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Aerospace And Defense Industry Growth Rate Analysis - Growth Driven by International Tensions, By The Global Market Model

The Global Market Model provides invaluable insights into over 8000 markets worldwide. These forecasts, updated semi-annually, consider economic, geopolitical, and sector-specific factors to ensure accuracy and relevance. The current forecast, revised in February 2024, builds upon previous iterations, incorporating the latest developments to guide informed decision-making in the aerospace and defense sector.

In its latest aerospace & defense industry analysis, the Global Market Model anticipates robust growth, with a compound annual growth rate (CAGR) of 5.9% projected from 2023 to 2033. This growth trajectory is expected to be powered by ongoing international tensions and technological advancements in the sector.

Aerospace And Defense Industry Overview and Dynamics

• Valued at $881.01 billion in 2023, the global aerospace & defense market accounted for 0.8% of global GDP.
• Resilience of the market is supported by:
  • Growth in the commercial aviation industry.
  • High government expenditure on aircraft development.
  • Robust research and development activities.
• Additionally, the defense market benefits from:
  • High military expenditure.
  • Technological advancements.
  • Geopolitical conflicts contributing to market size.

Segmentation and Leading Markets

• The defense market constituted the largest segment of the aerospace & defense market in 2023, capturing 65.9% of the total market share.
• The United States emerged as the leading market, accounting for 28.7% of the total market share in 2023, further solidifying its position in the global aerospace and defense landscape.

Aerospace And Defense Industry Trends - Technological Advancements Fueling Growth

Key technological advancements such as the Internet of Military Things, wireless technology, and miniaturization are identified as primary drivers of market expansion during the forecast period. These innovations enhance capabilities and efficiency, driving demand for aerospace and defense products and services.

Aerospace And Defense Industry Challenges - Stability Amidst Geopolitical Uncertainty

Despite geopolitical uncertainties stemming from conflicts like the Russia-Ukraine conflict and Israel-Hamas war, the forecast remains largely stable. The escalation of these tensions has prompted many countries to increase their military expenditure, which was accounted for in the previous forecast update, ensuring stability in market projections.

Commercial Aircraft Rebounds

A notable rebound in commercial aircraft purchases following the pandemic has exceeded previous expectations. Both Boeing and Airbus reported strong results for orders and deliveries in 2023, further bolstering the outlook for the aerospace sector.

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 Industry Growth Projections 2024-2033, By The Global Market Model

Explore detailed agriculture market analysis, including critical parameters such as market size, growth drivers, trends, segments, and more across 58 geographies for the primary seven regions, with Global Market Model's hospitality market research

Agriculture Industry Overview

Global Market Model, in its latest forecast for the agriculture market, expects the market to grow at a compound annual growth rate (CAGR) of 7.8% during 2023 to 2033. The global agriculture market was valued at $13,146.53 billion in 2023, accounting for 12.2% of the global GDP.

The market is buoyed by factors such as high demand for high-quality agricultural products, increased awareness of health and fitness, rising disposable incomes, heightened consumption of animal proteins, a rapidly growing population, and favourable government initiatives.

Notably, the crop production market emerged as the largest segment of the agriculture market, capturing 43% of the total market share in 2023.

China led the agriculture market, accounting for 24.9% of the total market share in 2023.

Stability in Agriculture Industry

The agriculture industry forecast remains largely stable compared to the previous projection from mid-2023. Considerations such as the temporary spike in input costs for feeds and fertilizers due to inflation, resulting in short-term increases in end product prices, and the subsequent stabilization of input costs in the long-term following a slowdown in inflation, were already factored into our previous forecast update. Consequently, our forecasts for this market segment have remained stable during this update cycle.

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

The Global Market Model serves as the world's largest database of agriculture market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Chemical Industry Market Size Analysis: Insights by the Global Market Model

The Global Market Model is the world's largest database of market forecasts. Forecasts for over 8000 markets are updated semi-annually on the basis of economic, geo-political and sector-specific factors. The current forecast was made in February 2024, revising the previous forecasts made in July 2023.

Chemical Industry Overview

Global Market Model, in its latest forecast for the chemical market, expects the market to grow at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2033. This growth is anticipated to be driven by increasing demand across various applications such as packaging, digital printing, and the rising utilization of electric vehicle (EV) batteries during the forecast period.

• The global chemicals market was valued at $5,086.74 billion in 2023, accounting for 4.7% of global GDP.
• High demand from end-use industries, rapid urbanization rates, and a large consumer population support market growth.
• Regulatory emphasis on pollution monitoring and control ensures market stability.
• Ethyl alcohol and other basic organic chemicals dominate the market, with China as the leading player capturing 21.4% of the total market share in 2023.

Key Growth Drivers

The industrial gas market is expected to emerge as the fastest-growing segment during the forecast period. Factors contributing to this growth include the increasing use of cars and industrialization, the application of industrial gas in healthcare, and advancements in packaging technologies.

The Global Market Model offers insights on the following key industry indicators for the global chemical industry -

• Number of enterprises
• Number of employees

Global Market Model Forecasts Robust Construction Industry Growth For 2023-2033, By The Global Market Model

Explore Global Construction Forecast: Key Players, Market Size, Growth Trajectories, Regional Insights, and Projections

Global Market Model, in its latest construction industry 2024 analysis, predicts a compound annual growth rate (CAGR) of 5.7% from 2023 to 2033. This projection underscores the industry's resilience amidst various economic factors and indicates sustained expansion driven by key trends.

Construction Industry Overview

The construction market, valued at $15,547.38 billion in 2023 , represents a significant portion of global GDP, accounting for 14.5%. This construction industry value underscores the sector's importance in both developed and developing economies, fueled by substantial investments in housing sectors, commercial properties, and infrastructure enhancements. Notably, developing countries are driving growth through increased investment in economic corridors to support Foreign Direct Investments (FDIs).

