Bangladeshi Quick-Service Restaurants Market Will Reach USD 2,653.4 Million By 2030

The value of the Bangladeshi quick-service restaurants market stood at USD 1,712.4 million in 2023, and this number is projected to reach USD 2,653.4 million by 2030, advancing at a CAGR of 7.1% during 2023–2030. This growth can be credited to the developing lifestyle of the adult populace, the increasing count of QSRs in the nation, the growing demand for fast food among the urban populace, and the rising working populace in the city and semi-urban areas of the country.

In 2023, the home delivery category, based on service, held a substantial revenue contribution, of 32%. The key reasons contributing to the category’s development are the increasing customer fondness for the home delivery of fast food, altering lifestyles and eating patterns of the young populace, growing count of double-income families, and the suitability, affordability, and obtainability of discounts related to home deliveries.

The demand for easy foods is increasing quickly among customers in Bangladesh, due to the parallel variations in the working and social lives and the mounting habit of dining out. People these days like to socialize over good food, away from the house. Therefore, because of the shortage of time, numerous contemporary nuclear families tend to choose convenient, quick meals over old-style meals.

American cuisine is likely to advance at the highest rate during this decade. This is because of the high requirement for fries, pizzas, and burgers among the young populace as well as the busy lifestyle of adults, which makes a requirement for convenience foods. Furthermore, other cuisines like Italian, Mexican, and Chinese, are also broadly prevalent among Bangladeshi citizens.

 The increasing count of working populace is driving the expansion of the industry in this nation. For instance, approximately 54% of the overall population of the nation was employed, in 2021. Working individuals find less time to cook their meals at home; therefore, they choose fast food, which drives customers toward QSRs. 

 Moreover, the rising purchasing power of customers with their increasing per capita income, particularly in Dhaka, has boosted the sale of prepared food from QSRs in this nation. Bangladesh's economy is facing an era of low inflation, rising household income, and speedy progress. 

 As per the World Bank, Bangladesh has a purchasing power parity of 32.1 LCU per international dollar in 2021, in comparison to 16.3 LCU in 2002, advancing at a 3.63% average annual rate. 

Furthermore, people, now, socialize with friends, neighbors, or colleagues, as compared to before for social or business purposes. This led to the increasing consumption of meals in fast food settings, which further boosted the industry.

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Smart Parking Systems Market Will Reach USD 32,278.3 Million By 2030

The value of the smart parking systems market stood at USD 7,956.2 million in 2023, and this number is projected to reach USD 32,278.3 million by 2030, advancing at a CAGR of 22.3% during the projection period.

This is because of the augmented traffic jamming, as individuals like to travel alone in their vehicles and dodge shared mobility, which needs more parking lots and improvements in smart parking; augmented client knowledge and comfortability while using smart parking; and government backing for smart parking systems.

Parking places are of 2 kinds: on-street and off-street. Between the 2, the off-street parking system leads the industry, as single-slot parking is chosen by everybody and the increasing count of businesses that need enough parking and urbane detecting amenities.

While, on-street parking is typically utilized in metropolitan and urban areas, the smart meter division has the foremost market share. This is also due to the rising growth of smart cities, which fuels the requirement for effective and safe parking solutions.

Based on end users, the smart parking systems industry is divided into government, commercial, and others. To discover a vacant parking slot during peak hours is very tough, particularly near airports, shopping malls, convention centers, hospitals, universities, and schools.

This issue with parking is growing with the rising populace near residential and commercial areas. The commercial category is the more dominant in this segment. Thus, the multi-story smart parking system has given some relief in discovering an empty space, and because of the surge in commercial usage, the category leads the industry.

Worldwide, the North American region is dominating the smart parking systems market with a revenue share of more than 50%, in 2023. This is because of the increasing count of automobiles on the streets, the rising requirement to reduce traffic congestion, the growing worry for parking spaces, the rising count of smart city projects, and the rising government initiatives for parking systems in the continent.

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Power Distribution Unit Market Will Touch USD 6,837.6 Million in 2030

The power distribution unit market is estimated to reach USD 4,120.0 million in 2023, which will touch USD 6,837.6 million, propelling at a 7.7% compound annual growth rate, by 2030.

The growth of this industry can be because of the cost-effective IT operations, the rising count of data centers, and the rising end-use sectors. Moreover, the industry will also be driven by the advancement in cloud computing, alternating-phased power, and virtualization, in the years to come.  

The monitored category, on the basis of type, will advance at the fastest rate, of 8.8%, during this decade. This will be because metered PDUs provide access to power data as well as remote monitoring anytime or anywhere. Therefore, these are employed across different end-use sectors.

The single-phase category, based on phase, will account for the larger share, of 65%, in 2023. This can be because small businesses drive the need for single-phase power distribution units as this power supply is limited for residential usage. This comprises a total of four wires, including a neutral wire, 2 active wires, and a ground wire.

