Global Market Overview: Medical Equipment and Oil & Gas Market Growth Insights
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
The Global Market Model, the world's largest database of market forecasts, projects an overall market growth of 7% CAGR from 2023 to 2033. Here's a closer look at the key trends and market segments:
1. Fastest Growing Market: Medical Equipment
- Market Size and Growth: The medical equipment market is anticipated to grow at a robust CAGR of 9.3% during 2023 to 2033.
- Drivers: Technological advancements including 3D printing and robotics, alongside the rising demand for minimally invasive procedures, are fueling this growth.
2. Slowest Growing Market: Oil and Gas
- Market Size and Growth: The oil and gas market is projected to grow at a slower CAGR of 4.9% during 2023 to 2033.
- Restraints: A global shift towards renewable energy sources, coupled with policies aimed at reducing carbon emissions and increasing renewable energy deployment, is expected to limit the growth of traditional fossil fuels.
3. Key Trends:
- Commercial Aircraft Purchases: The market has seen a significant rebound in commercial aircraft purchases, with major players like Boeing and Airbus reporting strong order and delivery results.
- Construction Industry in China: The sector is experiencing a downturn due to the financial instability of leading private property developers.
- AI and GPUs: There is a growing demand for server GPUs to support AI applications. AI technologies and real-time analysis are projected to drive GPU technology expansion.
- Professional and IT Services: AI is expected to revolutionize these markets through automation and advanced analytics.
- 5G and IoT: The increasing penetration of 5G mobile networks is transforming business operations, enhancing connectivity and introducing new services.
Market Value and Leading Segments:
- Total Market Value: Valued at $254,921 billion in 2023.
- Top Segments: Retail and wholesale (30.7%), financial services (12.1%), and construction (6%).
- Leading Markets: The USA and China are the top markets, accounting for 23.4% and 16.9% of the total market value, respectively.
Forecast Stability
The current forecast remains largely consistent with the February 2024 update. Factors such as inflation, economic headwinds, and supply chain disruptions have been factored into the forecast, with a focus on stabilizing crude oil and natural gas prices in the long term.
Aerospace & Defense Industry Analysis: Technological Advancements and Rising International Tensions to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Aerospace & Defense Market Industry Size and Growth
The global aerospace & defense market was valued at $739.85 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.7% from 2023 to 2033. Growth is driven by technological advancements such as the Internet of Military Things, wireless technology, miniaturization, and increasing internal and external security threats alongside rising military modernization programs.
Aerospace & Defense Market Composition and Key Segments
Aerospace involves the design and manufacture of aircraft, rockets, missiles, and spacecraft that operate in space, while defense equipment includes weapons, arms, and other military equipment. The market accounted for 0.71% of global GDP in 2023. The defense market was the largest segment, representing 61.23% of the total market. The USA led the market, accounting for 33.43% of the global total in 2023.
Market Trends and Leading Markets
The market is supported by the growth of the commercial aviation industry, high government expenditure on aircraft development, significant R&D activities, and new product launches. The defense segment benefits from high military expenditure, technological advances, and geopolitical factors such as political conflicts and territorial disputes, which have increased market size.
Stability of Forecasts
The forecast has been increased by 0.8% from the previous update in February 2024. This revision is due to a stronger-than-expected rebound in commercial aircraft purchases and an anticipated rise in defense spending driven by global geopolitical events, including the ongoing Russia-Ukraine conflict and the Israel-Hamas war. As a result, the updated forecasts reflect increased market growth expectations.
Gain exclusive insights with The Global Market Model, on the key industry metrics of the aerospace and defense industry such as -
- Government expenditure on defense
- Number of enterprises
- Number of employees
Global Agriculture Market Analysis: Growth Powered By Increasing Demand For Fruits, Vegetables, And Whole Grains, And Higher Prices For Nutritious Food
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Agriculture Industry Statistics - Size and Growth
The global agriculture market was valued at $13,102 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of 7.8% from 2023 to 2033. This growth is fueled by increasing urbanization, heightened demand for fruits, vegetables, and whole grains driven by rising health awareness, and higher prices for nutritious food.
Agriculture Industry Market Composition and Key Segments
Agriculture encompasses the cultivation of plants and the rearing of animals and birds for various products, including food, fabrics, fibers, biofuel, and medicine. The sector accounted for 12.5% of the global GDP in 2023. The largest segment within the agriculture market is crop production, which represented 43.2% of the total market in 2023.
Agriculture Industry Leading Markets and Trends
China emerged as the leading market in agriculture, contributing 24.9% of the global total in 2023. The market is bolstered by strong demand for high-quality agricultural products, increasing health consciousness, growing disposable incomes, and favorable government policies. The consumption of animal proteins also continues to drive demand.
Stability of Forecasts
The forecast remains largely unchanged from the February 2024 update. While there has been a short-term spike in input costs for feeds and fertilizers due to inflation, which has led to increased product prices, the long-term outlook is stable. The anticipated stabilization of input costs following a slowdown in inflation was considered in the previous forecast cycle, maintaining stability in the current projections.
The Global Market Model offers insights on the following key industry indicators for the global agriculture industry -
- Arable land
- Livestock population
- Poultry population
- Area cultivated for grains
- Area cultivated for oil seeds
- Area cultivated for vegetables
- Area cultivated for fruits
- Number of enterprises
- Number of employees
Global Chemicals Market Analysis: Increasing Demand From Packaging And The Automobile Industry To Drive The Market Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Chemicals Industry Market Size and Growth Projections
In 2023, the global chemicals market was valued at $5,094.33 billion. It is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2033, outpacing global GDP growth. This expansion is driven by rising demand from sectors such as packaging, digital printing, and the automobile industry, along with increased industrialization and urbanization, which are expected to boost the demand for petrochemicals, industrial gases, and construction-related chemicals like resins and synthetic rubber.