Driving Factors

The construction industry demand is fueled by several factors, including increased infrastructure development expenditure by governments, the rising popularity of green construction practices, and the ongoing trend of industrialization. These dynamics are expected to underpin market expansion throughout the forecast period.

Construction Industry Outlook - Stable Forecast Amidst Challenges

Despite prevailing challenges, the forecast for the construction market remains largely stable compared to the previous mid-2023 forecast. The impact of recession pressure on construction activities, coupled with low growth trends in housing prices due to high interest rates and limited mortgages, has been factored into the updated projections. As a result, the forecasts for this market have maintained stability during the latest update cycle.

Construction Industry Segments and Regional Analysis

With the buildings construction market comprising the largest segment, accounting for 46.8% of the total in 2023 , and the USA emerging as the leading market with a 23.9% share , regional dynamics play a crucial role in shaping the global construction landscape.

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 Global Market Model serves as the world's largest database of construction market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Electrical And Electronics Market Size, Share And Growth Analysis For 2024-2033, By The Global Market Model

The Global Market Model is the world's largest database of market forecasts. Forecasts for over 8000 markets are updated semi-annually on the basis of economic, geo-political and sector-specific factors. The current forecast was made in February 2024, revising the previous forecasts made in July 2023.

Electrical And Electronics Industry Overview

The latest forecast from the Global Market Model predicts a 6.7% compound annual growth rate (CAGR) for the electrical and electronics market from 2023 to 2033. This growth is anticipated to be propelled by advancements in technologies like IoT, virtual reality, advanced sensors, and communication tech such as 5G.

• Global electrical and electronics market valued at $3,635.37 billion in 2023
• Market accounted for 3.4% of global GDP
• Per capita annual consumption stood at $460.7
• Electrical equipment market was the largest segment, comprising 43.9% of the total in 2023
• China led the market with a 24.5% share in 2023

Factors driving market growth:

• Large consumer population in developed and developing countries
• Growing internet usage
• High spending on technology improvements
• Rise in electric vehicle sales
• Surging demand for continuous power supply in critical infrastructures
• Increasing demand for primary batteries in military and healthcare

Stability in Forecast

The forecast remains stable from the previous update in mid-2023. Factors like economic headwinds, the Russia-Ukraine war impact, and squeezed consumer spending due to inflation and recession pressure were already accounted for. Supply chain disruptions for semiconductors and chips, leading to short-term price increases, were anticipated, with expectations of stabilization in the long term as supply chain pressures ease.

Forecasts for the market remain unchanged during this update cycle. There's a current strong demand for server GPUs for AI applications. Evolution of this dynamic is expected as the semiconductor market undergoes changes and hardware/software advancements continue.

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

Major Factors Driving Growth in the Financial Services Industry: Insights By The Global Market Model

The Global Market Model is the world's largest database of market forecasts. Forecasts for over 8000 markets are updated semi-annually on the basis of economic, geo-political and sector-specific factors. The current forecast was made in February 2024, revising the previous forecasts made in July 2023.

Overview Of The Financial Services Industry

The financial services market is expected to grow at a 7.4% CAGR from 2023 to 2033, driven by factors like the wealth of high-net-worth individuals, demand for alternative investments, blockchain adoption to curb fraud, and rising home ownership and mortgages.

Global Market Model, in its latest forecast for the financial services market, expects the market to grow at a compound annual growth rate (CAGR) of $30,954.36 billion, constituting 28.8% of the global GDP.

This market is buoyed by widespread internet and smartphone usage, extensive digitization, a growing demand for fast and real-time fund transfers, and robust infrastructure. Additionally, e-commerce activity drives the cards and payments sector.

The lending and payments segment dominated the market, accounting for 36.8% of the total, with the USA leading as the largest market, comprising 30.9% of the total in 2023.

Forecast Stability

• The forecast for the financial services market remains stable from the mid-2023 forecast.
• Factors such as inflation, leading to increased interest rates, and a rise in banking and interchange fees were considered in the previous update.
• Declining investment banking revenues due to a dearth in IPOs and decreased investments resulting from less discretionary income and recession pressures were also accounted for.
• As a result, forecasts for this market remained steady during this update cycle.
• High interest rates are expected to persist in the short term, positively impacting the lending market.

The Global Market Model offers insights on the following key industry indicators for the global financial services industry -

• Number of enterprises
• Number of employees

Stabilized Consumer Prices Due To Slowdown In Inflation And Progress In Addressing Supply-Chain Disruptions Had A Positive Impact On The Food And Beverages Industry, By The Global Market Model

Explore the food and beverage industry analysis offered by Global Market Model, which encompasses food and beverages industry growth, food and beverages industry trends, food and beverages industry demand, food and beverages industry segments, and more across 60 geographical regions spanning the seven key global regions

Global Market Model, in its latest food and beverages industry forecast, predicts a compound annual growth rate (CAGR) of 5.9% from 2023 to 2033. This growth is driven by factors such as increasing demand for individual quick freezing (IQF), rising organic food consumption, demand for convenience foods, and advancements in cigarette filter technologies.

Food And Beverages Industry Outlook:

• The global food and beverages market was valued at $6,530.38 billion in 2023, accounting for 6.1% of global GDP.
• Per capita annual consumption in the market reached $827.5.
• Factors driving market growth include a large consumer population, high disposable incomes, and demand for poultry meat products.
• The meat, poultry, and seafood market was the largest segment in 2023, comprising 23.3% of the total market.

Market Stability Despite Challenges:

Despite supply chain disruptions for key commodities like wheat, sunflower seed, barley, and maize due to the Russia-Ukraine conflict and high inflation, the forecast remains stable. Previous updates had already accounted for short-term price increases, with expectations of long-term stabilization as supply chain pressures ease.

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 Market Model is the largest database of food and beverages market forecasts, with updates based on economic, geo-political, and sector-specific factors. Forecasts for over 8000 markets are updated semi-annually, with the latest forecast made in February 2024, revising previous forecasts from July 2023.

