances especially in the developing markets like India and China. The low income groups opt towards the counterfeit appliances owing to the major features and low cost of the product. However, there is no quality and warranty of these products and many times the customer loses their money. The availability of counterfeit products is a major challenge for the market players.
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Artificial Intelligence
Wego and Tourism Authority of Thailand Partner for The Fourth Consecutive Year, Showcasing the Beauty of Thailand
DUBAI, UAE, April 25, 2024 /PRNewswire/ — Wego, the largest online travel marketplace in the Middle East and North Africa (MENA), is thrilled to announce its continued partnership with the Tourism Authority of Thailand (TAT) for the fourth consecutive year, showcasing the unparalleled beauty and charm of Thailand as a premier travel destination.
Building upon the success of their previous collaborations, Wego and the Tourism Authority of Thailand are once again teaming up to promote Thailand’s diverse attractions, rich culture, and breathtaking landscapes to travelers worldwide. Through this strategic partnership, Wego aims to inspire travelers to explore the wonders of Thailand and experience its unique blend of tradition and modernity.
Over the past campaigns, Wego and the Tourism Authority of Thailand have successfully amplified Thailand’s appeal as a top travel destination, reaching millions of travelers and driving significant interest in visiting the country. From its pristine beaches and vibrant cities to its lush jungles and cultural heritage sites, Thailand offers an array of experiences that cater to every traveler’s preferences.
“We are delighted to continue our partnership with the Tourism Authority of Thailand for the fourth consecutive campaign,” said Mamoun Hmedan, Chief Business Officer, Wego. “Thailand is a beloved destination for travelers worldwide, and we are committed to showcasing its beauty and diversity through our platform. Together with the Thailand Tourism Board, we look forward to inspiring even more travelers to explore all that Thailand has to offer.”
The success of the previous campaigns underscores the effectiveness of Wego and the Thailand Tourism Board’s collaborative efforts in promoting Thailand as a must-visit destination. By leveraging Wego’s extensive reach and innovative marketing capabilities, the partnership aims to further elevate Thailand’s profile and attract more travelers to experience the magic of the Land of Smiles.
“We are thrilled to continue our partnership with Wego for the fourth campaign,” said Mr. Chaiwat Tamthai, Director of TAT Dubai office. “Thailand offers an unparalleled travel experience, from its stunning beaches and vibrant cities to its rich cultural heritage. Through our collaboration with Wego, we are excited to showcase the beauty of Thailand to travelers in the MENA region and invite them to discover the wonders of our country.”
As travelers seek unforgettable experiences and breathtaking landscapes, Wego and the Tourism Authority of Thailand are committed to showcasing Thailand’s unique charm and allure, inviting travelers to embark on an unforgettable journey to this enchanting destination.
About Wego
Wego provides award-winning travel search websites and top-ranked mobile apps for travelers living in the Asia Pacific and the Middle East regions. Wego harnesses powerful yet simple to use technology that automates the process of searching and comparing results from hundreds of airlines, hotels, and online travel agency websites.
Wego presents an unbiased comparison of all travel products and prices offered in the marketplace by merchants, both local and global, and enables shoppers to quickly find the best deal and place to book whether it is from an airline or hotel directly or with a third-party aggregator website.
Wego was founded in 2005 and is dual headquartered in Dubai and Singapore with regional operations in Bangalore, Riyadh, Cairo, Lahore, and Kuala Lumpur.
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Artificial Intelligence
Building Energy Management Systems Market Projected to Reach $67.69 billion by 2030 – Exclusive Report by 360iResearch
PUNE, India, April 24, 2024 /PRNewswire/ — The report titled “Building Energy Management Systems Market by Component (Hardware, Services, Software), Type (Integrated Building Energy Management Systems, Standalone Building Energy Management Systems), Application, Deployment Mode, End-Use – Global Forecast 2024-2030” is now available on 360iResearch.com’s offering, presents an analysis indicating that the market projected to grow from a size of $34.52 billion in 2023 to reach $67.69 billion by 2030, at a CAGR of 10.09% over the forecast period.
