5 Major Insights On The Noise Mitigation System Market 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Noise Mitigation System Global Market Report 2023, the noise mitigation system market is expected to show significant growth in the forecast period.
Key insights from the noise mitigation system market forecast include:
- Market Size
The global noise mitigation system market is expected to grow from $34.81 billion in 2022 to $37.29 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The noise mitigation system market is expected to reach $47.1 billion in 2027, at a CAGR of 6%.
- Major Driver
Growing demand from the construction sector is expected to propel the growth of the noise mitigation system market going forward. For instance, in September 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the growing demand from the construction sector is driving the growth of the noise mitigation system market.
View More On The Noise Mitigation System Market Report 2023 – https://www.thebusinessresearchcompany.com/report/noise-mitigation-system-global-market-report
- Key Trend
Technological advancements are a key trend gaining popularity in the noise mitigation system market. Major companies operating in the noise mitigation system market are adopting new technologies to sustain their position in the market. For instance, in May 2023, Intetics Inc., a US-based software development company, launched innovative spatial active noise cancelation (ANC) system for rotating mechanisms. This advanced system enables manufacturing professionals to create a peaceful and quiet environment, enhancing the well-being and efficiency of workers by mitigating the harmful effects of noise, such as hearing loss, sleep disturbances, and stress. Intetics’ cutting-edge noise cancellation system lessens rotating mechanisms’ noise. Active noise reduction techniques can successfully reduce harmonic noise, which rotating machinery produces and is what people experience as a hum. Intetics’ noise reduction system has been thoroughly tested on various objects equipped with rotating mechanisms, demonstrating an impressive decrease of up to 20 dB in the primary harmonic frequency around 200 Hz.
- Major Players
Major players in the noise mitigation system market are Compagnie de Saint-Gobain SA, Honeywell International Inc., 3M, Owens Corning, Harman International Industries Inc., N.V. Bekaert S.A., Rockwool AS, Knauf Insulation, Forbo Flooring Systems, Pyrotek Inc., Kinetics Noise Control Inc., McGill AirSilence LLC, IAC Acoustics, Noise Barriers LLC, Soft dB Inc., Acoustical Solutions LLC, Acoustiblok Inc., Vibro-Acoustics, Eckel Industries Inc., SysTech Design Inc., Acoustics First Corporation, Quietstone UK Ltd., Cirrus Research, Fabreeka International Inc., and R. Kohlhauer GmbH.
- Top Market Segments
The global noise mitigation system market is segmented –
1) By Product Type: Acoustic Tiles, Acoustic Surface, Sound Barrier Walls, Baffles, Others Product Types
2) By Material: Fiberglass, Wood, Plastic sheets, Concrete, Other Materials
3) By Application: Residential, Industrial, Commercial
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The Noise Mitigation System Global Market Report 2023 provides an in-depth analysis on the noise mitigation system market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the noise mitigation system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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