Healthcare Services Industry Growth Projections 2024-2033, By The Global Market Model

The Global Market Model is the world's largest database of market forecasts. Forecasts for over 8000 markets are updated semi-annually on the basis of economic, geo-political and sector-specific factors. The current forecast was made in February 2024, revising the previous forecasts made in July 2023.

Healthcare Services Industry Overview

According to the latest forecast by the Global Market Model, the healthcare services market is projected to experience a compound annual growth rate (CAGR) of 5.2% from 2023 to 2033. This growth is anticipated to be propelled by factors such as advancements in diagnostic and therapeutic technologies, as well as enhancements in survival rates and overall quality of life.

• Global healthcare services market in 2023: $8,328.40B, 7.8% of GDP
• Per capita annual consumption: $1055.4
• Leading segment: Hospitals and outpatient care centers hold 53.7% of market
• USA leads market: 38.3% in 2023

Growth driven by:

• Technology
• Medical tourism
• Population growth
• High income
• Strong healthcare spending in developed nations
• Government initiatives
• Rise in diseases like Alzheimer's and Parkinson's among the elderly

Stability in Healthcare Services Industry

The forecast remains largely unchanged from the mid-2023 forecast. Economic challenges and inflation, which have driven up prices for medical care services due to rising operational, supply, administrative, and labor costs, were already considered in our previous update. We also anticipated that prices would stabilize in the long term as inflation eases. Consequently, our forecasts for this market have remained steady during this update cycle.

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

Hospitality Industry Overview 2023-2033, By The Global Market Model

Explore detailed hospitality market analysis, including critical parameters such as market size, growth drivers, trends, segments, and more across 58 geographies for the primary seven regions, with Global Market Model's hospitality market research

Global Market Model's Projections:

In its latest forecast for the hospitality market, the Global Market Model anticipates a compound annual growth rate (CAGR) of 6.3% from 2023 to 2033. The surge in solo traveling trends, visa regulations' liberalization, global workforce mobility, and increasing demand for convenience foods are expected to propel the market during the forecast period.

Market Valuation:

The global hospitality market was valued at $4,880.75 billion in 2023, representing 4.5% of the global GDP. Per capita annual consumption accounted for $618.5. Key drivers supporting the hospitality industry growth include the liberalization of visa regulations, facilitating convenient travel for visitors, and high consumer spending in countries like India, Australia, and New Zealand. The rising trend of solo traveling is fueling demand for budget-friendly travel accommodations, contributing significantly to the global travel accommodation market.

Hospitality Industry Forecast:

The forecast remains largely stable from the previous mid-2023 forecast, considering factors like high inflation affecting hotel prices, travel fares, and food costs. Moreover, the projections account for economic challenges such as reduced discretionary income, cost-of-living crises, lower saving rates, and recession pressures, leading to decreased spending on hospitality services. Despite these challenges, the market's recovery post-COVID-19 has shown stronger growth than previously expected.

Hospitality Industry Segments:

Among the segments, the food and beverage services market dominated the hospitality sector, accounting for 80.9% of the total market share in 2023. The USA emerged as the leading market in the hospitality sector, capturing 23.3% of the total market share in 2023.

GMM provides insights on the key industry indicators of the hospitality industry such as -

The Global Market Model serves as the world's largest database of hospitality market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Growth Projections Of The Global Information Technology Industry Overview 2024-2033 - By The Global Market Model

The Global Market Model provides global information technology industry analysis from 2023 to 2033, driven by IoT adoption, e-commerce growth, and AI advancements. Despite challenges like reduced spending, the market remains stable, led by the information technology services segment and the USA.

Industry Overview

The Global Market Model provides insights into the forecast for the information technology industry, projecting a compound annual growth rate (CAGR) of 8.8% from 2023 to 2033.

As per the Global Market Model's latest forecast for the information technology market-

• The global information technology industry reached a valuation of $8,444.74 billion in 2023, representing 7.9% of the global GDP.
• The IT services segment dominated the market, accounting for 40.5% of the total in 2023.
• The United States emerged as the leading market, capturing 27.3% of the total market share.

Growth Factors

This growth is attributed to various factors such as the adoption of IoT technology, increasing e-commerce penetration, investments in smart city development, utilization of technologies like AR/VR and blockchain across industries, heightened spending on data security solutions, and the emergence of 5G technology fostering rapid advancements.

AI is poised to be a transformative force in the information technology market, driving long-term growth through automation, advanced analytics, personalized experiences, cybersecurity enhancements, efficient infrastructure management, and fostering innovation.

The forecast maintains stability compared to the previous projection from mid-2023, taking into account factors like reduced IT spending by companies due to budget constraints, elevated technology costs in the short term, and subdued demand for IT services post-pandemic.

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

The Global Market Model serves as the world's largest database of information technology market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Machinery Industry Outlook - Stable Growth Driven by Raw Material Price Stability, By The Global Market Model

Explore the machinery industry analysis offered by Global Market Model, which encompasses machinery industry growth, machinery industry trends, machinery industry demand, machinery industry segments, and more across 60 geographical regions spanning the seven key global regions

In its latest machinery industry overview, the Global Market Model anticipates steady growth, with a compound annual growth rate (CAGR) of 6.8% projected from 2023 to 2033. This sustained expansion is underpinned by various factors, including technological advancements, digitization of machines, favorable government policies, and growth across key end-user markets.

Market Valuation and GDP Contribution:

• Valued at $3,484.72 billion in 2023, the global machinery market represented 3.2% of global GDP.

Segmentation and Dominant Sectors:

• Notably, the agriculture, construction, and mining machinery segment comprised the largest portion of the market in 2023.

Leading Market Share:

• China emerged as the leading market, capturing 22.3% of the total market share in 2023.

Factors Driving Market Growth

• Technological innovation and digitization of machinery enhance efficiency and productivity.
• Supportive government policies create a conducive environment for investment and development.
• Growth in end-user markets such as agriculture, automobile, and construction industries stimulate market expansion.

