PUBLISHER: Acute Market Reports | PRODUCT CODE: 1248118
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1248118
The global conduction vaporizers market is expected to grow at a CAGR of 15% during the forecast period of 2023 to 2031. As more individuals learn about the health benefits of vaporization and the dangers of smoking, the demand for vaporizers increases. In turn, this is fuelling the expansion of the market for conduction vaporizers. In general, conduction vaporizers are less expensive than convection vaporizers, making them more accessible to a greater number of consumers. Manufacturers are always enhancing the appearance and performance of conduction vaporizers, making them more user-friendly and efficient.
During the projected period, the global conduction vaporizers market is anticipated to be driven by an increase in medical and recreational cannabis consumption. Portable cannabis vaporizers with a wide range of flavor options, a quality design, and a high charging capacity are attracting users worldwide. The market expansion is being fuelled by the lucrative presence of key manufacturers supplying vaporizers with improved features. Several nations have authorized cannabis for medical use. The demand for cannabis vaporizers with temperature control features is increasing, as these vaporizers produce a tasty and smooth effect. To generate revenue, businesses are concentrating on offering cannabis dealers and medical suppliers the most effective vaporizers. Innovative cannabis vaporizers are anticipated to incorporate cutting-edge technologies like as Bluetooth and voice activation from major manufacturers.
It is believed that the ingredients in cannabis vaporizers are safer, healthier, and less hazardous than those in cigarettes. In addition, cannabis vaporizers produce clean, pure vapor that is more enjoyable than smoking cigarettes. Cannabis vaporizers heat the plant to a temperature at which the psychoactive components are released when the vapor is breathed. These gadgets do not generate any hazardous substances. As a result, the cannabis vaporizers market prediction predicts that the global market would expand at a quick rate throughout the time of forecast. According to the Canadian Centre on Substance Use and Addiction, the legal retail cannabis industry is growing rapidly, from $ 148 million in December 2019 to close to $350 million in December 2021. Diverse vaporizers and electronic cigarettes have become more popular methods of cannabis consumption, especially in places that authorize cannabis usage for recreational purposes.
According to an analysis conducted by Canada.ca, the most prevalent mode of cannabis intake reported by consumers over the past 12 months was smoking. According to its report, the use of vape pens and electronic cigarettes climbed by 24% in 2021. Global demand for medical cannabis vaporizers is increasing significantly. As vaping is viewed as a preferable alternative to smoking, demand for cannabis vaporizers is anticipated to expand significantly throughout the forecast period. This is likely to have a favorable effect on the market share of cannabis vaporizers.
The legalization of cannabis for medical or recreational use in countries such as South Africa, Jamaica, the Netherlands, Canada, Uruguay, The Czech Republic, Costa Rica, Colombia, Spain, and Belize is a major driver of demand for cannabis vaporizers. In these countries, adults over the age of 18 are permitted to ingest up to a few grams of cannabis. Given the potential medical benefits of cannabis, a number of foreign nations and jurisdictions are likely to legalize medical marijuana within the next several years. In June 2022, the Thai government formally removed marijuana from the Narcotics Act's list of controlled substances. Thus, Thailand became the first country in Asia to legalize marijuana.
Conduction vaporizers are more convenient and cost-effective; thus, they are projected to lead the market over the projection period. Similarly, conduction vaporizers can rapidly heat up. Convection heating is also a highly efficient technology. The induction heating method is new and unusual in the majority of countries throughout the world. It permits cooler vapor that is gentler on the user's lungs. Consequently, conduction vaporizers are anticipated to increase in popularity in the coming years.
Portable cannabis vaporizers retain a higher share of the market due to its portability and customizable herb and drug vaporization. In addition, technological advances in portable cannabis vaporizers, such as temperature control vaporizers, which let users adjust the temperature for optimal flavor, will help portable vaporizers dominate the market. The domination of portable cannabis vaporizers as a result of the aforementioned factors and changing regional policies will result in an increase in their significance in the long-term forecast.
Due to the legalization of cannabis for both medical and recreational use in Canada, the market demand for cannabis vaporizers is expanding steadily in this region. This is propelling the market dynamics of cannabis vaporizers in the region. Rapid growth in cannabis usage in the region is anticipated to boost the expansion of the cannabis vaporizers market in North America over the forecast period. The United States is a developing market for cannabis vaporizers due to the region's users' significant positive network externalities. In addition to consumer spending, regional policies have a significant impact on this industry. Twelve states in the United States have allowed cannabis use for recreational reasons as of 2022, and the demand to legalize cannabis usage in other states is increasing. The expansion of the U.S. market will parallel that of the North American market.
Canada also contributes significantly to the market for cannabis vaporizers. Since the legalization of cannabis for both recreational and medical use in Canada, the market has flourished throughout the country. As of 2020, the United States and Canada collectively account for a sizable portion of the global market's revenue, giving North America 49.2% of the market. With new technical breakthroughs in cannabis vaporizers, the recreational and medical demand for cannabis vaporizers in Canada is only going to increase.
The global market for conduction vaporizers is moderately fragmented, with the majority of important manufacturers maintaining a strategic emphasis on innovation and new product development. STORZ & BICKEL GmbH, Ghost Vapes Inc., SLANG Worldwide Inc., DaVinci, PAX Labs Inc., Vapium Inc., Boundless Technology, and others are key competitors in the conduction vaporizers market. Companies in the global market for cannabis vaporizers are investing heavily in extensive R&D initiatives, particularly to develop unique products. Apollo AirVape, Ghost Herbal Concepts Ltd., Grenco Science, KANDYPENS, STORZ & BICKEL GmbH, Kanabo LTD, PurTec Delivery Systems, CiiTECH, VapeMeet Inc., and SLANG Worldwide are key competitors in the global market.
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Conduction Vaporizers market are as follows:
Micro and macro environment factors that are currently influencing the Conduction Vaporizers market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.