Global Chemicals Market Composition and Key Segments
Chemicals are produced through the transformation of organic and inorganic raw materials via chemical processes, resulting in a wide range of products. The sector accounted for 4.9% of the global GDP in 2023. The largest segment within the chemicals market is ethyl alcohol and other basic organic chemicals, which represented 25.3% of the total market in 2023.
Global Chemicals Industry Leading Markets and Regional Insights
China led the global chemicals market in 2023, contributing 21.4% of the total market value. The growth of the chemicals market is supported by high demand from end-use industries, rapid urbanization, a significant agricultural sector in both developed and developing countries, strong regulatory emphasis on pollution control, and a large consumer base. Developed industrial economies also play a crucial role in sustaining market growth.
Global Chemicals Industry Forecast Stability and Future Outlook
The forecast for the chemicals market remains stable compared to the February 2024 update. While factors such as inflation, economic uncertainties, the impact of the Russia-Ukraine war, and increased raw material prices due to supply chain disruptions have affected short-term product prices, these elements were considered in the previous forecast. Long-term price stabilization is expected as supply chain pressures ease. Recent stability in oil prices, which impact the chemicals market, supports the consistency of the current forecasts.
The Global Market Model offers insights on the following key industry indicators for the global chemical industry -
- Number of enterprises
- Number of employees
Global Construction Industry Analysis: Growth Driven by Increasing Government Infrastructure Spending and Green Construction Initiatives
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Construction Industry Market Size and Growth
In its latest construction industry forecast, the Global Market Model estimates the market to be valued at $15,265.14 billion in 2023. The construction industry value is projected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2033. Key drivers of this construction industry growth include increased infrastructure development expenditure by governments, the rise of green construction initiatives, and ongoing industrialization efforts worldwide.
Construction Industry Market Composition and Key Segments
Construction involves the process of building, altering, repairing, improving, or demolishing structures using detailed designs and plans. In 2023, the construction industry accounted for 14.6% of the global GDP, with a per capita consumption of $1,937.3 per person annually. The market is supported by a large consumer base in both developed and developing countries, high spending in the housing sector, and significant investments in commercial properties and infrastructure development.
The buildings construction segment emerged as the largest within the construction industry segments, representing 46.6% of the total market in 2023. This segment's growth is fueled by robust investments in residential and commercial building projects, particularly in urban areas.
Construction Industry Leading Markets and Trends
The United States led the global construction market in 2023, accounting for 24.5% of the total market share. The country's market strength is driven by substantial investments in infrastructure, housing, and commercial real estate, as well as favorable economic conditions that support continued development.
However, the construction industry in China is facing challenges. Financial instability among leading private property developers has significantly impacted the market, leading to a slowdown in both residential and non-residential building sectors. Despite these challenges, China remains a critical player in the global construction industry, with ongoing efforts to stabilize and revitalize the sector.
Stability of Forecasts
The current forecast remains largely consistent with the February 2024 update. The anticipated slowdown in housing prices due to high interest rates and a reduced number of mortgages was already factored into the previous forecast. As a result, the projections for this market have remained stable. High interest rates are expected to negatively impact market growth, though there is potential for a slight decrease in interest rates toward the end of the year, which could offer some relief.
Gain exclusive insights with The Global Market Model, on the key industry metrics of the construction industry such as -
- Number of households
- Construction spending
- Number of new households
- Number of enterprises
- Number of employees
The construction industry continues to be a cornerstone of global economic development, supported by government spending on infrastructure, the adoption of green construction practices, and industrial growth. The Global Market Model provides valuable insights into the future of this dynamic industry, helping stakeholders navigate the evolving landscape with confidence.
Global Electrical and Electronics Market Analysis: Growth Driven by Advancements in IoT, Virtual Reality, Advanced Sensors, and 5G Communication Technologies
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Electrical and Electronics Industry Size and Growth
The global electrical and electronics market was valued at $3,644.4 billion in 2023. It is expected to grow at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2033. This growth is being driven by significant advancements in technology, including the Internet of Things (IoT), virtual reality, advanced sensor technologies, and 5G communication technologies.
Electrical and Electronics Industry Market Composition and Key Segments
The market consists of electrical products, which are devices designed to generate, distribute, and utilize electrical power, and electronic products, which contain electronic circuits capable of generating or emitting physical fields of radiation during operation. In 2023, the market represented 3.5% of the global GDP, with per capita consumption at $462.5 annually. The largest segment of the market was electrical equipment, accounting for 43.6% of the total market in 2023.
Electrical and Electronics Industry Leading Markets and Trends
China was the leading market in the electrical and electronics sector, contributing 24% of the global total in 2023. The market is bolstered by a large consumer population in both developed and developing countries, high internet usage, increased spending on technology improvements, strong sales of electric vehicles, and the high demand for continuous power supply in critical infrastructures. Additionally, there is strong demand for primary batteries in military and healthcare applications
Stability of Forecasts
The forecast has been revised upward by 0.4% from the previous forecast made in February 2024. This increase is primarily due to the growing demand for server GPUs capable of powering AI applications. AI technologies and real-time analysis are expected to drive the expansion of GPU technology during the forecast period. Notably, NVIDIA Corporation, a pioneer in GPU-accelerated computing, reported an 18% increase in revenue from the previous quarter and a 262% increase from a year ago, fueled by accelerated computing and generative AI.
Factors such as economic headwinds, the impact of the Russia-Ukraine war, and consumer spending pressure from inflation and recession were considered in the previous forecast update. The anticipation of stabilized prices in the long term, due to easing supply chain pressures, was also factored into our projections.
The Global Market Model offers insights on the following key industry indicators for the global electrical and electronics industry -
- Number of enterprises
- Number of employees
Global Financial Services Market Analysis: Growth Driven by Rising Demand for Alternative Investments and Increasing Home Ownership
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Financial Services Market Industry Size and Growth
The global financial services market was valued at $30,914.6 billion in 2023. It is projected to grow at a compound annual growth rate (CAGR) of 7.3% from 2023 to 2033, outpacing global GDP growth. This expansion is driven by factors such as increasing wealth among high-net-worth individuals, rising demand for alternative investments, the growing use of blockchain to reduce fraud, and a surge in home ownership and mortgages.
