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marketresearchintent · 6 days

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5G Security Market: Revolutionizing Cybersecurity for the Connected World

In the race to digital transformation, 5G technology is the next frontier. Promising faster speeds, lower latency, and the ability to connect a vast number of devices simultaneously, 5G has the potential to revolutionize various industries. However, with great power comes great responsibility, and in the case of 5G, this responsibility revolves significantly around security. The "5G Security Market" is emerging as a critical segment within the broader 5G ecosystem, focusing on protecting the new network from threats and vulnerabilities. This article delves into the architecture, network security aspects, applications, and end-use industries, while exploring trends and forecasts in the 5G security market from 2024 to 2030.

Understanding the 5G Security Architecture

5G security architecture is significantly more complex than its predecessors due to the enhanced capabilities and the variety of use cases it supports. It’s designed with a zero-trust framework, meaning no entity, whether inside or outside the network, is automatically trusted.

Key Components of 5G Security Architecture:

Service-Based Architecture (SBA): 5G networks use SBA, where network functions are implemented as modular services. While this enhances flexibility, it also requires robust security measures for service interactions.

Network Slicing: 5G supports multiple logical networks on the same physical infrastructure. Each slice must be secured individually to prevent breaches in one slice from affecting others.

End-to-End Encryption: 5G architecture emphasizes end-to-end encryption for data integrity and confidentiality. This ensures secure data transmission across the network.

Edge Computing Security: With more data processing happening at the network edge, securing edge computing becomes crucial. This includes protecting data at the edge and ensuring secure communication between edge devices and the core network.

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Network Security: RAN and Core Security

5G network security can be divided into two primary areas: RAN (Radio Access Network) Security and Core Security.

RAN Security:

Authentication and Authorization: Enhanced user authentication and authorization mechanisms ensure that only legitimate users and devices can access the network.

Network Slicing Isolation: Security measures are implemented to maintain strict isolation between different network slices. This prevents unauthorized access and data leakage between slices.

Secure Communication: RAN security involves encrypting the communication between the user equipment (UE) and the network to protect against eavesdropping and man-in-the-middle attacks.

Core Security:

Network Function Virtualization (NFV) Security: 5G core networks rely heavily on NFV, which involves virtualizing network functions. Security in this context involves protecting the virtualized environment from attacks.

Service-Based Architecture Security: In SBA, network functions communicate over standardized APIs. Ensuring the security of these APIs is crucial to prevent unauthorized access and data breaches.

Data Protection and Privacy: The core network handles sensitive data, making encryption and privacy protection paramount. This includes implementing security measures like IPsec for secure IP communication.

Applications of 5G Security

5G's high-speed, low-latency capabilities enable a plethora of applications, each with unique security requirements.

Key Applications:

IoT Security: 5G is expected to connect billions of IoT devices, from smart home appliances to industrial sensors. Securing these devices from cyber-attacks and ensuring data integrity is a significant challenge.

Critical Infrastructure Protection: 5G will be used in critical infrastructure sectors like energy, transportation, and healthcare. Security solutions are needed to protect these infrastructures from cyber threats that could have catastrophic consequences.

Enhanced Mobile Broadband (eMBB): As eMBB services grow, including high-definition video streaming and AR/VR applications, ensuring secure data transmission and protecting user privacy become critical.

Ultra-Reliable Low-Latency Communication (URLLC): URLLC applications, such as autonomous vehicles and remote surgery, demand extremely high security standards to ensure data is transmitted without interruption or tampering.

End-Use Industries and Their Security Needs

Different industries are set to leverage 5G, each with specific security concerns:

Healthcare:

With telemedicine, remote monitoring, and AI-driven diagnostics becoming more prevalent, ensuring patient data privacy and securing medical devices are paramount.

Security measures in healthcare focus on protecting sensitive health information and ensuring the integrity and availability of life-critical services.

Manufacturing and Industry 4.0:

5G enables smart factories with interconnected devices and real-time data analytics. Security in this context includes protecting industrial control systems (ICS) and ensuring the safe operation of autonomous machinery.

Preventing unauthorized access to critical systems and safeguarding intellectual property are key security concerns in the manufacturing sector.

Automotive:

Connected vehicles and autonomous driving rely on 5G for communication and data exchange. Security is essential to protect vehicles from hacking, ensure safe operation, and protect user data.

Securing vehicle-to-everything (V2X) communication is crucial to prevent malicious interference and ensure road safety.

Energy and Utilities:

Smart grids and connected utility systems use 5G for real-time monitoring and management. Securing these systems is vital to prevent disruptions and protect against attacks that could impact the broader population.

Implementing robust security measures ensures the reliable delivery of energy services and protects against cyber threats targeting critical infrastructure.

