Global Micro-Location Technology market growth 2024, Forecast To 2033
4 Mar, 2024
The micro-location technology market has experienced rapid expansion, surging from$25.75 billion in 2023 to$30.46 billion in 2024, with a compound annual growth rate (CAGR) of 18.3%. This growth is credited to the integration of augmented reality, the emergence of indoor navigation systems, the widespread presence of mobile devices, personalized retail trends, and the implementation of smart building solutions. Forecasts indicate continued rapid growth, with the market projected to reach$55.72 billion by 2028, boasting a compound annual growth rate (CAGR) of 16.3%. Factors fueling this growth include the adoption of Industry 4.0 and logistics technologies, smart city initiatives, innovations in healthcare, the evolution of retail strategies, increasing demand for indoor navigation solutions, and rapid advancements in IoT. Major trends in the forecast period include the emergence of new use cases, the integration of edge computing and analytics, the development of safety and security solutions, augmented reality integration, and optimization of supply chains.
Global Micro-Location Technology Market Key Driver
The increasing demand for functional foods is expected to propel the growth of the microalgae market going forward. Functional foods refer to food products that offer health benefits beyond basic nutrition. These foods are formulated to provide additional positive effects on health by promoting optimal physiological functions and reducing the risk of chronic diseases. Microalgae, such as spirulina and chlorella, are nutrient-rich and contain bioactive compounds like antioxidants. Their incorporation into functional foods enhances nutritional profiles, aligns with health and wellness trends, and offers diverse applications in various food products. For instance, according to the Institute of Food Technologists (IFT), a US-based non-profit scientific society, the sales of functional foods and beverages in the United States reached $83 billion in 2021, a 6.8% increase over 2020. Therefore, the increasing demand for functional foods is driving the growth of the microalgae market. The 2023, 2024, and 2028 market size values highlight the pivotal role of microalgae in meeting the rising consumer demand for nutritious and health-promoting functional food products worldwide.
Get A Free Sample Of The Global Micro-Location Technology Market ReportGlobal Micro-Location Technology Market Segments
The global microalgae market covered in this report is segmented –
1) By Type: Spirulina, Chlorella, Dunaliella Salina, Haematococcus Pluvialis, Other Microalgae
2) By Distribution Channel: Business Channel, Consumer Channel
3) By Applications: Food and Beverage, Dietary Supplements, Pharmaceuticals, Cosmetics and Personal Care, Bio-Fuel, Inks, Animal Feed, Other Applications
By Geography: The regions covered in the micro-location technology market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the microalgae market share in 2023. The regions covered in the microalgae market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Micro-Location Technology Industry Players
Thermo Fisher Scientific Inc., Albany Molecular Research Inc., Charles River Laboratories International Inc., Laboratory Corporation of America Holdings, Domainex Ltd., GenScript Biotech Corporation, Pharmaceutical Product Development LLC, Advinus Therapeutics Pvt. Ltd., Jubilant Biosys Ltd., Evotec AG, Syngene International Ltd., Bayer AG, Merck KGaA, Ubiquigent Ltd., Eurofins Scientific SE, AppTec Laboratory Services Inc., GVK Biosciences Private Limited, Aurigene Discovery Technologies Limited, Viva Biotech Holdings, Pharmaron Beijing Co. Ltd., Selcia Limited, Concept Life Sciences Group Limited, BioDuro LLC, ChemPartner Corporation, Aptuit LLC, Sygnature Discovery Limited, Peak Proteins Ltd., SRI International, BioAscent Discovery Limited, Sai Life Sciences Limited, Promega Corporation, MedChemExpress LLC, Aragen Bioscience Inc., WuXi STA, BioNTech SE, Moderna Inc., Gilead Sciences Inc., Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals Inc., Amgen Inc., Bristol-Myers Squibb Company
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Micro-Location Technology Market Overview
Microalgae refer to tiny eukaryotic organisms made out of differentiated single cells that can use chromophores for energy. They are a species of unicellular algae that are composed of single cells.
Micro-Location Technology Global Market Report 2023 provides data on the global micro-location technology market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The micro-location technology market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.