Stability Amidst External Pressures

Despite external challenges, the forecast for the machinery market remains stable. Previous considerations of factors such as high inflation, economic headwinds, and the impact of geopolitical conflicts, such as the Russia-Ukraine war, have been factored into the forecast. Furthermore, while supply chain disruptions initially led to increased raw material prices and subsequent price hikes for end products, the forecast anticipates stabilization in the long term, as supply chain pressures ease.

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

The Global Market Model serves as the world's largest database of machinery market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Media Industry Overview 2024 to 2033 - Market Size And Growth Rate, Major Drivers, And Leading Segments, By The Global Market Model

Explore detailed media market analysis, including critical parameters such as market size, growth drivers, trends, segments, and more across 58 geographies for the primary seven regions, with Global Market Model's hospitality market research

Market Overview

Global Market Model, in its latest forecast for the media market, anticipates a compound annual growth rate (CAGR) of 8.3% from 2023 to 2033. The market, valued at $2,385.46 billion in 2023, comprises 2.2% of global GDP.

Notably, the web content, search portals, and social media segment are expected to witness significant growth, driven by factors such as increased internet accessibility, faster network speeds, and demand for high-definition video content.

With the emergence of digital advertising and a surge in internet and smartphone users, this segment is poised to be the fastest-growing during the forecast period.

Forecast Stability

• Forecast stability maintained from mid-2023 projection
• Factors considered include budget constraints impacting company spending on media services and reduced consumer spending due to declining discretionary income
• USA leads media market with 30.6% market share in 2023
• Market growth supported by large consumer population in developed and developing countries
• Challenges posed by budget constraints and reduced discretionary income accounted for in previous forecast
• Growth trajectory of media market remains robust, driven by technological advancements and increasing internet usage worldwide

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

The Global Market Model serves as the world's largest database of media market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Global Market Model Forecasts Stable Growth In The Medical Equipment Market, Powered By Stabilized Raw Material Prices Due to Slowdown in Inflation

As per the Global Market Model the medical equipment market exhibits stable growth propelled by technological advancements, an aging population, and increased hospital investments.

Global Market Model, in its latest medical equipment industry outlook, anticipates robust growth with a compound annual growth rate (CAGR) of 9.3% from 2023 to 2033. Technological advancements, including 3D printing, robotics, and minimally invasive surgery technologies, are projected to be key drivers of market expansion during the forecast period.

Medical Equipment Industry Overview

The global medical equipment market was valued at $680.93 billion in 2023, representing 0.6% of global GDP. Technological advancements, coupled with factors such as an aging population and increased hospital investments in endoscopy facilities, underpin market growth. In-vitro diagnostics emerged as the largest segment of the medical equipment market, constituting 15.5% of the total in 2023. The USA led the market, capturing 30.5% of the total market share in 2023.

Drivers of Market Growth

Technological Advancements

Technological innovations, such as 3D printing, robotics, and minimally invasive surgery technologies, are expected to propel market growth.

Aging Population

As the elderly population increases, there is a corresponding rise in demand for medical equipment to address age-related health conditions and provide essential healthcare services to elderly individuals.

Hospital Investments

Hospitals worldwide are investing in advanced equipment and technologies to enhance diagnostic capabilities, improve patient outcomes, and optimize healthcare delivery, thereby driving demand for medical equipment.

Stability Amid Economic Volatility

The forecast for the medical equipment market remains stable, reflecting factors such as inflation, economic headwinds, and supply chain disruptions caused by events like the Russia-Ukraine war. Despite these challenges, the market is expected to maintain stability, with previous forecasts accounting for price increases resulting from raw material shortages. Anticipated stabilization in the long term, driven by easing supply chain pressures, reinforces the stability of market forecasts for this update cycle.

The Global Market Model also offers insights on the following key industry indicators to spot key medical equipment industry trends -

The Global Market Model stands as the world's largest database of market forecasts, encompassing over 8000 markets. These forecasts are updated semi-annually, taking into account economic, geopolitical, and sector-specific factors to provide stakeholders with comprehensive and accurate insights into market dynamics. The current forecast, revised in February 2024, builds upon previous projections made in July 2023, ensuring stakeholders have access to the latest market intelligence.

Metals And Mineral Analysis For 2024-2033, By The Global Market Model

The Global Market Model is the world's largest database of market forecasts. Forecasts for over 8000 markets are updated semi-annually on the basis of economic, geo-political and sector-specific factors. The current forecast was made in February 2024, revising the previous forecasts made in July 2023.

Metal And Mineral Industry Outlook:

The metal and mineral market is set for steady growth in the next decade, with a projected 5% compound annual growth rate (CAGR) from 2023 to 2033 according to the Global Market Model. This growth is driven by the increasing use of aluminum and strong demand for copper from end-user industries.

• In 2023, the global metal and mineral market reached a valuation of $7,840.30 billion.
• This accounted for a substantial 7.3% of the global Gross Domestic Product (GDP).
• Large population in developed and developing countries.
• Government initiatives supporting investments.
• Heightened demand for metal and metal products across various end-user industries.

Dominant Segments and Market Dynamics:

• The metal segment constituted 52.4% of the total market share in 2023.
• China emerged as the leading market player, capturing 26.7% of the global market share.
• China's dominance underscores its pivotal role in driving the growth and dynamics of the global metal and mineral market.

Stability in Metal And Mineral Industry

The latest forecast for the metal and mineral market remains largely stable, mirroring the projections from the previous update in mid-2023. This stability is attributed to the comprehensive consideration of various factors, including high inflation, economic headwinds, the Russia-Ukraine conflict, and supply chain disruptions leading to increased raw material prices and subsequent price hikes in end products in the short term. However, the forecast anticipates price stabilization in the long term, with alleviated supply chain pressures.

Key Drivers of Growth

The metal and mineral market is growing due to the rising use of aluminum and high demand for copper in various industries. Stakeholders can benefit from this stable growth amid economic changes by seizing emerging opportunities.