Trends in the 5G Security Market (2024 - 2030)

As 5G networks become more widespread, the demand for 5G security solutions is expected to grow significantly. Here are some key trends shaping the market:

AI and Machine Learning for Threat Detection:

AI and machine learning will play a crucial role in 5G security by enabling real-time threat detection and response. These technologies can analyze vast amounts of data to identify unusual patterns and potential security breaches.

Automated threat detection systems using AI will help in identifying and mitigating attacks faster, reducing the risk of damage to the network.

Zero Trust Security Models:

The adoption of zero trust security models, which require continuous verification of user and device identities, will become more prevalent in 5G networks. This approach minimizes the risk of unauthorized access and lateral movement within the network.

Zero trust architecture ensures that every entity, whether human or machine, is authenticated, authorized, and continuously validated for security.

Blockchain for Enhanced Security:

Blockchain technology can provide additional security layers in 5G networks, particularly in managing device identities and securing data transactions. Its decentralized nature makes it resistant to tampering and unauthorized access.

Using blockchain for device authentication and data integrity can enhance the overall security posture of 5G networks.

Edge Security Solutions:

As edge computing becomes more integral to 5G networks, securing the edge will be a priority. This includes protecting data and applications at the edge and ensuring secure communication between edge devices and the core network.

Solutions such as secure edge gateways and encryption techniques will be employed to safeguard data at the edge.

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Forecasts for the 5G Security Market

The 5G security market is poised for rapid growth, driven by the increasing adoption of 5G technology across various sectors. According to industry forecasts:

Market Size and Growth Rate: The global 5G security market is expected to grow at a CAGR of over 20% from 2024 to 2030, reaching a market size of several billion dollars by the end of the decade.

Investment in Security Solutions: As 5G networks are deployed, investment in security solutions will increase. Network operators, enterprises, and governments will allocate significant resources to ensure the security of 5G infrastructure and services.

Regional Outlook: North America and Europe are expected to lead the 5G security market, driven by early adoption of 5G technology and stringent regulatory frameworks. Asia-Pacific will also see significant growth, particularly in countries like China, Japan, and South Korea, where 5G deployment is advancing rapidly.

Challenges and Opportunities

Challenges:

Complexity of 5G Networks: The complexity of 5G networks, with their diverse use cases and distributed architecture, poses a significant challenge in ensuring comprehensive security.

Evolving Threat Landscape: Cyber threats are continuously evolving, requiring constant updates to security measures and the development of new solutions to address emerging vulnerabilities.

Regulatory Compliance: Compliance with various regional and international regulations adds another layer of complexity to 5G security implementation.

Opportunities:

Innovation in Security Solutions: The 5G security market presents opportunities for innovation in areas such as AI-driven threat detection, blockchain-based security, and secure network slicing.

Collaboration and Standardization: Industry collaboration and the development of security standards will be crucial in addressing 5G security challenges and ensuring a unified approach to network protection.

Conclusion

The 5G security market is set to become a critical component of the broader 5G ecosystem. As 5G networks are deployed worldwide, ensuring their security will be paramount to protect sensitive data, maintain user privacy, and prevent disruptions in critical services. With the adoption of advanced technologies like AI, machine learning, and blockchain, the 5G security market will continue to evolve, offering innovative solutions to meet the challenges of this new digital era. By 2030, 5G security will not just be a necessity but a driving force enabling the safe and secure operation of a connected world.

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Our market intelligence reports are grounded in factual and relevant insights across various industries, including chemicals & materials, healthcare, food & beverage, automotive & transportation, energy & power, packaging, industrial equipment, building & construction, aerospace & defense, and semiconductor & electronics, among others.

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industryforecastnews · 7 days

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Nugget Ice Machine Market To Reach USD 416.84 Million By 2030

Nugget Ice Machine Market Growth & Trends

The global nugget ice machine market size is anticipated to reach USD 416.84 million by 2030, exhibiting a CAGR of 5.2% during the forecast period of 2024 to 2030, according to a new report by Grand View Research, Inc. This growth is driven by increasing consumer demand for convenient and portable ice-making solutions across both residential and commercial sectors. Nugget ice, known for its chewable texture and flavor retention properties, continues to gain popularity, fueling market growth of nugget ice makers.

Countertop nugget ice machines are largely preferred across food service and hospitality sectors. These compact and efficient models appeal to modern consumers seeking versatile appliances that enhance convenience. Companies like GE Profile have introduced advanced models such as the Opal 2.0 Ultra, featuring smart technologies like Wi-Fi connectivity and voice control, catering to the growing demand for seamless integration into smart kitchens.