Financial Services Industry Composition and Key Segments
Financial services encompass products and services provided by financial institutions that facilitate various financial transactions and activities, including loans, insurance, credit cards, investment opportunities, and money management. In 2023, the market accounted for 29.53% of global GDP. The market is supported by large internet and smartphone penetration, high digitization, strong demand for fast and real-time fund transfers, and robust infrastructure. Additionally, high e-commerce activity has boosted the market for cards and payments, while high healthcare spending and established healthcare systems in developed countries, along with growing middle-class populations in emerging markets, support demand in the insurance sector. The lending and payments segment was the largest in the financial services market, representing 36.7% of the total market in 2023.
Leading Markets and Trends In The Financial Services Industry
The USA led the global financial services market in 2023, accounting for 30.9% of the total market value. The market is bolstered by factors such as widespread internet and smartphone usage, digitization, and a high demand for efficient financial services. Additionally, strong healthcare systems and aging populations in developed regions, coupled with rising middle-class populations in countries like China and India, are driving demand across various segments of the financial services market.
Stability of Forecasts
The forecast remains largely stable from the previous update in February 2024. Factors such as inflation-driven interest rate increases, higher banking and interchange fees, declining investment banking revenues due to fewer IPOs, and reduced discretionary income were already considered in the previous forecast. Therefore, the forecasts for this market remained stable during this update cycle. High interest rates are expected to positively impact the lending market, with a potential slight decrease in rates toward the end of the year.
The Global Market Model offers insights on the following key industry indicators for the global financial services industry -
- Number of enterprises
- Number of employees
Global Food and Beverages Industry Analysis: Growth Driven by Rising Demand for Organic and Convenience Foods
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Food and Beverages Industry Size and Growth
The global food and beverages market was valued at $6,529.9 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.9% from 2023 to 2033. This food and beverages industry growth is driven by increasing demand for organic foods, rising consumption of convenience foods, and advancements in individual quick freezing (IQF) and cigarette filter technologies.
Food and Beverages Industry Segments And Market Compositionarket Stability Despite Challenges:
Food and beverages encompass consumable items that provide nutrition and hydration. In 2023, the market accounted for 6.2% of the global GDP, with a per capita consumption of $828.7 per year. The market benefits from a large consumer base in both developed and developing countries, high disposable incomes, strong demand for poultry meat products, and the rising popularity of convenience and fast foods due to changing lifestyles. The meat, poultry, and seafood segment was the largest in the food and beverages market, representing 23.2% of the total market in 2023.
Food and Beverages Industry Trends And Leading Markets
The USA was the leading market in the food and beverages sector, accounting for 20.2% of the global total in 2023. The market is supported by high awareness of fitness and health, favorable government initiatives, and a significant demand for both convenience and organic foods. The changing consumer lifestyles, driven by the need for quick and easy meal options, are also fueling market growth.
Stability of Forecasts
The forecast remains largely stable from the previous update in February 2024. Supply chain disruptions for wheat, sunflower seeds, barley, and maize due to the Russia-Ukraine conflict, along with high inflation leading to short-term price increases, were already accounted for in the previous forecast. Anticipations of price stabilization in the long term, as supply chain pressures ease, have kept the forecasts for this market stable during this update cycle.
The Global Market Model offers insights on the following key industry indicators for the food and beverages industry -
- Number of enterprises
- Number of employees
- Livestock primary meat
Global Healthcare Services Market Analysis: Growth Driven by Technological Advancements, Rising Medical Tourism, and Improved Healthcare Access
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Healthcare Services Industry Size and Growth
The global healthcare services market was valued at $8,166.4 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2033. This growth is driven by technological advancements in diagnostic and therapeutic equipment, increasing medical tourism, improved healthcare access, and changes in lifestyles, including a rise in sedentary jobs.
Healthcare Services Industry Market Composition and Key Segments
Healthcare services encompass medical care delivered by professionals, organizations, and workers to individuals in need. In 2023, the market represented 4.9% of the global GDP, with a per capita consumption of $1,036.4 per year. The sector benefits from significant technological advancements that make services more affordable, high per-capita income, strong healthcare expenditure in developed countries, government initiatives, and a high prevalence of chronic diseases such as Alzheimer's and Parkinson's among the global elderly population. The hospitals and outpatient care centers market was the largest segment, accounting for 54.2% of the total in 2023.
Healthcare Services Industry Leading Markets and Trends
The USA was the leading market in the healthcare services sector, representing 39.9% of the global total in 2023. The sector is supported by high technological innovation, rising medical tourism, and improved access to healthcare services. Additionally, the growth in healthcare access and better survival rates and quality of life are contributing to market expansion.
Stability of Forecasts
The forecast remains largely stable from the previous update in February 2024. Economic headwinds and inflation, which led to increased prices for medical care services due to rising operational, supply, administration, and labor costs, were already considered in the previous forecast. The anticipated stabilization of prices in the long term, with easing inflation, has maintained stability in the current forecasts.
The Global Market Model offers insights on the following key industry indicators for the global healthcare services industry -
- Asthma prevalence rate
- Cancer prevalence rate
- Cerebrovascular prevalence rate
- Dermatitis prevalence rate
- Healthcare expenditure
- Hearing loss prevalence rate
- HIV prevalence rate
- Diabetes prevalence rate
- Glaucoma prevalence rate
- Healthcare - number of employees
- Healthcare - number of enterprises
- Hospital beds
- Hypertension prevalence rate
- Number of dentists
Global Hospitality Industry Analysis: Growth Fueled by Solo Traveling Trends and Visa Liberalization
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Hospitality Market Industry Size and Growth
The global hospitality market was valued at $5,036.8 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2023 to 2033. Key drivers include the rise in solo traveling, liberalization of visa regulations in various countries, increased global mobility for work, and heightened demand for convenience foods.