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, By The Global Market Model - Stable Growth Fueled by Commodity Price Stability

The Global Market Model provides the mining industry overview including key parameters such a, global mining market size, mining market growth drivers, mining industry trends, and more across 60 geographies for the seven key regions.

In its latest forecast for the mining market, the Global Market Model projects a steady growth trajectory, with a compound annual growth rate (CAGR) of 5.6% expected from 2023 to 2033. This stable outlook is reinforced by factors driving demand across various sectors, supported by less fluctuating commodity prices.

Market Overview and Dynamics

• Valued at $2,118.62 billion in 2023, the global mining market accounted for 2% of global GDP.
• This market's robustness is bolstered by:
• The prevalence of mines globally.
• Increasing investments in mining activities.
• The presence of large end-use industries.
• Notably, the coal, lignite, and anthracite market constituted the largest segment in 2023.
• China emerged as the leading market, capturing 36.4% of the total market share.

Driving Forces Behind Growth

Several factors are poised to propel the mining market forward during the forecast period. The rise in infrastructure development initiatives, coupled with increased demand from automotive manufacturers, serves as primary drivers of market expansion. Additionally, the growing need for fertilizer products further contributes to market growth, creating a favorable environment for sustained development.

Price Stability Bolsters Forecasts

The forecast's stability is underscored by the less volatile nature of metal and non-metal prices. Over the past six months, the average prices of commodities such as copper, zinc, nickel, and iron have remained within a range bound, providing a consistent backdrop for market projections. Consequently, the forecast retains continuity from the previous update cycle, reflecting the ongoing stability in commodity prices.

Positive Impact of Electric Vehicles

The rising demand for electric vehicles (EVs) emerges as a significant catalyst for the mining market. As the shift towards sustainable transportation gains momentum, the demand for minerals and metals used in EV batteries, including lithium, nickel, graphite, and copper, is expected to surge. This trend augurs well for the mining industry, driving further growth and opportunity.

The Global Market Model provides insights on the following key industry indicators< for the mining industry-

• Number of enterprises
• Number of employees

Global Market Model Forecast For The Oil And Gas Industry 2024: Crude Oil And Natural Gas Prices To Stabilize Market Growth

The Global Market Model provides global oil and gas industry outlook which includes key insights on oil and gas industry market size, oil and gas industry trends, oil and gas industry market share, oil and gas industry segments, oil and gas industry challenges, oil and gas market drivers, and more across 60 geographies for the seven key regions.

In its latest oil and gas industry analysis, the Global Market Model anticipates a robust growth trajectory, with a compound annual growth rate (CAGR) of 4.8% projected from 2023 to 2033. This optimistic outlook is underpinned by several key factors driving the industry forward.

Overview Of Oil And Gas Industry

The global oil and gas market, valued at $7,179.04 billion in 2023, accounted for 6.7% of global GDP. Driven by demand across transportation, industrial, residential, and commercial sectors, the market's stability is intricately linked to geopolitical dynamics and international relations. Notably, conflicts in oil-producing regions and sanctions can significantly influence market stability and pricing.

Innovations Driving Expansion

A rapid pace of innovation within the oil and gas sector, particularly in exploration, drilling, and refining technologies, is poised to fuel market growth during the forecast period. Advanced technologies designed to extract oil and gas from depleted reserves further contribute to the industry's expansion, enhancing efficiency and productivity.

Challenges Amidst Transition

Despite this growth, the rising penetration of renewable energy sources presents a formidable challenge to the oil and gas industry. Particularly in sectors such as electricity generation, transportation, and heating, the increasing adoption of renewables is expected to dampen demand for traditional fossil fuels, exerting downward pressure on market dynamics.

Oil And Gas Industry Future - Stability Amidst Uncertainty

While acknowledging short-term disruptions such as the Russia-Ukraine conflict and supply chain disruptions, the forecast remains stable overall. Anticipating the long-term stabilization of crude oil and natural gas prices, the forecast retains consistency from the previous update cycle. However, uncertainties surrounding the Israel-Palestine conflict warrant caution, refraining from significant adjustments to the forecast.

Shifts in Market Segmentation

Within the oil and gas market, upstream activities comprise the largest segment, representing 59% of the total market in 2023. Furthermore, the United States emerged as the leading market, accounting for 15.4% of the total market share in the same year.

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

Global Market Model - The world's most comprehensive database

As the world's largest database of market forecasts, the Global Market Model provides invaluable insights into over 8000 markets. Updated semi-annually, these forecasts consider economic, geopolitical, and sector-specific factors to offer comprehensive projections. The current forecast, revised in February 2024, builds upon previous iterations, ensuring relevance and accuracy in anticipating market trends and dynamics.

Global Market Model Forecasts Stable Growth in Paper, Plastics, Rubber, Wood, and Textile Market - Driven by Raw Material Price Stability Amid Inflation Slowdown

Explore detailed paper, plastics, rubber, wood, and textile market analysis, including critical parameters such as market size, growth drivers, trends, segments, and more across 58 geographies for the primary seven regions, with Global Market Model's hospitality market research

Global Market Model (GMM) projects robust growth in the paper, plastics, rubber, wood, and textile market, with a compound annual growth rate (CAGR) of 6.8% expected from 2023 to 2033. Factors such as the rapid expansion of e-commerce, increasing retail penetration in developing nations, technological advancements, and government initiatives are poised to propel market growth during the forecast period.

Global Market Dynamics

• In 2023, the global paper, plastics, rubber, wood, and textile market reached $6,702.92 billion, accounting for 6.2% of global GDP.
• Key drivers include rapid urbanization, robust consumer spending, large consumer populations in developed and developing countries, and substantial demand from various end-user industries.
• The plastics and rubber products segment dominated the market, representing 20.9% of the total in 2023.
• The USA emerged as the leading market, capturing a 21.5% share in 2023.