Nugget ice machines play a crucial role in enhancing beverage quality and customer satisfaction in bars, restaurants, and other hospitality establishments. Innovations from key players like Scotsman Ice Systems and Manitowoc Ice continue to advance the designs with improved energy efficiency and sanitation technologies.

Technological advancements in the nugget ice maker market, driven by innovations like smart app control and voice integration with Alexa and Google Assistant, are transforming user experiences. Ecozy, an appliance company’s, introduction of the World's First Compact Smart Nugget Ice Maker on Amazon in May 2024 featured that the machine can produce up to 35 lbs of daily ice. It offers advanced functionalities such as scheduling, remote control, and automatic cleaning via the EcozyHome app or voice commands, catering to both residential and commercial users seeking enhanced convenience and efficiency.

The market is characterized by intense competition among major players such as GE Appliances, Scotsman Ice Systems, and Manitowoc Ice, who are continuously innovating to meet evolving consumer preferences for quality, efficiency, and technological integration in ice-making appliances. As demand expands across residential and commercial sectors worldwide, the market is poised for sustained growth supported by technological advancements and increasing consumer awareness of the benefits of nugget ice.

Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/nugget-ice-machine-market-report

Nugget Ice Machine Market Report Highlights

In 2023, countertop nugget ice machines dominated with 76.48% market share due to their compact size and advanced features meeting modern consumer demands. GE Profile launched the Opal 2.0 Ultra Nugget Ice Machine in June 2024, enhancing maintenance efficiency with scale-inhibiting and reusable filters, alongside a sleek design and smart features like Wi-Fi and voice control, appealing strongly to commercial users.

Residential sales of nugget ice machines are projected to grow at a 5.6% CAGR from 2024 to 2030, driven by increasing demand for high-quality, chewable ice at home. Innovations in compact and efficient designs, coupled with smart features enhancing usability, contribute to this growth.

In 2023, offline sales of nugget ice machines held over 71% market share, driven by the appeal of hands-on experience and immediate availability in physical retail channels. Discounts and promotional deals offered by hypermarkets, such as Walmart, further drive sales by making high-quality nugget ice machines more accessible and attractive to a wide range of customers.

In 2023, the market in North America held a revenue share of 45.60% of global revenue, fueled by a robust foodservice sector and growing preference for premium kitchen appliances. Technological advancements tailored for the U.S. market, alongside innovations from key manufacturers, played pivotal roles in the driving market growth in the region.

The market shows concentration with dominant players like Scotsman Ice Systems, Manitowoc Ice, and GE Appliances leading the industry. These key players hold substantial influence due to their significant presence and impact on end-user industries, and innovation in ice machine technologies.

In April 2023, Manitowoc Ice initiated a strategic integration into Pentair Foodservice, aiming to enhance its market position and expand its footprint in smart and sustainable ice machine solutions globally. This move highlights Manitowoc Ice's commitment to innovation, quality, and customer satisfaction across diverse sectors including food service, hospitality, and residential applications.

Nugget Ice Machine Market Segmentation

Grand View Research has segmented the Nugget Ice Machine Market on the basis of product, end use, distribution channel, and region:

Nugget Ice Machine Product Outlook (Revenue, USD Million; 2018 - 2030)

Countertop

Undercounter/Built-In

Nugget Ice Machine End-use Outlook (Revenue, USD Million; 2018 - 2030)

Food Service

Hospitality

Healthcare

Residential

Others

Nugget Ice Machine Distribution Channel Outlook (Revenue, USD Million; 2018 - 2030)

Offline

Online

Nugget Ice Machine Regional Outlook (Revenue, USD Million; 2018 - 2030)

North America

Europe

Asia Pacific

Central & South America

Middle East & Africa

List of Key Players in the Nugget Ice Machine Market

GE Appliances

Scotsman Ice Systems

Manitowoc Ice

Euhomy

NewAir

AvantiProducts

Hoshizaki America, Inc.

ITV Ice Makers Inc.

Whynter, LLC

Ice-O-Matic

Browse Full Report: https://www.grandviewresearch.com/industry-analysis/nugget-ice-machine-market-report

#Nugget Ice Machine Market #Nugget Ice Machine Market Size #Nugget Ice Machine Market Share #Nugget Ice Machine Market Trends

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appliancetechnician · 10 days

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The Future of Home Appliances: A Glimpse into 2030

As we approach the year 2030, the home appliance industry is poised for a transformative shift, driven by advancements in technology, sustainability, and personalization. Here's a glimpse into the exciting future of home appliances:

Smart Home Integration: The New Standard in 2030

By 2030, smart home integration will be the norm, with appliances seamlessly connecting to home automation systems. Imagine a refrigerator that not only tracks inventory but also suggests recipes based on available ingredients, sending instructions to a smart oven that preheats itself to the perfect temperature. Voice-activated controls and remote access via smartphones will make daily tasks effortless. Advanced Features of Smart Appliances - Inventory Management: Fridges will track what’s inside and suggest meals. - Voice Control: Manage appliances hands-free with voice commands. - Remote Access: Control your home devices from anywhere using your smartphone.