Hospitality Industry Segments And Compositions
Hospitality encompasses businesses such as hotels, bars, and restaurants that provide food, drink, and accommodation. The market accounted for 4.8% of the global GDP in 2023, with a per capita consumption of $618 per year. Support for the hospitality market comes from high consumer spending on travel, liberalized visa regulations, and increased demand for budget-friendly travel accommodations like hostels and capsule hotels. The food and beverage services sector was the largest segment, representing 74.2% of the total market in 2023.
Hospitality Industry Leading Markets and Trends
The USA led the global hospitality market, contributing 28.8% of the total in 2023. The market is buoyed by rising solo travel trends, improved visa policies, and growing demand for convenient travel options. Additionally, the recovery of the hospitality sector post-COVID-19 has been stronger than anticipated, with increased global mobility and consumer spending driving growth.
Stability of Forecasts
The hospitality industry forecast remains largely stable from the previous update in February 2024. The hospitality market's recovery has exceeded earlier projections, despite high inflation leading to increased prices for hotels, travel fares, and food. Previous forecasts had already considered factors such as reduced discretionary income, cost-of-living crises, and recession pressures. Thus, forecasts for this market have remained consistent during this update cycle.
GMM provides insights on the key industry indicators of the hospitality industry such as -
- Inbound international mobile students
- Number of hotel rooms
- Inbound- nights spent in hotels
- Domestic- nights spent in hotels
- Inbound - number of visitors
- Domestic - number of visitors
- Number of tourist arrivals inbound
- Number of enterprises
- Number of employees
Global Information Technology Industry Analysis: AI to Disrupt Growth in the Long Term
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Information Technology Market Industry Size and Growth
The global information technology market was valued at $8,256 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.4% from 2023 to 2033. This growth is driven by the adoption of IoT technology, increasing e-commerce penetration, investments in smart cities, advancements in AR/VR and blockchain technologies, rising expenditures on data security solutions, and the emergence of 5G technology.
Information Technology Industry Market Composition and Key Segments
Information technology encompasses computer systems, software, and networks used to manage, store, and transmit data. The market accounted for 7.9% of global GDP in 2023, with per capita consumption reaching $1,045 annually. The IT services sector was the largest segment, representing 38.75% of the total market. The USA led the market, contributing 29% of the global total in 2023.
Information Technology Industry Leading Markets and Trends
The IT market is supported by high demand for innovative technologies, favorable government initiatives, substantial IT budgets by enterprises, and extensive digitalization across industries. While the USA remains the largest market, global internet penetration and high technology adoption continue to bolster growth.
Stability of Forecasts
The forecast has been revised downwards by 0.4% from February 2024, reflecting recent economic challenges. Companies have reduced IT spending due to budget constraints, inflation-driven technology costs, and slower demand post-pandemic. AI is driving significant capital investment among major tech firms, aiming to develop advanced technologies. However, the full impact of AI on IT market dynamics remains uncertain, with ongoing evaluations of its effects on revenue and growth.
The Global Market Model offers insights on the following key industry indicators for the information technology industry -
- Number of internet users
- Number of households with computers
- Number of smartphone users
- Number of households with broadband access
- Number of enterprises
- Number of employees
Global Machinery Market Analysis: Technological Advances, Favorable Policies, and Rising Demand from Key Industries Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually on the basis of economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts made in February 2024.
Machinery Industry Outlook Size and Growth
The global machinery market size was valued at $3,476.6 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.8% from 2023 to 2033. Growth drivers include technological advancements such as digitization, automation, and IoT integration, as well as favorable government policies and increasing demand from key industries like agriculture, automotive, and construction.
Machinery Industry Market Composition and Key Segments
Machinery encompasses mechanical devices and equipment designed for material transformation or movement, particularly in industrial processes. The market accounted for 3.3% of global GDP in 2023. The agriculture, construction, and mining machinery segment was the largest, representing 20.6% of the total market. China led the market, contributing 22.4% of the global total in 2023.
Machinery Industry Leading Markets and Trends
The market benefits from robust end-use industries in both developed and developing countries, advanced technology in equipment, and supportive government policies. The demand from agriculture, construction, and mining sectors continues to drive market expansion.
Stability of Forecasts
The forecast remains stable from February 2024, despite challenges such as high inflation, economic uncertainties, and increased raw material prices due to supply chain disruptions. These factors were considered in the previous update, and long-term stability is anticipated with easing supply chain pressures.
For the machinery industry, The Global Market Model, your one-time solution for all your market research needs, provides insights on the key industry indicators including -
- Number of enterprises
- Number of employees
Media Industry Overview: Growth Powered by Increasing Internet-Accessible Devices and Higher Demand for High-Definition Video Content
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Media Industry Size and Growth
The global media market was valued at $2,388.17 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.3% from 2023 to 2033. This growth is driven by the increasing use of internet-accessible devices, advancements in network speeds, and the rising demand for high-definition video content.
Media Market Composition and Key Segments
Media encompasses communication mediums used to distribute information, education, entertainment, data, or promotional messages. The market accounted for 2.3% of global GDP in 2023. The web content, search portals, and social media segment was the largest, representing 29.1% of the total market. The USA led the market, accounting for 30.5% of the global total in 2023.
Market Trends and Leading Markets
The market benefits from a large consumer population in both developed and developing countries, driving demand for various media channels. A high number of internet and smartphone users, substantial social media engagement, and significant spending on entertainment services, particularly in developed countries, further support market growth.
Stability of Forecasts
The forecast remains largely stable from the previous update in February 2024. Decreased company spending on media services due to budget constraints, alongside reduced consumer spending because of the cost-of-living crisis, were already considered in the previous forecast update. As a result, the updated forecasts for this market remained stable during this cycle.