Stability Amid Economic Volatility

The forecast maintains stability compared to the previous mid-2023 projections. Despite challenges such as inflation, economic uncertainties, the Russia-Ukraine conflict, and supply chain disruptions causing raw material price increases and subsequent product price hikes in the short term, GMM had anticipated long-term stabilization with easing supply chain pressures. As a result, market forecasts remain consistent throughout this update cycle.

Insights from the Global Market Model

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

The Global Market Model serves as the world's largest database of paper, plastics, rubber, wood, and textile market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Global Pharmaceuticals Industry Overview 2024-2033, By The Global Market Model

Explore detailed pharmaceuticals market analysis, including critical parameters such as market size, growth drivers, trends, segments, and more across 58 geographies for the primary seven regions, with Global Market Model's hospitality market research

The pharmaceuticals market is projected to experience a compound annual growth rate (CAGR) of 6.6% from 2023 to 2033, according to the latest forecast by the Global Market Model. This growth is fueled by the emergence of innovative drug delivery methods like microneedle patches and microchip technologies, as well as the adoption of advanced technologies such as stem cells and organ chip technologies.

Key highlights from the Global Market Model's forecast for the pharmaceuticals industry are -

• Global pharmaceuticals market valued at $1,616.30 billion in 2023.
• Pharmaceuticals market accounted for 1.5% of global GDP.
• Per capita annual consumption in the market was $204.8.
• Market driven by aging population, high healthcare expenditure, prevalence of diseases, government initiatives.
• Extensive research and development activities support the market.
• Oncology drugs market largest segment, comprising 15.6% of total in 2023.
• USA led the pharmaceuticals market, with 45.4% of the total share in 2023.

Stability in pharmaceuticals Industry

• Forecast remains largely stable from mid-2023.
• Factors like inflation, economic headwinds, Russia-Ukraine war impact, and API shortage were considered in previous forecast.
• Prices anticipated to stabilize long-term with easing supply chain pressures.
• Forecasts for the market remain stable in this update cycle.

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

The Global Market Model serves as the world's largest database of pharmaceuticals market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Global Market Model Forecasts Strong Growth for Professional Services Market

Comprehensive Global Professional Services Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast

Global Market Model, in its latest forecast for the professional services market, anticipates significant growth with a compound annual growth rate (CAGR) of 5.8% during the period from 2023 to 2033. This forecast is underpinned by several key factors that are expected to drive market expansion in the coming years.

Professional Services Market Growth and Segment Analysis

The global professional services market was valued at $5,809.96 billion in 2023, accounting for 5.4% of global GDP. The market is supported by high investments in smart cities and substantial demand for professional services across various sectors, including BFSI, construction, and healthcare. Design, research, promotional, and consulting services constitute the largest segment of the professional services market, comprising 74.1% of the total in 2023.

What Factors Are Transforming The Professional Services Industry?

Increasing Investments in Smart Cities

The rise in investments in smart cities, characterized by the integration of advanced technologies to enhance urban infrastructure and services, is set to drive demand for professional services.

Regulatory Reforms and Financial Reporting Standards Transition

Regulatory reforms and the transition to new financial reporting standards are anticipated to fuel demand for professional services. Companies across various sectors require expert guidance to navigate evolving regulatory landscapes and ensure compliance with changing financial reporting requirements.

Future Of Professional Services Industry

Despite the challenges posed by the global pandemic, the forecast for the professional services market remains largely stable. Factors such as reduced company spending on professional services due to budget constraints and slower demand post-pandemic were taken into account in the previous forecast update. Consequently, the forecasts for this market have remained stable during the current update cycle.

Professional Services Industry Challenges - Long-Term Disruption by Artificial Intelligence (AI)

Looking ahead, artificial intelligence (AI) is expected to disrupt the professional services market significantly. The integration of AI technologies, including automation, advanced analytics, and efficient infrastructure management, is poised to revolutionize service delivery and drive innovation in the long term.

Regional Insights

The professional services market is characterized by regional variations in demand and market dynamics. In developed countries such as the USA, the market is driven by robust demand for legal, photographic, advertising, and accounting services. In contrast, developing countries like India and China benefit from skilled workforces and significant investments from national and state governments, supporting market growth.

The Global Market Model also offers insights on the following key industry indicators for the professional services industry -

• Number of enterprises
• Number of employees

Global Recreation Industry Forecast 2024-2033, By The Global Market Model

Explore Global Recreation Forecast: Key Players, Market Size, Growth Trajectories, Regional Insights, and Projections

The Global Market Model forecasts a 5.8% compound annual growth rate (CAGR) for the recreation market from 2023 to 2033. This growth is fueled by factors such as the legalization of gambling, a surge in touring and live performances, a growing preference for well-being, and an increase in health and fitness concerns.

Key highlights from the Global Market Model's forecast for the recreation industry are -

• The global recreation market reached $1,659.23 billion in 2023, representing 1.5% of the global GDP.
• Per capita annual consumption in the market amounted to $210.3.
• High spending habits on recreational activities in developed economies and disposable incomes in emerging countries support the market.
• The global tourism industry's strong performance also contributes to the market size.
• The amusements segment dominated the recreation market, accounting for 35.1% of the total in 2023.
• The USA led the recreation market, comprising 26.3% of the total in 2023.

Stability in Recreation Industry

• The forecast for the recreation market remains largely unchanged from the mid-2023 forecast.
• Factors such as reduced consumer spending on recreational activities due to high inflation, decreased discretionary income, recession pressures, and cost-of-living crises were considered in the previous update.
• Consequently, forecasts for this market remained stable during this update cycle.
• The market's recovery post-COVID-19 pandemic exceeded the previously expected growth.

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

The Global Market Model serves as the world's largest database of recreation market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Global Market Model Forecasts Stable Growth Fueled by Consumer Price Stabilization Amid Inflation Slowdown In Retail and Wholesale Industry

GMM stands as the premier database for market forecasts, covering over 8,000 sectors. The forecasts, updated semi-annually, consider economic, geopolitical, and sector-specific factors. The February 2024 forecast builds upon previous projections from July 2023, providing comprehensive insights for stakeholders navigating the evolving retail and wholesale landscape.