Energy Efficiency and Sustainability: A Green Future

Sustainability will be a key focus in the home appliances of the future. Eco-friendly materials, such as bamboo countertops and recycled glass backsplashes, will become increasingly popular. Energy-efficient appliances will be the standard, featuring innovations like solar-powered devices and advanced water filtration systems. Eco-Friendly Living: Growing Your Own Food Homeowners will be able to grow their own herbs and vegetables year-round using indoor gardens or hydroponic systems, promoting fresh, home-grown ingredients.

Personalization and AI: Tailoring Home Appliances to You

Artificial intelligence (AI) will revolutionize the way we interact with our home appliances. Smart ovens will suggest optimal cooking settings based on user preferences, while AI-driven thermostats will adjust temperatures to balance comfort with energy savings. Healthier Living Through AI - Personalized Recipes: Get suggestions tailored to your dietary needs. - Health Monitoring: Appliances will help track and improve your health.

Compact and Multifunctional Designs: Maximizing Urban Living Spaces

As urban living spaces continue to evolve, compact and multifunctional appliances will become increasingly popular. Combination microwave-ovens and washer-dryer units will maximize functionality while minimizing space requirements. The Rise of Minimalist Aesthetics Minimalist aesthetics with clean lines and concealed storage solutions will create a sense of calm and organization in increasingly smaller living spaces.

Appliance Repair and Longevity: Ensuring Durability in High-Tech Homes

As home appliances become more advanced, the importance of reliable repair services will grow. Companies will offer extended warranties and specialized repair services to ensure that high-tech appliances remain functional for longer periods. The Role of Repair in Sustainability The ability to easily repair appliances will contribute to sustainability by reducing waste and extending their lifespan.

Smart Home Appliances Market Growth (2023-2030): What to Expect

The future of home appliances is an exciting prospect, with smart integration, sustainability, personalization, and compact designs shaping the industry. By embracing these trends, homeowners can create living spaces that are not only efficient and convenient but also aligned with their individual lifestyles and environmental values. Read the full article

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companyknowledgenews · 11 days

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LG Electronics unit looks to B2B prospects - Information Global Internet https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197918&_unique_id=66e3bd76e2318 #GLOBAL - BLOGGER BLOGGER Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023. LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market. Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B … Read More

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bravecompanynews · 11 days

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LG Electronics unit looks to B2B prospects - Information Global Internet - #GLOBAL https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197917&_unique_id=66e3bd75d8bcc Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg BLOGGER - #GLOBAL

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boldcompanynews · 11 days

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LG Electronics unit looks to B2B prospects - Information Global Internet - BLOGGER https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197916&_unique_id=66e3bd74e4557 Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg #GLOBAL - BLOGGER Mr Amnaj says the... BLOGGER - #GLOBAL

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technologycompanynews · 11 days

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LG Electronics unit looks to B2B prospects - Information Global Internet - BLOGGER https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197915&_unique_id=66e3bd74110c7 Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg BLOGGER - #GLOBAL Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023. LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market. Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B … Read More

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onlinecompanynews · 11 days

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LG Electronics unit looks to B2B prospects - Information Global Internet https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197914&_unique_id=66e3bc516fa8c Mr Amnaj says the... BLOGGER - #GLOBAL Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg #GLOBAL - BLOGGER Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023. LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market. Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B … Read More

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internetcompanynews · 11 days

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LG Electronics unit looks to B2B prospects - Information Global Internet - BLOGGER https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197913&_unique_id=66e3bc5084086 Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg LG Electronics unit looks to B2B prospects - Information Global Internet - #GLOBAL BLOGGER - #GLOBAL

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formidablecompanynews · 11 days

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LG Electronics unit looks to B2B prospects - Information Global Internet https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197912&_unique_id=66e3bc4f9c300 #GLOBAL - BLOGGER BLOGGER Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023. LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market. Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B … Read More

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smartcompanynewsweb · 11 days