The Global Market Model offers insights on the following key industry indicators for the global media industry -
- Number of internet users
- Number of households with computers
- Number of smartphone users
- Number of households with broadband access
- Number of enterprises
- Number of employees
Global Medical Equipment Market Analysis: Technological Advancements and Growing Demand for Minimally Invasive Procedures to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Medical Equipment Market Industry Size and Growth
The global medical equipment market was valued at $680.58 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 9.3% from 2023 to 2033. Growth is driven by technological advancements such as 3D printing and robotics, increasing prevalence of chronic diseases, rising healthcare expenditures, and a growing demand for minimally invasive procedures..
Medical Equipment Industry Market Composition and Key Segments
Medical equipment encompasses instruments, apparatus, or machines used for preventing, diagnosing, or treating diseases and modifying bodily functions to promote health. The market accounted for 2.3% of global GDP in 2023. The in-vitro diagnostics segment was the largest, making up 16.2% of the total market. The USA led the market, contributing 30.6% of the global total in 2023.
Medical Equipment Industry Leading Markets and Trends
The market benefits from high disease prevalence in both developed and developing countries, rapid adoption of advanced technologies, an aging population, and significant hospital investments in healthcare facilities. The demand for innovative and minimally invasive solutions is a key growth driver.
Stability of Forecasts
The forecast remains stable from February 2024, with inflation, economic challenges, and raw material shortages considered in the previous update. The long-term outlook is stable despite these short-term disruptions.
The Global Market Model also offers insights on the following key industry indicators to spot key medical equipment industry trends -
- Asthma prevalence rate
- Cancer prevalence rate
- Cerebrovascular prevalence rate
- Dermatitis prevalence rate
- Diabetes prevalence rate
- Glaucoma prevalence rate
- Healthcare - number of employees
- Healthcare - number of enterprises
- Healthcare expenditure
- Hearing loss prevalence rate
- HIV prevalence rate
- Hospital beds
- Hypertension prevalence rate
Global Metal and Minerals Industry Analysis: Increased Use of Aluminum and High Demand for Copper to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Metal and Minerals Market Size and Growth
The global metal and minerals market was valued at $7,844.1 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5% from 2023 to 2033. This growth is primarily driven by the increased use of aluminum as a lightweight and cost-effective alternative and the rising demand for copper from various end-user industries.
Metal and Minerals Industry Market Composition and Key Segments
Metals are lustrous, opaque, malleable, and ductile elements with excellent electrical and thermal conductivity. Minerals are naturally occurring inorganic substances with specific chemical compositions and internal structures. The market accounted for 7.5% of global GDP in 2023. The metal segment was the largest, representing 52.1% of the total market. China led the market, contributing 26.7% of the global total in 2023.
Metal and Minerals Industry Leading Markets and Trends
The market is supported by high demand for metal products such as screws, nuts, bolts, and springs, driven by industries including precision machinery, motor vehicles, electrical, construction, and aerospace. The large and growing populations in both developed and developing countries further bolster market growth.
Stability of Forecasts
The forecast remains stable from February 2024. High inflation, economic challenges, and supply chain disruptions affecting raw material prices have been accounted for in the previous update. The long-term outlook anticipates price stabilization with easing supply chain pressures.
The Global Market Model offers insights on the following key industry indicators for the global metal and mineral industry -
- Number of enterprises
- Number of employees
Mining Industry Overview: Infrastructure Development and Construction Projects to Fuel Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Mining Industry Size and Growth
The global mining market was valued at $2,114.2 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.73% from 2023 to 2033. Key drivers of this growth include increased infrastructure development, rising implementation of autonomous equipment, and a surge in construction projects. Additionally, the growing demand for electric vehicles (EVs) is expected to positively impact the market for minerals and metals used in EV batteries, such as lithium, nickel, graphite, and copper.
Mining Industry Market Composition and Key Segments
Mining involves the extraction of minerals, metals, and other valuable materials from the earth. The market accounted for 2% of global GDP in 2023. The largest segment of the market was coal, lignite, and anthracite, which represented 41.7% of the total. China was the leading market, contributing 36.4% of the global total in 2023.
Mining Industry Trends and Leading Markets
The market benefits from a high prevalence of mining operations worldwide, significant investments in mining activities, and the presence of large end-use industries in both developed and developing countries. The urban populations in developing nations, with high spending on goods manufactured from mined products, further support market growth.
Stability of Forecasts
The forecast remains largely stable from February 2024. The average prices of metals and non-metals such as copper, zinc, nickel, and iron have been consistent over the past year, contributing to the stability of the market forecasts.
The Global Market Model provides insights on the following key industry indicators for the mining industry-
- Number of enterprises
- Number of employees
Oil and Gas Industry Outlook: Advanced Technologies to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Overview Of Oil and Gas Industry Size and Growth
The global oil and gas market was valued at $7,192.26 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.9% from 2023 to 2033. This growth is primarily driven by rapid advancements in oil and gas exploration, drilling, and refining technologies, including the use of advanced techniques to extract oil and gas from depleted reserves. However, the rising cost-effectiveness and rapid expansion of renewable energy sources may exert downward pressure on the market.
Oil and Gas Industry Market Composition and Key Segments
Oil and gas extraction involves the exploration and production of petroleum and natural gas from wells. The market accounted for 6.9% of global GDP in 2023. The largest segment of the market was oil & gas upstream activities, which comprised 59.6% of the total. The USA led the market, contributing 15.3% of the global total in 2023.
Market Trends and Leading Markets
The oil and gas market benefits from high demand across various sectors, including transportation, industrial, residential, and commercial. Geopolitical factors such as conflicts in oil-producing regions, sanctions, and international relations play a significant role in influencing market stability and pricing.