“Revolutionizing Energy Efficiency Globally With The Evolution of Building Energy Management Systems (BEMS)”
In an era where energy conservation and efficiency have become paramount, building energy management systems (BEMS) are at the forefront of this transformation, offering solutions that monitor, control, and optimize energy usage within buildings. These advanced systems, leveraging real-time data analytics, automate energy control, enhance energy savings, reduce costs, and contribute to a greener planet. Primarily utilized in commercial spaces, residential areas, and industrial sectors, BEMS has a broad application scope, covering HVAC, lighting, and security systems. Factors driving the expansion of the BEMS market include escalating energy expenses, heightened awareness of environmental impacts, and the increasing incorporation of Internet of Things (IoT) and cloud-based technologies, coupled with supportive government initiatives promoting energy-efficient infrastructures. Although challenges such as high initial costs and technology integration barriers exist, the advent of AI and IoT technologies within BEMS heralds a future of predictive energy management and remote operational capabilities, with a growing emphasis on integrating renewable energy sources. Regions such as the United States, Canada, the European Union, and emerging economies such as China and India are witnessing significant growth in BEMS adoption, spurred by regulatory policies and a shift towards sustainable building practices. This global movement toward BEMS signals a step toward reducing carbon footprints and highlights the collective effort to embrace technology for a sustainable future.
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“Harnessing Energy Management for Sustainability and Efficiency”
Data centers are pivotal infrastructures in the digital transformation era, consuming up to 50 times more energy than typical commercial spaces. This energy demand positions data centers as key contributors to the U.S.’s overall electricity consumption. Recognizing this, implementing building energy management systems (BEMS) is crucial in mitigating the environmental impact and operational costs associated with data centers. BEMS optimizes cooling systems to prevent equipment overheating, thereby enhancing energy efficiency by leveraging real-time data. Such systems reduce the power usage effectiveness (PUE) ratio, highlighting a move toward more sustainable consumption patterns and ensuring data centers’ operational continuity. Integrating seamlessly with existing infrastructure, BEMS offers a comprehensive approach to energy management, enabling more innovative cooling, efficient power usage, and predictive maintenance. This transition highlights a commitment to environmental responsibility and fosters operational efficiency, setting a new standard for data center operations worldwide.
“Revolutionizing Building Efficiency With Advanced Energy Management Systems Optimized Usage”
In push toward sustainability, building energy management systems (BEMS) stands at the forefront of innovation, integrating sophisticated hardware such as sensors, actuators, controllers, and more to manage and reduce energy consumption in buildings meticulously. These systems work in concert to monitor environmental conditions and adjust heating, ventilation, and air conditioning (HVAC) settings in real time, leading to significant energy savings. BEMS provides valuable data that helps identify savings opportunities, while networking tools ensure seamless communication between devices by precisely tracking energy flow through meters. Servers process vast amounts of data, enabling detailed analysis and actionable insights to refine energy use further. Additionally, comprehensive services, including customized consultations and dedicated support, ensure that each BEMS is tailored to a building’s unique needs, providing efficient operation and extended system longevity. BEMS exemplifies the strategic shift toward more sustainable and operationally excellent building management through the collaborative synergy of hardware, software, and expert services.
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“Schneider Electric SE at the Forefront of Building Energy Management Systems Market with a Strong 13.97% Market Share”
The key players in the Building Energy Management Systems Market include Schneider Electric SE, Honeywell International Inc., Azbil Corporation, Emerson Electric Co., Johnson Controls International PLC, and others. These prominent players focus on strategies such as expansions, acquisitions, joint ventures, and developing new products to strengthen their market positions.