The above 400 V category, based on power rating, will propel at the fastest rate, during this decade. This is because businesses use various industry-standard connectors in the installation process to save time and expenses. With resettable circuit breakers, above 400 V PDUs also offer faster recovery from overload accidents.

The telecom & IT category, on the basis of end user, is leading the power distribution unit market, and it will advance at the fastest rate, of 9.0%, during this decade. This can be attributed to the rapid advancement of the telecom sector, as a result of the surging innovation and technological advancements. 

Moreover, the increasing count of mobile devices opens doors for telecom & IT companies by boosting the count of individuals connected over smartphones every year.

North America is the largest contributor to the industry, with a 45% share, in 2023. This can be because of the existence of major players in Canada and the U.S., coupled with the increased expenses in end-use sectors like telecom & IT, BFSI, and healthcare.

APAC is likely to observe the highest compound annual growth rate, of 8.9%, in the years to come. This can be ascribed to the growing IT & telecommunications sectors in India, China, South Korea, and Japan, the improving lifestyle of people, and the increasing end-use sector in the region.

It is because of the surging number of data centers all over the world, the power distribution unit industry will continue to advance in the years to come.

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U.A.E. Chiller Market Is Driven by Growing Hospitality Sector

The value of the U.A.E. chiller market stood at USD 129.8 million in 2023, and this number is projected to reach USD 191.5 million by 2030, advancing at a CAGR of 6.0 % during the projection period. This growth can be credited to the increasing hospitality industry, overall development in the industry of construction, and the rising need for chillers from the transport sector in the nation.

Furthermore, the industry is rising in the nation because of the thriving business opportunities in metropolises like Abu Dhabi and Dubai, the rising need for inverter chillers and district cooling units, quick industrialization, and the panoramic growth in the sector of construction.

During the projection period, based on chiller type, the centrifugal category is projected to showcase immense opportunities in the industry. The gaining of high-power productivity magnetic centrifugal chillers with a lower energy footprint instead of conventional centrifugal chillers is the utmost extraordinary trend being witnessed in the industry.

On the basis of end-users, the commercial category generates the largest income share in the industry. This is mainly due to the high acceptance of chillers in numerous commercial applications, like commercial buildings, hotels, hospitality, offices, hypermarkets/ supermarkets, government buildings, and healthcare facilities, and huge expenditure for the growth of hotels and hike in figures of hotel construction projects.

On the basis of commercial end users, the hospitality sector leads the industry. This is mainly because the industry has attained noteworthy development in recent years. For example, according to the World Travel and Tourism Council, the industry of travel and tourism has contributed significantly to the GDP of the nation.

Also, chillers are gaining resistance in the sector of hotels for the aim of chilling. In the U.A.E., Dubai reports a huge number of hotel construction projects. Considerable hospitality companies, like Accor S.A., Hilton Hotels & Resorts, and Marriott International are emerging for the upcoming invasion of travelers.

On the basis of region, Dubai is considered the principal industry in the nation for chillers. This is due to the high development in building activities because of the World Expo event that occurred in 2020.

Furthermore, the Dubai government has undertaken to decrease the dependency on oil and gas in the long term while at the same time taking a more holistic method for the growth of additional sectors such as hospitality and tourism.

In response to the upcoming key events in Dubai, where it is vital that there be an imminent tourist invasion, the government envisages a range of over 150 important hotel projects. Therefore, demand for cooling equipment in this area is propelled by these reasons.

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MEA Chiller Market is Led by Saudi Arabia

The MEA chiller market is estimated to touch USD 1,227.6 million in 2023, which will reach USD 1,872.5 million, advancing at a 6.5% compound annual growth rate, by 2030. 

The growth of this industry can be because of the increasing progression in the construction sector, the growing requirement for chillers for district cooling systems, and government support.

Moreover, the rising demand for chillers from the hospitality and transportation sectors is also fueling the industry. Additionally, the regional nations are concentrating on utilizing renewable energy for chillers and energy-efficient cooling and heating solutions. 

Furthermore, the providers of district cooling are now emphasizing energy-efficient technologies to decrease their operational expenses and enhance the feasibility of their procedures. These strategies will further boost the progression of this industry during this decade.  

The screw category, based on chiller type, is the largest contributor to the industry. This can be because of the increasing acceptance of screw chillers in industrial and commercial sectors.

Moreover, this category is further split into two parts: air-cooled and water-cooled, among these, water-cooled chillers account for a significant share. This can be because water-cooled chillers are extensively favored when the power consumption is more than 5 MW coupled with the arrival of developed water-cooled chillers.

The commercial category, based on end users, is leading the MEA chiller market. Moreover, this category comprises transportation, government, hospitality, offices and buildings, supermarket/hypermarket, healthcare, and other sectors, which together creates a high requirement for chillers.