Stability of Forecasts
The forecast remains largely stable from February 2024. Short-term spikes in oil and gas prices due to the Russia-Ukraine conflict, supply chain disruptions, and the stabilization of crude oil and natural gas prices in the long term were considered in the previous forecast update. The ongoing Israel-Palestine conflict has not significantly impacted global oil and gas prices, resulting in no major changes to the forecasts.
The Global Market Model offers insights on the following key industry indicators for the oil and gas industry -
- Oil reserves
- Gas reserves
- Active rigs
- Oil refinery throughput
- Oil refinery capacity
- Number of enterprises
- Number of employees
Rapid Growth in E-Commerce and Increasing Retail Penetration to Drive Market Expansion
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Market Overview
The global paper, plastics, rubber, wood, and textile market was valued at $6,684.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.75% from 2023 to 2033. The market's growth is fueled by rapid expansion in e-commerce, increasing retail penetration in developing economies, technological advances, and supportive government initiatives.
Market Composition and Key Segments
This broad market includes various materials:
- Paper: Thin sheets made from fibrous pulp.
- Plastics: Synthetic materials derived from organic polymers.
- Rubber: Deformable polymers that revert to their original shape.
- Wood: Hard, fibrous tissue from trees and woody plants.
- Textiles: Fabrics produced from yarn through weaving or knitting
The market accounted for 6.4% of global GDP in 2023. It is bolstered by rapid urbanization, high consumer spending, and robust demand from end-user industries. The plastics and rubber products market was the largest segment, representing 20.9% of the total in 2023. The USA was the leading market, accounting for 21.6% of the total.
Stability of Forecasts
The forecast remains stable from February 2024. Factors such as high inflation, economic headwinds, the impact of the Russia-Ukraine war, and increased raw material prices due to supply chain disruptions, which led to short-term price increases, were accounted for in the previous update. Long-term forecasts anticipate price stabilization with easing supply chain pressures.
The Global Market Model also offers insights on the following key industry indicators for the paper, plastics, rubber, wood and textile industry -
- Number of enterprises
- Number of employees
Pharmaceuticals Market Outlook: Emerging Drug Delivery Methods and Advanced Technologies to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Pharmaceuticals Industry Size and Growth
The global pharmaceuticals market was valued at $1,501.6 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.5% from 2023 to 2033. The growth is driven by increasing approvals of new weight loss drugs, the introduction of innovative drug delivery methods such as microneedle patches and microchip technologies, and advancements in technologies like stem cells and organ chips. Despite these positive drivers, the market growth is slightly lower than global GDP growth.
Pharmaceuticals Market Composition and Key Segments
The pharmaceuticals sector encompasses the discovery, development, and manufacturing of medicinal drugs used for treating diseases and enhancing health. The market accounted for 1.5% of global GDP in 2023, with per capita consumption at $204.8 annually. The largest segment of the market was oncology drugs, representing 15.9% of the total. The USA was the leading market, contributing 45.3% of the global total in 2023.
Market Trends and Leading Markets
The pharmaceuticals market benefits from a large consumer base in both developed and developing countries, high prevalence of chronic illnesses, and substantial healthcare spending. North America and Europe are prominent markets due to their established healthcare systems and the presence of major pharmaceutical companies.
Stability of Forecasts
The forecast remains stable from February 2024. Factors such as inflation, economic headwinds, the impact of the Russia-Ukraine war, and shortages of active pharmaceutical ingredients (API) due to supply chain disruptions were accounted for in the previous forecast update. Long-term projections anticipate stabilization of prices with easing supply chain pressures.
The Global Market Model offers insights on the following key industry indicators for the global pharmaceuticals industry -
- Asthma prevalence rate
- Cancer prevalence rate
- Cerebrovascular prevalence rate
- Dermatitis prevalence rate
- Diabetes prevalence rate
- Glaucoma prevalence rate
- Hypertension prevalence rate
- Public healthcare expenditure
- Rheumatoid arthritis prevalence rate
- Thalassemia prevalence rate
- Tuberculosis prevalence rate
- HIV prevalence rate
- Number of dentists
- Hospital beds
- Number of hospitals
Professional Services Industry Outlook: Increasing Investments in Smart Cities and Regulatory Reforms to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Professional Services Industry Size and Growth
The global professional services market was valued at $5,798.87 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.75% from 2023 to 2033. Professional services market growth is driven by increasing investments in smart cities, regulatory reforms, and the transition to new financial reporting standards. This growth rate is slightly lower than global GDP growth.
Professional Services Market Composition and Key Segments
Professional services encompass advisory and expert-based support provided to help businesses manage or enhance specific areas. The market accounted for 5.54% of global GDP in 2023. The largest segment, design, research, promotional, and consulting services, represented 74.2% of the market. The USA led the market, contributing 38.92% of the global total in 2023.
Professional Services Industry Trends and Leading Markets
The market is bolstered by high demand for legal, accounting, and engineering services from various sectors such as BFSI, construction, and healthcare. In developed countries like the USA, there is a strong demand for legal, photographic, advertising, and accounting services. In developing nations such as India and China, skilled labor availability and significant government investments support market growth. AI is expected to disrupt the market through automation, advanced analytics, efficient infrastructure management, and innovation in the long term.
Stability of Forecasts
The forecast remains stable from February 2024. Previous updates accounted for reduced spending on professional services due to budget constraints and slower demand post-pandemic. Long-term forecasts anticipate continued stability with potential disruptions from AI advancements
The Global Market Model also offers insights on the following key industry indicators for the professional services industry -
- Number of enterprises
- Number of employees
Recreation Market Outlook: Rising Touring and Live Performances to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Recreation Industry Size and Growth
The global recreation market was valued at $1,554.9 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 5.7% from 2023 to 2033. The market's growth is driven by factors such as the legalization of gambling in various countries, increased touring and live performances, and a growing shift towards health and fitness.