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LG Electronics unit looks to B2B prospects - Information Global Internet - #GLOBAL https://www.merchant-business.com/lg-electronics-unit-looks-to-b2b-prospects/?feed_id=197911&_unique_id=66e3bc4ea2ddb Mr Amnaj says the company is targeting sales of 16 billion baht this year, up 7% from 2023.LG Electronics (Thailand) Co Ltd will focus more on the business-to-business (B2B) market, whose growth is expected to outpace the consumer market.Amnaj Singhachan, head of marketing at LG Electronics (Thailand), said the company views the B2B market as having high growth potential due to the country’s economic recovery coupled with the post-pandemic recovery, which has led to strong demand in the B2B sector in areas such as offices and hotels.The company believes there is still room for growth in the information display and air conditioner market, he said.“We will closely monitor the year-end tourism season. If the country’s tourism booms this year, the hotel operators might opt for property renovation, which could open the door of opportunity to the company in the year to come,” said Mr Amnaj.He said the company’s products are being distributed through three channels: business-to-consumer (B2C) through its dealers and sub-dealers, business-to-business (B2B), and direct-to-customer (D2C) via online e-commerce platforms such as Shopee, Lazada, NocNoc, or LG’s website.The B2C channel accounts for 80% of the company’s sales, while B2B and D2C each account for 10% of overall sales.Mr Amnaj said the company aims to increase the proportion of B2B and D2C to account for around 15% each, while reducing the proportion of B2C down to 70% next year.“In five years, the company aims to reduce its B2C channel to account for 50% of overall sales, and increase B2B sales to 20% and D2C sales to 30%,” he said.Mr Amnaj said even though the company is focusing more on the B2B segment, it will maintain its partnerships with B2C dealers.Moreover, the company also aspires to transform into a “Smart Life Solutions Company” that can connect and expand the customer experience across various spaces, including home, commercial, mobility and virtual.This goal is in line with its Future Vision 2030 to showcase its innovative efforts beyond the home appliance space, he said.Regarding the flooding in Chiang Rai province, Mr Amnaj said the situation has directly affected around 10 of its 30 local dealers.In the aftermath, the company is considering launching a relief scheme, such as a not-for-profit repair service for damaged electrical appliances and marketing campaigns with longer instalment plans for new appliance purchases.The company is targeting sales of 16 billion baht this year, up 7% from the previous year, he said. http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/09/g2d8f04c9adc99571cb94b622a16370f12b862d184af543c74a6a0c04918d80cc7993ef4c068c8eda87d4994661bfbb99ce2.jpeg BLOGGER - #GLOBAL

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omshinde5145 · 15 days

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Embedded AI Market | Future Growth Aspect Analysis to 2030

The Embedded AI Market was valued at USD 8.9 billion in 2023 and will surpass USD 21.5 billion by 2030; growing at a CAGR of 13.5 % during 2024 - 2030.Embedded AI refers to the integration of artificial intelligence algorithms and processing capabilities directly into hardware devices. Unlike traditional AI, which often requires connection to powerful cloud computing systems, embedded AI operates locally on edge devices such as sensors, microcontrollers, or other hardware components. This enables real-time decision-making and data analysis with reduced latency and power consumption.

This convergence of AI and embedded systems is unlocking new possibilities for smarter, autonomous, and responsive devices that can analyze and act upon data instantly without needing to send it to remote servers for processing.

Market Growth and Key Drivers

The global embedded AI market is expanding rapidly, driven by several key factors:

Advancements in Edge Computing

The proliferation of edge computing has played a pivotal role in the growth of embedded AI. Edge devices with built-in AI capabilities are able to process data locally, reducing the need for constant communication with cloud servers. This is particularly crucial for applications requiring immediate decision-making, such as autonomous vehicles, drones, and industrial automation.

Increased Demand for IoT Devices

The Internet of Things (IoT) is a major contributor to the growth of embedded AI. IoT devices are embedded in everyday objects like smart home appliances, wearable devices, and industrial equipment, gathering data in real time. By integrating AI, these devices can offer predictive maintenance, enhanced user experiences, and optimized operational efficiency.

Read More about Sample Report: https://intentmarketresearch.com/request-sample/embedded-ai-market-3623.html

Enhanced AI Algorithms

AI algorithms have become more efficient and powerful, enabling them to operate in low-power, resource-constrained environments like embedded systems. With advancements in AI frameworks, such as TensorFlow Lite and PyTorch Mobile, the ability to deploy AI models on edge devices is now more accessible than ever.

Industry 4.0 and Smart Manufacturing

Industry 4.0 emphasizes automation, smart factories, and connected machinery. Embedded AI plays a critical role in optimizing processes in manufacturing, such as predictive maintenance, quality control, and energy management. Machines equipped with AI can autonomously monitor their own performance, identify inefficiencies, and make adjustments in real time.

Rise of Autonomous Systems

The push toward autonomous systems, especially in the automotive industry, is driving embedded AI adoption. Self-driving cars, drones, and robots rely on embedded AI to process vast amounts of sensor data, make real-time decisions, and navigate complex environments without human intervention.

Key Sectors Driving Embedded AI Adoption

Automotive Industry

The automotive industry is at the forefront of embedded AI adoption. AI-driven features like autonomous driving, advanced driver-assistance systems (ADAS), and predictive maintenance are all powered by embedded AI systems. These technologies enable cars to analyze real-time road conditions, detect potential hazards, and make instant decisions, enhancing safety and efficiency.