Global Market Model (GMM), in its latest projection for the retail and wholesale market, anticipates a robust compound annual growth rate (CAGR) of 7% from 2023 to 2033. Technological advancements, including self-checkout technology, beacons, robotics, automation, and augmented reality, are poised to be primary drivers of market expansion during this period.

What Is Retail And Wholesale Industry Outlook?

In 2023, the global retail and wholesale market reached $77,917.22 billion, representing 72.6% of global GDP. Key drivers include high demand for food and beverage products, escalating e-commerce trends, significant innovations in sustainable cosmetics, increased use of organic substances in cosmetics manufacturing, and robust spending on healthcare and cosmetic items. The wholesale sector emerged as the dominant segment, contributing 63.5% to the total market. The USA led the market with a 22.9% share in 2023.

Retail And Wholesale Industry Forecast - Stability Amid Economic Uncertainty

The forecast reflects a stable outlook compared to the previous mid-2023 projections. Factors such as inflation, economic challenges, the Russia-Ukraine conflict, and supply chain disruptions have influenced short-term consumer prices. However, GMM anticipated long-term stabilization as inflation rates decelerate, ensuring market forecast consistency. Notably, shifts in consumer purchasing behavior, with stronger physical store sales and subdued e-commerce figures, have been observed.

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

The Global Market Model serves as the world's largest database of retail and wholesale market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.

Services Industry Analysis - Stable Growth Powered By Stabilized Services Prices Due to Slowdown in Inflation, By The Global Market Model

Global Market Model Forecasts 8.5% CAGR Growth in Services Market from 2023 to 2033

The services market is poised for significant growth, with the Global Market Model projecting a compound annual growth rate (CAGR) of 8.5% during the period of 2023 to 2033. Key drivers of this growth include businesses outsourcing non-core operations to reduce overall expenditures and focus on core business activities, coupled with technological advancements shaping the market landscape.

Market Size and Growth

In 2023, the global services market reached a valuation of $15,324.91 billion, contributing to 14.3% of the global GDP. Several factors are bolstering market growth, including high demand for appliances and electronics, rising disposable incomes, increasing urbanization, demand for professional services businesses, sustainable office spaces, and leasing.

Stable Forecast

The latest forecast for the services market remains consistent with the previous mid-2023 projection. Economic headwinds and inflation, which previously led to increased services prices due to rising labor costs, were accounted for in the previous forecast update. Anticipating a slowdown in inflation and subsequent stabilization of prices in the long term, our forecasts for this market have remained stable during this update cycle.

Segment Analysis

The commercial services market emerged as the largest segment, constituting 36.7% of the total services market in 2023. Additionally, the USA stood as the leading market, accounting for 23.4% of the global services market in the same year.

With a stable forecast reflecting the impact of inflation slowdown on services prices, the services market is positioned for robust growth in the coming years. The Global Market Model continues to provide valuable insights into market trends, enabling businesses to make informed decisions and capitalize on emerging opportunities.

The Global Market Model provides insights on the following key industry indicators in the services industry:

The Global Market Model stands as the world's largest database of market forecasts, offering insights into over 8000 markets. These forecasts are regularly updated semi-annually, taking into consideration economic, geopolitical, and sector-specific factors. The latest forecast, made in February 2024, revises previous forecasts from July 2023.

Global Market Model Forecast: Social Services Market Growth Rate At 7.2% Through 2023 To 2033

A Comprehensive Overview of the Global Social Services Industry: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast

In its latest forecast, the Global Market Model projects significant growth in the social services market, driven by various factors contributing to its expansion. The forecast indicates a compound annual growth rate (CAGR) of 7.2% from 2023 to 2033, reflecting a promising trajectory for the sector.

Market Dynamics and Global Landscape

The global social services market, valued at $4,861.34 billion in 2023, constitutes a significant portion of global GDP, reflecting its economic importance. Educational services emerge as the largest segment, comprising 67.4% of the total social services industry share in 2023.

Stable Outlook with Incremental Growth Drivers

The forecast maintains stability compared to its previous iteration in mid-2023, with key growth drivers such as online learning, crowd funding, and the integration of smart technologies expected to fuel market expansion. These factors, identified in earlier forecasts, continue to shape the market landscape positively.

Accounting for Economic Challenges

While economic headwinds and inflation have posed challenges, leading to increased prices for social services due to rising labor costs, the forecast anticipates stabilization in the long term. Previous updates already factored in short-term economic impacts, with expectations of price stabilization as inflation rates subside.

Government Budget Constraints

High inflation rates have prompted governments to limit budget allocations for social services, potentially restraining market growth. Despite this constraint, the forecast suggests resilience in the market, driven by various initiatives and partnerships.

China's Dominance and Global Initiatives

China stands out as a leading market player, contributing 15.8% to the global social services market in 2023. Government initiatives for digital learning, high student enrollment rates, and international collaborations bolster market dynamics, underlining the sector's global significance.

The Global Market Model Advantage

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

Global Market Model - The world's most comprehensive database

The Global Market Model serves as a cornerstone for market forecasts, offering insights into over 8000 markets. Updated semi-annually, forecasts consider economic, geopolitical, and sector-specific factors to provide comprehensive and reliable projections. The most recent forecast, crafted in February 2024, builds upon previous analyses, ensuring accuracy and relevance in market assessments.

Global Market Model Unveils Insights into Transport Market Trends - Market Poised for 7.6% CAGR Growth, Fueled by Emerging Trends

The Global Market Model stands as the world's most extensive database of market forecasts, providing insights into over 8000 markets globally. These forecasts are regularly updated semi-annually, incorporating economic, geopolitical, and sector-specific factors. The latest forecast, revised in February 2024, builds upon previous projections made in July 2023.

