Table Of Contents
- Innovations in electric motors fueling the transformation of the sector
- The rising deployment of robotics changing the nature of industries in the domain
- Proactive investments in advanced waste management technologies redefining the landscape
- Development of advanced refrigeration and HVAC systems reshaping the domain
- Breakthroughs in smart and sustainable packaging revolutionizing the sector
- Data-driven technologies and advancements driving the growth of the landscape in Q3 2024
Sonia Mutreja
Koyel Ghosh
Top 5 Trends Shaping Success in the CONMA Domain in Q3’24
The rapid pace of urbanization and industrialization has led to the growth in demand for residential and commercial spaces. Furthermore, certain demographic changes have positively impacted the manufacturing industries across the globe. Naturally, since globalization, the CONMA domain has mostly grown a lot, except during unusual events like the COVID-19 pandemic. Moreover, the emergence of various advanced digital technologies has upgraded the quality of construction and manufacturing activities, thereby creating new investment opportunities in the sector. Along with these factors, many trends and advancements in the third quarter of 2024 have further strengthened the position of the landscape. Allied Market Research has compiled a study covering all such developments extensively to help companies gain a lead over their peers in the long run.
Innovations in electric motors fueling the transformation of the sector
Electric motors are one of the most used electrical devices and are widely employed in different end-use industries including, automobile manufacturing, consumer goods, construction, aerospace and defense, semiconductor and electronics production, etc. Many electrical appliance companies have invested heavily in technologies that improve the efficiency and quality of these motors. For instance, permanent magnet synchronous motors (PMSM) and brushless DC motors (BLDC) have been developed to enable the integration of innovations like IoT and AI. Furthermore, there is a shift toward the miniaturization of electric motors and precision instruments which are mainly used in the healthcare and electronics manufacturing industries. Along with this, the increasing preference for energy-efficient electrical devices is expected to help the electric motor industry gather a revenue of $373.9 billion by 2032, growing at a CAGR of 9.5% from 2023 to 2032.
The rising deployment of robotics changing the nature of industries in the domain
Robotics refers to the study of the design, construction, operation, and use of robots for different tasks traditionally performed by manual labor. Over the years, robotics have become an integral part of various end-use industries such as manufacturing, agriculture, healthcare, logistics, etc. The main aim behind deploying robots to perform any task is to improve the efficiency and productivity of the company, while at the same time reducing costs of production. The robotics industry is anticipated to gather a revenue of $149,866.4 million by 2030, rising at a CAGR of 27.7% from 2021 to 2030. Many technology companies such as Siemens, Honeywell International Inc., and Simbe Robotics, Inc., are actively investing in technologies including AI, machine learning, and blockchain to broaden the scope of robotics. The advent of humanoid robots and cobots is also an important trend witnessed in the industry.
Proactive investments in advanced waste management technologies redefining the landscape
In the past few decades, the construction and manufacturing sector has been heavily criticized for its contribution to pollution and waste generation. To deal with the issue, high-tech waste management solutions have been developed that ultimately reduce the carbon footprint of the industry. Specialized tools and machines are now manufactured to promote the recycling and reuse of materials, thus encouraging the adoption of a circular economy. The rapid pace of urbanization and a rise in residential and non-residential construction are the two main factors behind the growth of the waste management equipment industry. Furthermore, the growing awareness regarding the importance of public hygiene has created favorable conditions for the expansion of the landscape. The advent of waste-to-energy (WTE) technologies and techniques such as anaerobic digestion, gasification, etc., have created numerous investment opportunities in the domain.
Development of advanced refrigeration and HVAC systems reshaping the domain
In recent times, industrial machinery manufacturers have been focusing on developing modernized HVAC systems to improve their temperature control capabilities. The integration of IoT technology to remotely monitor and track the operation of these systems has led to the advent of smart refrigeration equipment. Furthermore, AI tools and machine learning algorithms are being used to enhance the predictive maintenance potential of the machines. Advanced semiconductor devices and sensors are used to detect airflow imbalances, malfunctioning components, refrigerant leaks, etc., and repair these issues proactively, thus reducing downtime. Moreover, there is an increasing transition toward the use of renewable energy for powering these systems to secure the goal of green buildings and net-zero construction activities. The use of sound-dampening materials and acoustic enclosures to reduce the noise from air handlers and compressors has led to the design of state-of-the-art HVAC systems.
Breakthroughs in smart and sustainable packaging revolutionizing the sector
To address the challenges and environmental degradation caused by plastic pollution, many companies are shifting to eco-friendly materials and packaging solutions. At the same time, the growing consumer awareness regarding the importance of a sustainable lifestyle has led to people opting for products that are packaged using biodegradable materials. Furthermore, the expansion of the e-commerce industry has increased the demand for such solutions. Along with this, the popularity of smart packaging technology has surged significantly in recent times. These systems assist companies in monitoring parameters like temperature, humidity, and freshness throughout the delivery process to ensure product quality. All such factors are expected to help the smart packaging industry gather a revenue of $38,662.0 million by 2030, rising at a CAGR of 5.5% from 2021 to 2030.
Data-driven technologies and advancements driving the growth of the landscape in Q3 2024
As pointed out by the AMR study, the post-globalization era has been quite noteworthy for the CONMA domain. In the past few years, a drastic rise in the pace of urbanization and industrialization has further broadened the scope of the sector. The growing proliferation of digital services and e-commerce platforms across the globe has positively impacted the sphere of construction and manufacturing. The transition toward energy-efficient HVAC systems and sustainable packaging solutions is opening new avenues of growth in the sector. Additionally, advancements in electric motors and similar technologies have created new investment opportunities in the landscape. Finally, innovations in robotics and waste management technologies have considerably strengthened the position of the landscape in Q3 2024.
For a holistic understanding of the growth drivers and investment opportunities in the CONMA domain, get in touch with our analysts, today!