Healthcare

In healthcare, embedded AI is transforming medical devices and diagnostic tools. AI-powered wearables can monitor patients' vital signs in real time, providing healthcare professionals with actionable insights for early diagnosis and personalized treatment plans. Moreover, embedded AI systems in medical imaging devices can assist in detecting diseases like cancer with higher accuracy.

Consumer Electronics

From smart speakers to home security systems, embedded AI is driving innovation in the consumer electronics space. Devices are becoming more intuitive, offering personalized experiences through voice recognition, gesture control, and facial recognition technologies. These AI-driven enhancements have revolutionized how consumers interact with their devices.

Industrial Automation

Embedded AI in industrial automation is enabling smarter, more efficient factories. AI-powered sensors and controllers can optimize production processes, predict equipment failures, and reduce downtime. As industries move toward fully autonomous operations, embedded AI will play an integral role in managing complex industrial systems.

Challenges in the Embedded AI Market

Despite its rapid growth, the embedded AI market faces several challenges. Developing AI algorithms that can operate efficiently in resource-constrained environments is complex. Power consumption, heat generation, and the limited processing capabilities of embedded devices must all be carefully managed. Moreover, there are concerns around data privacy and security, particularly in industries handling sensitive information, such as healthcare and finance.

Another challenge is the lack of standardization across embedded AI platforms, which can hinder widespread adoption. To address this, industry stakeholders are collaborating on developing open standards and frameworks to streamline AI deployment in embedded systems.

Ask for Customization Report: https://intentmarketresearch.com/ask-for-customization/embedded-ai-market-3623.html

The Future of Embedded AI

The future of embedded AI looks promising, with continued advancements in hardware, AI algorithms, and edge computing technologies. As AI capabilities become more efficient and affordable, their integration into everyday devices will become increasingly ubiquitous. In the coming years, we can expect to see even greater adoption of embedded AI in smart cities, autonomous transportation systems, and advanced robotics.

Moreover, the convergence of 5G technology with embedded AI will further accelerate innovation. With faster, more reliable connectivity, edge devices equipped with AI will be able to process and transmit data more efficiently, unlocking new use cases across various industries.

Conclusion

The embedded AI market is revolutionizing industries by enabling devices to think, analyze, and act autonomously. As the demand for smarter, more responsive technology grows, embedded AI will continue to transform sectors such as automotive, healthcare, industrial automation, and consumer electronics. With its ability to provide real-time insights and decision-making at the edge, embedded AI is set to play a central role in the next wave of technological innovation.

#Embedded AI #Embedded AI Trends #Embedded AI Demand #Embedded AI Overview

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shubhampawrainfinium · 22 days

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"Smart Drying Solutions: The Market Landscape of Electric Clothes Drying Racks"

Market Overview and Report Coverage

The electric clothes drying rack market is gaining momentum as consumers seek efficient and convenient solutions for drying clothes. Electric clothes drying racks use built-in heating elements to facilitate the drying process, offering advantages over traditional air-drying methods, such as faster drying times and the ability to dry clothes indoors regardless of weather conditions. The increasing demand for home appliances that enhance convenience and energy efficiency is driving the growth of this market.

According to Infinium Global Research, the global electric clothes drying rack market is expected to experience significant growth from 2023 to 2030. Factors contributing to this growth include advancements in drying technology, increasing urbanization, and rising consumer awareness about energy-efficient home appliances. Additionally, the growing trend of smart home technology integration is influencing market dynamics.

Market Segmentation

By Type:

Wall-Mounted Electric Drying Racks: These racks are designed to be mounted on walls, providing a space-saving solution for indoor drying. They often feature foldable designs and adjustable heating settings to accommodate different drying needs.

Free-Standing Electric Drying Racks: Free-standing models are portable and can be placed anywhere in the home. They are typically equipped with multiple tiers or bars for drying various items and are often preferred for their flexibility and ease of use.

Compact Electric Drying Racks: Compact models are designed for smaller spaces, such as apartments or dorm rooms. These racks are usually lightweight and can be easily stored when not in use, making them ideal for users with limited space.

Smart Electric Drying Racks: Smart drying racks incorporate advanced features such as Wi-Fi connectivity, smartphone integration, and automated drying programs. These models offer enhanced convenience and control, allowing users to monitor and adjust drying settings remotely.

By Application:

Residential: In residential settings, electric clothes drying racks are used for everyday laundry needs. They offer a practical solution for drying clothes indoors, especially in regions with high humidity or frequent rain. The market for residential electric drying racks includes single-family homes, apartments, and condominiums.