The transport market is on a trajectory of substantial growth, with the latest forecast from the Global Market Model projecting a compound annual growth rate (CAGR) of 7.6% from 2023 to 2033. Key factors such as the rising demand for self-driving cars, electric vehicles, and the adoption of smart mobility solutions are anticipated to propel market expansion during the forecast period.

How Much Is The Transportation Industry Worth?

In 2023, the global transport market reached a valuation of $6,333.83 billion, contributing 5.9% to the global GDP. Several factors underpin the market's growth, including a large global population, the presence of numerous automotive companies, rapid urbanization, technological advancements, government initiatives favoring electric vehicles, robust trade activities, and the demand for material transportation.

Stable Forecast

The forecast for the transport market remains consistent with the previous mid-2023 projection, demonstrating stability amidst various economic and geopolitical factors. Considerations such as economic headwinds, the impact of the Russia-Ukraine war, and constrained consumer spending due to inflation and recessionary pressures were factored into the previous forecast update, ensuring stability in our market projections for this cycle.

Segment Analysis

The motor vehicle parts market emerged as the largest segment within the transport market, accounting for 43.5% of the total market share in 2023. Additionally, China emerged as the leading market, constituting 18.7% of the global transport market in the same year.

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

Global Market Model - The World’s Most Comprehensive Database Of Integrated Market Information

Transport Services Industry Overview 2024 to 2033 - Market Size And Growth Rate, Major Drivers, And Leading Segments, By The Global Market Model

The Global Market Model is the world's largest database of market forecasts. Forecasts for over 8000 markets are updated semi-annually on the basis of economic, geo-political and sector-specific factors. The current forecast was made in February 2024, revising the previous forecasts made in July 2023.

Market Overview

Global Market Model, in its latest forecast for the transportation services industry, expects the market to grow at a compound annual growth rate (CAGR) of 8% from 2023 to 2033. The global transport services market was valued at $8,138.00 billion in 2023, accounting for 7.6% of the global GDP. On a per capita basis, the market accounted for $1031.2 annually.

The market is buoyed by factors such as the large consumer population in both developed and developing countries, high demand for freight transportation, technological advancements in transportation, and the increasing need for reliable, safe, and efficient transportation systems.

Notably, the general transport market emerged as the largest segment, commanding 30% of the total market share in 2023.

The USA led the transport services market, capturing 21.9% of the total market share in 2023.

Transportation Services Industry Forecast

• Our forecast remains steady compared to the previous mid-2023 projection.
• We have accounted for factors such as inflation, resulting in increased labor costs and fuel prices, leading to short-term escalations in transport services prices.
• Additionally, we anticipate price stabilization in the long term with a slowdown in inflation, alongside the robust recovery of the air transport market due to increasing air travel demand.
• As a result, our forecasts for transport services market maintain consistency during this update cycle.

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

Global Utilities Industry Forecast 2024-2033, By The Global Market Model

The Global Market Model is the world's largest database of market forecasts. Forecasts for over 8000 markets are updated semi-annually on the basis of economic, geo-political and sector-specific factors. The current forecast was made in February 2024, revising the previous forecasts made in July 2023.

The Global Market Model forecasts that the utilities market will experience a compound annual growth rate (CAGR) of 6.5% from 2023 to 2033. This growth is expected to be propelled by the rapid expansion of investments in renewable power generation capacities during the forecast period.

Key highlights from the Global Market Model's utilities industry overview are -

• The global utilities market reached a valuation of $6,437.23 billion in 2023, constituting 6% of the global GDP.
• Support from government initiatives, urbanization trends, and a surge in electricity consumption contribute to market growth.
• Significant investments in the electricity generation sector further bolster the utilities market.
• The presence of large manufacturing industries across regions acts as a catalyst for market expansion.
• The electric power generation, transmission, and distribution segment claimed the largest market share, amounting to 74.1% in 2023.
• China emerged as the leader in the utilities market, commanding a substantial 18.8% of the total market share in 2023.

Growth Forecast

The latest forecast for the market remains consistent with our mid-2023 projections. The fluctuations in natural gas prices are anticipated to influence electricity prices. Factors such as the Russia-Ukraine conflict and supply chain disruptions have contributed to a surge in natural gas prices, which were accounted for in our previous forecast update. As the prices of natural gases are expected to stabilize in the long term, our forecasts for this market have remained unchanged 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 Size, Share And Growth Analysis For 2024-2033, By The Global Market Model

The Global Market Model, the world's largest market forecast database, updates forecasts for over 8000 markets semi-annually, considering economic, geopolitical, and sector-specific factors. The latest forecast, in February 2024, revises prior projections from July 2023.

Veterinary Healthcare Market Overview

In its latest forecast for the veterinary health industry, the Global Market Model anticipates a compound annual growth rate (CAGR) of 7.4% from 2023 to 2033. The market is expected to be driven by factors such as the increasing penetration of pet insurance and the availability of sophisticated treatment options.

Market Valuation

• The global veterinary healthcare market reached a value of $192.62 billion in 2023, contributing 0.2% to the global GDP.
• Key supporting factors for this veterinary industry growth include the increasing adoption of pets, high expenditure on pets, prevalence of diseases, stringent animal health regulations, and food safety standards.
• The veterinary services segment constituted the largest portion of the veterinary healthcare market, accounting for 72.3% of the total market share in 2023.
• TheUnited States emerged as the leading market in the veterinary healthcare sector, capturing 41.9% of the total market share in 2023.

Stability in Forecast

• Forecasts remain stable despite challenges.
• Anticipated short-term increases in veterinary care prices due to high inflation.
• Prices of drugs and animal feed were considered in the previous forecast update.
• Expected long-term stabilization with a slowdown in inflation.
• Reduction in pet adoption rates and spending post-COVID negatively impacts market growth.

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

The Global Market Model serves as the world's largest database of veterinary market forecasts, offering insights into over 8000 markets. Forecasts are updated semi-annually based on economic, geopolitical, and sector-specific factors. The current forecast, revised in February 2024, builds upon previous projections made in July 2023.