“Introducing ThinkMi: Revolutionizing Market Intelligence with AI-Powered Insights for the Building Energy Management Systems Market”
We proudly unveil ThinkMi, a cutting-edge AI product designed to transform how businesses interact with the Building Energy Management Systems Market. ThinkMi stands out as your premier market intelligence partner, delivering unparalleled insights with the power of artificial intelligence. Whether deciphering market trends or offering actionable intelligence, ThinkMi is engineered to provide precise, relevant answers to your most critical business questions. This revolutionary tool is more than just an information source; it’s a strategic asset that empowers your decision-making with up-to-the-minute data, ensuring you stay ahead in the fiercely competitive Building Energy Management Systems Market. Embrace the future of market analysis with ThinkMi, where informed decisions lead to remarkable growth.
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“Dive into the Building Energy Management Systems Market Landscape: Explore 180 Pages of Insights, 566 Tables, and 26 Figures”
PrefaceResearch MethodologyExecutive SummaryMarket OverviewMarket InsightsBuilding Energy Management Systems Market, by ComponentBuilding Energy Management Systems Market, by TypeBuilding Energy Management Systems Market, by ApplicationBuilding Energy Management Systems Market, by Deployment ModeBuilding Energy Management Systems Market, by End-UseAmericas Building Energy Management Systems MarketAsia-Pacific Building Energy Management Systems MarketEurope, Middle East & Africa Building Energy Management Systems MarketCompetitive LandscapeCompetitive PortfolioInquire Before Buying @ https://www.360iresearch.com/library/intelligence/building-energy-management-systems
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Home Energy Management System Market – Global Forecast 2024-2030Energy Management System Market – Global Forecast 2024-2030Intelligent Building Automation Technologies Market – Global Forecast 2024-2030About 360iResearch
Founded in 2017, 360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset — our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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Artificial Intelligence
Terra Drone, Unifly, and Aloft Launch UTM Development for AAM Targeting Global Markets
TOKYO, April 25, 2024 /PRNewswire/ — Terra Drone Corporation, a leading drone and Advanced Air Mobility (AAM) technology provider headquartered in Japan, announced today the launch of joint development with its Group companies Unifly NV (“Unifly”) and Aloft Technologies Inc. (“Aloft”) focused on UAS Traffic Management (UTM) for AAMs targeting global markets. Terra Drone has been making strides in its pioneering UTM business via strategic investments in Unifly, a leading UTM technology provider based in Belgium, and Aloft, which has the top UTM market share in the U.S. This collaboration marks the world’s first-ever joint UTM development for AAMs by multiple companies with extensive track records in UTM implementation and operation.
The three companies pursue joint UTM development to capitalize on the rapid global progress in electric vertical take-off and landing aircrafts (eVTOLs), set to revolutionize transportation. Morgan Stanley forecasts the Urban Air Mobility (UAM) market to reach $1 trillion by 2040 and $9 trillion by 2050 (1), with eVTOLs gaining global recognition through test flights and prototype showcases.
The companies proudly announce initiatives to enhance their existing UTM platforms in anticipation of the surge in eVTOL aircraft and drone activities. The shared vision for the UTM platform is to enable safe and efficient flight operations for eVTOLs and drones in the foreseeable future.
Recognizing the evolving needs of the AAM industry, they are dedicated to extending their platform by incorporating crucial additional functions. These enhancements, designed with automation at their core, aim to streamline operational efficiencies and pave the way for the integration of their increasingly automated UTM technology into the design and operational framework of AAMs. Through these efforts, they aim to set new standards in UTM and to facilitate the seamless integration of eVTOLs and drones into the national airspace, bolstering the potential for the AAM industry.
Through this initiative, they aim to build a global UTM infrastructure that kickstarts the AAM industry worldwide, creating a cohesive ecosystem that supports AAM growth and addresses broader challenges of urban mobility, sustainability, and air traffic safety.
Notes to Editor:
Research by Morgan Stanley in a report titled “eVTOL/Urban Air Mobility TAM Update: A Slow Take-Off, But Sky’s the Limit” https://advisor.morganstanley.com/the-busot-group/documents/field/b/bu/busot-group/Electric%20Vehicles.pdf]
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