Commercial: Commercial applications include laundromats, hotels, and fitness centers that require efficient and high-capacity drying solutions. Electric drying racks in commercial settings are often designed to handle larger volumes of laundry and provide quick and reliable drying.

Others: This category includes specialized applications such as drying sports gear, delicate fabrics, or medical textiles. Electric drying racks used for these purposes are designed to meet specific requirements and offer tailored drying solutions.

Sample pages of Report: https://www.infiniumglobalresearch.com/form/1477?name=Sample

Regional Analysis:

North America: North America, particularly the United States and Canada, is a significant market for electric clothes drying racks. The region’s focus on home convenience and energy efficiency drives the demand for advanced drying solutions. Additionally, the increasing adoption of smart home technologies supports market growth.

Europe: Europe is a key market, with countries like Germany, the UK, and France leading in the adoption of electric clothes drying racks. The region’s emphasis on energy efficiency, sustainability, and innovative home appliances contributes to market expansion.

Asia-Pacific: The Asia-Pacific region is expected to experience robust growth due to rising urbanization, increasing disposable incomes, and a growing focus on modern home appliances. Countries such as China, Japan, and India are driving market growth through increased consumer spending and demand for convenient drying solutions.

Latin America and Middle East & Africa: These regions are witnessing growth in the electric clothes drying rack market due to improving living standards, rising urbanization, and increased awareness of energy-efficient appliances. The expanding middle class and growing home appliance markets are contributing to market development.

Emerging Trends in the Electric Clothes Drying Rack Market

Several trends are influencing the electric clothes drying rack market. The integration of smart technology is a major trend, with consumers seeking features such as remote control, automated drying cycles, and energy monitoring. Additionally, the focus on energy efficiency and sustainability is driving the development of racks with low power consumption and eco-friendly materials. The growing preference for compact and versatile designs is also shaping market offerings, as consumers look for space-saving solutions that fit their living environments. Moreover, the rise in online shopping and e-commerce platforms is increasing the accessibility and availability of electric clothes drying racks to a broader audience.

Major Market Players

LG Electronics Inc.: LG offers a range of electric clothes drying racks with advanced features, including smart connectivity and energy-efficient designs. The company’s focus on innovation and consumer convenience supports its position in the market.

Samsung Electronics Co., Ltd.: Samsung provides electric drying racks with modern features such as smart controls and customizable drying programs. The company’s emphasis on technology and design contributes to its market presence.

Midea Group: Midea offers a variety of electric clothes drying racks, including compact and free-standing models. The company’s commitment to energy efficiency and user-friendly designs supports its growth in the market.

Ecovacs Robotics Inc.: Ecovacs provides electric drying racks with smart technology and advanced drying capabilities. The company’s focus on integrating robotics and automation enhances its market position.

Panasonic Corporation: Panasonic offers electric clothes drying racks with features such as quick drying and energy-saving functions. The company’s expertise in home appliances and technology supports its role in the market.

Report Overview : https://www.infiniumglobalresearch.com/market-reports/global-electric-clothes-drying-rack-market

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industryforecastnews · 25 days

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North America Food Service Equipment Market To Reach USD 11412 Million By 2030

North America Food Service Equipment Market Growth & Trends

The North America food service equipment market size is anticipated to reach USD 11,412.1 million by 2030, registering a CAGR of 5.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth of the food service industry and surge in experiential dining across North America, characterized by innovative food presentations and flavors, is significantly driving the market growth for food service equipment.

In addition, the growth of full-service restaurants in North America is significantly boosting the market for food service equipment. As these establishments aim to provide top-notch dining experiences, there is a rising demand for high-quality, efficient kitchen equipment. From advanced ovens to innovative refrigeration solutions, restaurants are investing in state-of-the-art tools to enhance food preparation and storage. This trend toward high-quality food service delivery in the culinary industry is propelling the demand and innovation within the food service equipment sector, leading to market expansion.

Furthermore, the high growth of cloud kitchens is significantly boosting the demand for food service equipment. This surge can be attributed to several factors. First, the rising consumer preference for online food delivery services, fueled by the convenience they offer, has led to an increase in cloud kitchen operations.

Cloud kitchens, focusing solely on food preparation for delivery with no dine-in facilities, rely heavily on efficient, high-quality kitchen equipment to manage large volumes of orders. In addition, developing and introducing advanced equipment for the cloud kitchen setup optimizes the food preparation processes, reduces waste, and ensures consistent food quality.

Compliance with regulations is a significant challenge for the market due to the complex and ever-evolving nature of local, national, and international standards. Manufacturers must navigate numerous health, safety, and environmental regulations that vary by region and often require specialized knowledge and adaptations. This complexity increases production costs as companies need to invest in research, development, and testing to ensure their equipment meets all applicable standards. Major regulatory standards include the Food Safety Modernization Act (FSMA) in the U.S. and OSHA, among others.

