Technology
CBAK Energy Reports Third Quarter & First Nine Months of 2024 Unaudited Financial Results
Published
2 weeks agoon
By
DALIAN, China, Nov. 12, 2024 /PRNewswire/ — CBAK Energy Technology, Inc. (NASDAQ: CBAT) (“CBAK Energy,” or the “Company”) a leading lithium-ion battery manufacturer and electric energy solution provider in China, today reported its unaudited financial results for the third quarter 2024 ended September 30, 2024.
First nine months of 2024 Financial Highlights
Net revenues from sales of batteries were $113.9 million, an increase of 18.4% from $96.2 million in the same period of 2023.Net revenues from batteries used in light electric vehicles were $8.2 million, an increase of 95% from $4.2 million in the same period of 2023.Net revenues from batteries used in electric vehicles were $1.0 million, a decrease of 57.1% from $2.4 million in the same period of 2023.Net revenues from residential energy supply & uninterruptible supplies were $104.6 million, an increase of 16.8% from $89.5 million in the same period of 2023.Gross margin for the battery business was 34.3%, an increase of 15.2 percentage points from 19.1% in the same period of 2023.Net income from the battery business was $21.6 million, an increase of 222% from $6.7 million in the same period of 2023.
Zhiguang Hu, Chief Executive Officer of the Company, commented, “We are pleased to report a remarkable 18.4% increase in battery sales revenue during the first nine months of the year, especially given the intense competition within the industry. Our battery business has also delivered an impressive gross margin of 34.6% for the same period, positioning us well ahead of all competitors in the battery manufacturing sector, including internationally recognized industry leaders. Despite broader economic challenges, we have successfully achieved a net income of $21.6 million from our battery operations for the first three quarters of the year. We are proud to present this exceptional performance to our shareholders and investors and remain highly confident in our continued growth for the following quarters in this and next years.”
Jiewei Li, Chief Financial Officer and Secretary of the Board of the Company, added, “As Mr. Hu highlighted, our financial performance for the first three quarters has been exceptionally strong, setting a new benchmark within the industry. While our Dalian facility has continued to generate consistent profits, we are particularly pleased to report that our Nanjing facility—just operating for less than three years with a new battery model—has become profitable as of Q3. The demand and order volumes at the Nanjing plant have far surpassed its current capacity, leading to full-day operations across all production lines. In response to this robust client demand, we have secured procurement agreements with our equipment suppliers and are set to expand the production at our Nanjing Phase II project, adding an additional 2.5 to 3 GWh of capacity by next year.”
Third Quarter of 2024 Financial Results
Net revenues[1] were $44.6 million, representing a decrease of 29.7% compared to $63.4 million in the same period of 2023. This decrease in revenues was due to the fact that the Dalian factory had been operating at full capacity since the beginning of the year, which resulted in a one-month suspension for maintenance in the third quarter. In addition to that, Hitrans is facing suboptimal business performance.
Among these revenues, detailed revenues from our battery business are:
Battery Business
2023
Third
Quarter
2024
Third
Quarter
% Change
YoY
Net Revenues ($)
44,327,653
33,461,793
(25)
Gross Profits ($)
11,698,226
7,665,009
(31)
Gross Margin
26.4
%
22.9
%
–
Net Income ($)
7,770,711
2,035,338
–
Net Revenues from Battery Business on
Applications ($)
Electric Vehicles
402,863
333,216
(17)
Light Electric Vehicles
1,114,107
4,913,644
341
Residential Energy Supply &
Uninterruptable supplies
42,810,683
28,214,934
(34)
Total
63,441,109
44,628,241
(30)
[1] Net revenues consist of the Company’s self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business.
Cost of revenues was $37.7 million, representing a decrease of 26.4% from $51.2 million in the same period of 2023. The decrease in the cost of revenues corresponds to the decrease of net revenues.
Gross profit was $7.0 million, representing a decrease of 43% from $12.2 million in the same period of 2023. Gross margin was 15.6%, compared to 19.3% in the same period of 2023.
Total operating expenses were $7.8 million, representing an increase of 12% from $7.0 million in the same period of 2023.
Research and development expenses was $3.4 million, an increase of 36% from $2.5 million in the same period of 2023.Sales and marketing expenses were $1.0 million, a slightly decrease of 8% from $1.1 million in the same period of 2023.General and administrative expenses were $2.8 million, a decrease of 14% from $3.2 million in the same period of 2023.Recover of doubtful accounts was $0.55 million, compared to a provision of doubtful accounts of $0.25 million in the same period of 2023.
Operating loss amounted to $0.83 million, compared to an operating income of $5.3 million in the same period of 2023.
Finance income, net amounted to $40,350, compared to $0.4 million in the same period of 2023.
Change in fair value of warrants was nil, compared to $15,000 in the same period of 2023.