Recreation Market Composition and Key Segments
Recreation encompasses activities and experiences enjoyed during leisure time. The market accounted for 1.5% of global GDP in 2023, with per capita consumption at $197.3 per person annually. The largest segment, amusements, represented 39.3% of the total market in 2023. The USA led the market, accounting for 28.9% of the global total.
Market Trends and Leading Markets
The market benefits from high spending on recreational activities in developed economies and increasing disposable incomes in emerging countries. Strong performance in the global tourism industry also supports market growth. The sector's recovery post-pandemic was stronger than anticipated, despite challenges such as high inflation, reduced discretionary income, and cost-of-living pressures.
Stability of Forecasts
The forecast remains stable from February 2024. Adjustments were made for the strong post-pandemic recovery, along with the impacts of high inflation and reduced consumer spending. Updates to historical market data ensure accuracy in projections.
The Global Market Model offers insights on the following key industry indicators for the global recreation industry -
- Number of internet users
- Number of households with computers
- Number of smartphone users
- Number of households with broadband access
- Number of enterprises
- Number of employees
Retail and Wholesale Market Outlook: Rising Consumer Demand and Athleisure Popularity to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Retail and Wholesale Market Growth and Size
The global retail and wholesale market was valued at $78,241.76 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.1% from 2023 to 2033, outpacing global GDP growth. Key drivers include rising consumer demand for nutrient-rich foods, increasing popularity of vegan products, growing influence of athleisure clothing and accessories, and advancements in data analytics
Retail and Wholesale Market Composition and Key Segments
Retail encompasses the sale of goods and services directly to consumers, either through physical stores or online platforms, while wholesale involves bulk sales to businesses or retailers. The market accounted for 74.73% of global GDP in 2023, with per capita consumption at $9,929.9. The largest segment, wholesale, represented 63.11% of the total market in 2023. The USA was the leading market, contributing 22.84% of the global total.
Market Trends and Leading Markets
The market benefits from a large consumer base in both developed and developing countries, high disposable incomes, and increasing spending on food, beverages, healthcare, and cosmetics. There has been a notable shift in consumer buying habits, with stronger-than-expected sales in physical stores and lower-than-anticipated e-commerce sales.
Stability of Forecasts
The forecast remains stable from February 2024, incorporating factors such as inflation, economic headwinds, and supply chain disruptions that led to short-term price increases. Long-term forecasts anticipate stabilization with a slowdown in inflation. Updates to consumer buying habits and market dynamics were included in this forecast cycle.
The Global Market Model provides insights on the following key industry indicators in the retail and wholesale industry:
- Number of retail stores
- Number of enterprises
- Number of employees
Services Market Outlook: Growing Trend of Outsourcing to Drive Market Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024
Services Industry Size and Growth
The global services market was valued at $14,640.46 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 8.46% from 2023 to 2033, surpassing global GDP growth. The growth is driven by the increasing trend of outsourcing non-core operations to reduce overall expenditures and focus on core business activities, as well as advancements in technology.
Services Market Composition and Key Segments
Services involve transactions that do not include the transfer of physical goods and are primarily based on the application of expertise and resources. The market accounted for 13.98% of global GDP in 2023, with per capita consumption at $1,858.1. The commercial services sector was the largest segment, representing 37.2% of the total market. The USA was the leading market, contributing 27.6% of the global total.
Market Trends and Leading Markets
The services market benefits from high demand for commercial services that support daily business operations, including facilities support and real estate services. Investments in machinery and vehicle leasing further support the market. The shift towards outsourcing is a significant trend, allowing businesses to streamline operations and focus on core areas.
Stability of Forecasts
The forecast remains stable from February 2024, with considerations for economic headwinds and inflation that led to increased services prices due to rising labor costs. Long-term forecasts anticipate price stabilization with a slowdown in inflation. Historical data and market figures have been updated as part of this forecast cycle.
The Global Market Model provides insights on the following key industry indicators in the services industry:
- Tons of waste collected
- Tons of waste recycled
- Number of enterprises
- Number of employees
Social Services Industry Outlook: Online Learning and Smart Technology Integration to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Social Services Market Industry Size and Growth
The global social services market was valued at $4,841.55 billion in 2023and is projected to grow at a compound annual growth rate (CAGR) of 7.12% from 2023 to 2033, outpacing global GDP growth. Key drivers include the rise of online learning platforms, crowdfunding initiatives, and the integration of smart technologies into educational and social services.
Social Services Market Composition and Key Segments
Social services encompass a variety of public and private programs aimed at enhancing individual and community well-being. This includes healthcare, education, housing, financial assistance, and support for vulnerable populations. The market accounted for 4.62% of global GDP in 2023, with per capita consumption at $614.5. The largest segment of the market was educational services, representing 67.6% of the total. China was the leading market, contributing 15.8% of the global total.
Market Trends and Leading Markets
The social services market benefits from government initiatives supporting digital learning, high student enrollment, and the proliferation of online teaching. Additionally, partnerships between governments, universities, and industries are boosting market growth. The integration of smart technologies is enhancing service delivery and accessibility.
Stability of Forecasts
The forecast remains stable from February 2024, with considerations for economic headwinds and inflation that have impacted short-term prices for social services due to increased labor costs. Long-term forecasts anticipate stabilization with a slowdown in inflation. The current high inflation rates are leading governments to restrict budget allocations for social services, which may restrain market growth.
The Global Market Model helps you spot key social services industry trends by offering insights on the following key industry indicators-
- Number of students
- Number of enterprises
- Number of employees
Transport Market Outlook: Growing Demand for Electric Vehicles and E-Commerce Logistics to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Transportation Industry Size and Growth
The global transport market was valued at $6,347.8 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2033. This growth is primarily driven by the increasing demand for electric vehicles, autonomous cars, and smart mobility solutions, as well as the expansion of e-commerce and logistics sectors
Transport Market Composition and Key Segments
Transport equipment includes vehicles and machinery used for the movement of goods and people. The market accounted for 6.1% of global GDP in 2023. The largest segment was motor vehicle parts, representing 43.4% of the total market. The high demand for material transportation vehicles such as heavy trucks and passenger transportation vehicles like vans and buses supports the market. China was the leading market, contributing 18.7% of the global total.