Market players in North America are adopting several strategies, such as acquisitions, mergers, joint ventures, new service launches, and regional expansion, to enhance market penetration and cater to changing local demands from various end-use applications, including full-service restaurants and quick-service restaurants.

For instance, in December 2023, Haier Smart Home, a part of the Haier Group, announced its agreement with Carrier to acquire Carrier's Commercial Refrigeration Business. Haier Smart Home acquired 100% of the equity interest in Carrier, which owns Carrier Commercial Refrigeration. The total consideration for the transaction is around USD 640.0 million. Carrier Commercial Refrigeration is a company that manufactures commercial refrigeration equipment globally. It has more than 4,000 employees, of which 2,000 are service technicians. This acquisition will aid the company in expanding its presence in the cold storage and food retail sectors.

Request a free sample copy or view report summary: https://www.grandviewresearch.com/industry-analysis/north-america-food-service-equipment-market-report

North America Food Service Equipment Market Report Highlights

The kitchen purpose equipment segment held the largest global revenue share in 2023. Restaurant equipment refers to the tools and appliances used in a commercial kitchen to prepare, cook, and serve food. It includes everything from kitchen appliances and utensils (such as ovens, refrigerators, and food storage containers).

The food holding and storing equipment segment is expected to show lucrative growth over the forecast period. Products comprising this segment include dry storage cabinets and heated holding cabinets, each serving a unique purpose in maintaining food at optimal temperatures, whether hot or cold.

The full-service restaurant segment held the largest share of the global revenue in 2023. Full-service restaurants need food service equipment to ensure smooth operation, maintain food safety standards, provide excellent customer service, and manage their time and space efficiently. As such, they are a key clientele for companies in the food service equipment market, driving demand for innovative, reliable, and cost-effective solutions.

Quick service restaurant segment is expected to show lucrative growth over the forecast period. In QSRs, food service equipment plays a crucial role in maintaining the speed and quality of service. This equipment is designed to be durable, easy to clean, and produce consistent results quickly. Key equipment in a QSR includes deep fryers, grills, commercial ovens, beverage dispensers, and refrigeration units.

The offline distribution channel type dominated the market in 2023, as manufacturers are relying on a network of authorized dealers to distribute their equipment. These dealers are usually well-versed in the product line and can offer additional installation, maintenance, and after-sales support.

The online distribution channel type is expected to witness high growth in coming years, as manufacturers are increasingly opting for new distribution strategies, including online/e-commerce sales, to enhance their consumer reach. The digital marketplace is known for its competitive pricing strategies. Sellers can adjust prices more fluidly in response to market demands, promotions, and stock levels.

The U.S. dominated the North America regional market. The food service equipment market in the U.S. is undergoing robust growth as lifestyles become busier; there is a growing preference for Quick Service Restaurants (QSRs) and takeaways, fueling the need for efficient, high-quality food service equipment.

In May 2024, Haier Smart Home, a part of Haier Group, announced the establishment of its new manufacturing facility in Egypt, which spans 200,000 square meters. The facility will be utilized to manufacture refrigerators, freezers, and products. This move is aimed at expanding the company’s presence in the Middle East and Africa.

North America Food Service Equipment Market Segmentation

Grand View Research has segmented the North America food service equipment market based on service type, end-use, type, and country:

North America Food Service Equipment Product Outlook (Revenue, USD Million, 2018 - 2030)

Kitchen Purpose Equipment

Refrigeration Equipment

Ware Washing Equipment

Food Holding & Storing Equipment

Others

North America Food Service Equipment End-use Outlook (Revenue, USD Million, 2018 - 2030)

Full-Service Restaurants (FSR)

Quick Service Restaurants (QSR)

Institutional

Others

North America Food Service Equipment Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)

Online

Offline

North America Food Service Equipment Country Outlook (Revenue, USD Million, 2018 - 2030)

U.S.

Canada

Mexico

List of Key Players in the North America Food Service Equipment Market

AB Electrolux

Ali Group Worldwide

Dover Corporation

Blue Star Limited

Duke Manufacturing

FUJIMAK CORPORATION

Haier Group

HOSHIZAKI CORPORATION

Illinois Tool Works Inc.

MARUZEN CO., LTD.

SMEG S.p.A.

The Middleby Corporation

The Vollrath Company, LLC

AK Service & Food Equipment

Browse Full Report: https://www.grandviewresearch.com/industry-analysis/north-america-food-service-equipment-market-report

#North America Food Service Equipment Market #North America Food Service Equipment Market Size #North America Food Service Equipment Market Share

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