Furthermore, between these, the transportation category will propel at a swift rate in the coming years. This will be because of the current as well as upcoming transportation developments in Nigeria, Egypt, Saudi Arabia, Qatar, Israel, and the U.A.E.

Whereas, the industrial category will advance at a remarkable rate during this decade. This is because of the increasing count of industrial projects, including oil & gas, in this region. The U.A.E., for instance, is witnessing huge funding for oil & gas plant expansion projects to increase the capacity of production.

Saudi Arabia is the largest contributor to the industry. This is because the nation is observing enlarged construction activities, which comprise metro and hotel projects, because of the enhancing tourism sector. 

Moreover, the growth is also driven by government initiatives, including the National Transformation Programme (NTP) and Saudi Vision 2030.

Whereas, the U.A.E. will propel at a significant rate, of 6.7%, during this decade. This is because of the increasing count of construction projects in this nation, including hotels, because of the surging count of tourists.

With the continuous rise in construction activities, the MEA chiller industry will continue to progress in the coming years.

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Changing Inclination Toward Automated Fabrication Boost Metal Fabrication Market

The metal fabrication market was USD 21.8 billion in 2023, which will rise to USD 27.4 billion, progressing at a 3.4% compound annual growth rate, by 2030.The acceptance of automated fabrication practices coupled with the quick rate of infrastructure expansion activities are some of the key factors assisting the industry progression.

Metal fabrication employing automation would be rather cost-effective and assist in streamlining the procedure. Moreover, managing both heavy, huge, or small parts becomes suitable. 

In 2023, the copper category, on the basis of metal type, was the largest contributor to the metal fabrication market, and it will further propel at a 3.2% CAGR in the years to come. This can be primarily because of the various applications of copper products in various sectors.

Copper possesses good thermal conductivity, ductility, and electrical conductivity, and it doesn’t corrode easily. Therefore, it is appropriate for different applications like heating systems, electrical wiring, water pipes & fittings, and circuit boards.

APAC is the largest contributor to the industry, and it will remain the largest, with a 3.6% compound annual growth rate in the years to come. The progression as well as the dominance is because of the speedy rate of infrastructure expansion in this region and the government projects to boost manufacturing in the respective nations.

North America is likely to generate a significant share, and progress at a 3.2% CAGR, in the years to come. This can be mainly because of the existence of different metallic resources like iron, lead, zinc, and copper, as well as the developed industrial setup of automotive and manufacturing companies.

It is because of the changing inclination toward automated fabrication and rising funding for industrialization as well as infrastructure expansion, the metal fabrication industry will continuously progress in the coming years.

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Investments in Renewable Energy To Boost the Offshore Wind Turbine Market

The offshore wind turbine market is USD 6,762 million in 2023, which will touch USD 24,603.5 million by 2030, progressing at 21% between 2024 and 2030. This is because of the application of promising policies by the government in numerous countries, huge investments in renewable energy sources, and continuous tech expansions in offshore plants.

The shallow water category is the prime contributor. This is due to the fact that it comprises offshore wind turbines fitted in water depths of up to 30 meters and installation of wind towers in this depth is considerably easier and also decreases capital spending. 

Furthermore, shallow-water regions are perfect for building the foundation for wind towers and provide higher suitability over deep and transitional water.

Furthermore, the transitional water category has a considerable share. It contains offshore wind turbines that are to be connected in water depths reaching from 30 to 60 meters, their installation type is floating, and the turbine capacity ranges from 3 to 5 MW.

On the basis of installation, the floating category will have considerable growth in the offshore wind energy market in the future. As the energy requirement increases, key corporations and nations are accepting renewable energy sources, particularly wind energy, as it is clean energy and available in enormous amounts around the clock. 

The restraint of fixed basis is restricted to waters below 50 meters deep. This has fortified the growth of floating offshore wind turbine forms.

APAC will grow the fastest in the future, growing at a rate of 21.6% in the years to come. 

This is due to the fact that it will have numerous windmill installations on seas, lakes, and oceans, chiefly as a result of the growing government initiatives meant to endorse wind energy; and the growing emphasis on declining the requirement on fossil fuels for the energy generation.

China is leading the industry, with 64.3 GW installed capacity, from 2023. This is by reason of the nation’s strong surge in the annual fitting of offshore windmills. For example, Guangdong, Fujian, and Jiangsu planned to achieve a 2 GW, and 3.5 GW offshore wind power capacity, correspondingly, in 2023. 

Also, in the country, the first large-scale deep-sea offshore wind power project got underway in 2022 under the POWERCHINA initiative for connecting deepsea energy with the national electricity power grid. This kind of mission need high-power turbines to work smoothly, which has, consequently, endorsed the growth of the industry in the country.

Due to the considerable investments in renewable energy sources all over the globe, the demand for offshore wind turbines is on the rise, and will also continue to grow in the years to come as well.

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