Market Trends and Leading Markets
The transport market benefits from significant growth in the electric vehicle sector and advancements in autonomous driving technologies. Additionally, the rise of e-commerce is fueling increased demand for logistics and transportation services.
Stability of Forecasts
The forecast remains stable from February 2024, with factors such as economic headwinds, the impact of the Russia-Ukraine war, and inflationary pressures already considered. Despite challenges such as squeezed consumer spending, the long-term outlook for the transport market remains positive, supported by continued technological advancements and growing e-commerce logistics.
The Global Market Model provides insights on the following key industry indicators to deepen your transportation industry analysis-
- Number of vehicles produced
- Number of vehicles sold
- Number of vehicles installed
- Number of enterprises
- Number of employees
Transport Services Industry Forecast: Improved Air Cargo Services and Rising Tourism to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Transport Services Industry Size and Growth
The global transport services market was valued at $8,180.24 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.92% from 2023 to 2033. This growth is primarily driven by advancements in air cargo services, increased e-commerce activities, the rise in tourism, and the adoption of data analytics in transport operations.
Transport Services Market Composition and Key Segments
Transport services include facilities and systems for moving people and goods, including buses, trains, airplanes, ships, taxis, and logistics and freight services. The market accounted for 7.81% of global GDP in 2023, with per capita consumption at $1,038.2. The largest segment, general transport, represented 29.3% of the market in 2023. The USA led the market, contributing 21.87% of the global total.
Market Trends and Leading Markets
The transport services market benefits from strong growth in air cargo services and increased demand for travel due to rising tourism. E-commerce continues to drive demand for logistics and freight transportation, while data analytics enhances operational efficiency.
Stability of Forecasts
The forecast remains stable from February 2024. Short-term increases in transport services prices due to inflation and rising labor and fuel costs were considered in the previous forecast. The strong recovery in the air transport sector, driven by increased travel demand, was also accounted for. Long-term forecasts anticipate stabilization of prices with a slowdown in inflation.
The Global Market Model offers insights on the following key industry indicators for the global transport services industry -
- Number of commercial vehicles installed
- Number of enterprises
- Number of employees
Utilities Industries Overview: Increasing Investments in Renewable Power Generation Capacities to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Utilities Market Industry Size and Growth
The global utilities market was valued at $6,373.55 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.1% from 2023 to 2033. Growth is primarily driven by substantial investments in renewable power generation capacities, increasing use of electricity in transportation, and rising demand for smart grids
Utilities Market Composition and Key Segments
Utilities include essential services such as electricity, water, natural gas, and sewage and waste management. The market accounted for 6% of global GDP in 2023. The electric power generation, transmission, and distribution market was the largest segment, representing 75.9% of the total. China led the market, contributing 23.8% of the global total in 2023.
Utilities Industry Trends and Leading Markets
The utilities market benefits from government initiatives supporting renewable energy investments, urbanization driving electricity demand, and advancements in smart grid technology. The increase in electricity consumption and significant investments in electricity generation infrastructure further support market growth.
Stability of Forecasts
The forecast remains stable from February 2024. The impact of natural gas price fluctuations, influenced by the Russia-Ukraine conflict and supply chain disruptions, was already considered in the previous forecast. The stabilization of natural gas prices in the long term is anticipated. Thus, forecasts for this market remain consistent during this update cycle.
The Global Market Model offers insights on the following key industry indicators for the global utilities industry -
- Electricity generation
- Amount of sewage treated
- Electricity generation from oil
- Electricity generation from hydropower
- Electricity generation from coal
- Electricity generation from natural gas
- Electricity generation from nuclear sources
- Electricity generation from renewable sources
- Number of enterprises
- Number of employees
Veterinary Healthcare Market Analysis: Increasing Penetration of Pet Insurance to Drive Growth
The Global Market Model is the world's largest database of market forecasts. Forecasts for over 10,000 markets are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast was made in July 2024, revising the previous forecasts from February 2024.
Veterinary Healthcare Market Industry Size and Growth
The global veterinary healthcare market was valued at $194.49 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2033. Growth is primarily driven by increasing penetration of pet insurance, advancements in treatment options, and growing awareness of preventive and specialty pet healthcare.
Veterinary Healthcare Market Composition and Key Segments
Veterinary healthcare encompasses medical services and treatments for animals, including illness diagnosis, surgery, vaccinations, and preventive care. The market accounted for 0.2% of global GDP in 2023. The veterinary services segment was the largest, representing 74% of the total market. The USA led the market, accounting for 41.9% of the global total in 2023.
Market Trends and Leading Markets
The market benefits from high pet adoption rates, increased spending on pets, and stringent animal health regulations. Rising awareness of animal health and sophisticated treatment options further support market growth.
Stability of Forecasts
The forecast has been slightly increased by 0.2% from the previous update in February 2024. The short-term impact of high inflation on veterinary care prices, along with rising costs for drugs and animal feed, was accounted for. Additionally, the reduction in pet adoption rates and spending post-COVID had a negative impact on growth. However, these factors have been considered in the updated forecasts
The Global Market Model offers insights on the following key industry indicators for the global veterinary healthcare industry -
- Number of dentists
- Number of hospitals
- Number of MRI units
- Number of nurses
- Number of pharmacies
- Number of pharmacists
- Number of physicians
- Number of surgical procedures
- Parkinson prevalence rate
- Peptic ulcer prevalence rate
- Private healthcare expenditure
- Public healthcare expenditure
- Rheumatoid arthritis prevalence rate
- Thalassemia prevalence rate
- Tuberculosis prevalence rate