Net loss attributable to shareholders of CBAK Energy was $0.2 million, compared to net income attributable to shareholders of CBAK Energy of $6.3 million in the same period of 2023.
Net income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $17,647, compared to a net income of $6.2 million in the same period of 2023, mainly due to the fact that our acquired raw material manufacturing unit, Hitrans, is in net loss.
Basic and diluted income per share were both nil, compared to basic and diluted loss per share of $0.07 in 2023.
First nine months of 2024 Financial Results
Net revenues[1] were $151.2 million, representing an increase of 2.0% compared to $148.3 million in the same period of 2023. This increase was primarily attributable to an increase in revenue from the Company’s battery business.
Among these revenues, detailed revenues from our battery business are:
Battery Business
2023
First
nine months
2024
First
nine months
% Change
YoY
Net Revenues ($)
96,163,040
113,897,786
18.4
Gross Profits ($)
18,336,732
39,040,824
109.5
Gross Margin
19.0
%
34.3
%
–
Net (Loss) Income ($)
6,746,883
21,610,408
–
Net Revenues from Battery Business on
Applications ($)
Electric Vehicles
2,358,842
1,012,655
-57.0
Light Electric Vehicles
4,230,066
8,249,437
95.0
Residential Energy Supply &
Uninterruptable supplies
89,574,132
104,635,694
16.8
Total
96,163,040
113,897,786
18.4
[1] Net revenues consist of the Company’s self-operated battery business and Hitrans, which was acquired in 2021, an independently managed raw materials business.
Cost of revenues was $112.8 million, representing a decrease of 12.7% from $129.2 million in the same period of 2023. The decrease in the cost of revenues corresponds to theCompany’s higher gross profit from the battery business.
Gross profit was $38.5 million, representing an increase of 102.0% from $19.0 million in the same period of 2023. Gross margin was 25.4%, compared to 12.8% in the same period of 2023.
Total operating expenses were $23.1 million, representing an increase of 13.1% from $20.4 million in the same period of 2023.
Research and development expenses were $9.2 million, an increase of 14.9% from $8.0 million in the same period of 2023.Sales and marketing expenses were $4.1 million, an increase of 46.9% from $2.8 million in the same period of 2023.General and administrative expenses were $10.0 million, an increase of 7.5% from $9.3 million in the same period of 2023.Recovery of doubtful accounts was $0.2 million, compared to a provision for doubtful accounts of $0.3 million in the same period of 2023.
Operating income amounted to $15.4 million, compared to an operating loss of $1.4 million in the same period of 2023.
Finance income, net amounted to $0.6, compared to $0.2 million finance expenses in the same period of 2023.
Change in fair value of warrants was nil, compared to $0.14 million in the same period of 2023.
Net income attributable to shareholders of CBAK Energy was $16.3 million, compared to net income attributable to shareholders of CBAK Energy of $2.3 million in the same period of 2023.
Net income attributable to shareholders of CBAK Energy (after deducting the change in fair value of warrants) was $16.3 million, compared to a net income of $2.1 million in the same period of 2023, mainly due to the strong performance of our battery business.
Basic and diluted income per share were both $0.18, compared to basic and diluted loss per share of $0.03 in 2023.
Conference Call
CBAK Energy’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, November 12, 2024 (9:00 PM Beijing/Hong Kong Time on November 12, 2024).
For participants who wish to join our call online, please visit:
https://edge.media-server.com/mmc/p/sepoc69g
Participants who plan to ask questions during the call will need to register at least 15 minutes prior to the scheduled call start time using the link provided below. Upon registration, participants will receive the conference call access information, including dial-in numbers, a unique pin, and an email with detailed instructions.
Participant Online Registration:
https://register.vevent.com/register/BI35d99553511e4d63bffc9c7d4409bcec
Once completing the registration, please dial-in at least 10 minutes before the scheduled start time of the conference call and enter the personal pin as instructed to connect to the call.
A replay of the conference call may be accessed within seven days after the conclusion of the live call at the following website: https://edge.media-server.com/mmc/p/sepoc69g
The earnings release and the link for the replay are available at ir.cbak.com.cn.
About CBAK Energy
CBAK Energy Technology, Inc. (NASDAQ: CBAT) is a leading high-tech enterprise in China engaged in the development, manufacturing, and sales of new energy high power lithium and sodium batteries, as well as the production of raw materials for use in manufacturing high power lithium batteries. The applications of the Company’s products and solutions include electric vehicles, light electric vehicles, energy storage and other high-power applications. In January 2006, CBAK Energy became the first lithium battery manufacturer in China listed on the Nasdaq Stock Market. CBAK Energy has multiple operating subsidiaries in Dalian, Nanjing, Shaoxing and Shangqiu, as well as a large-scale R&D and production base in Dalian.
For more information, please visit ir.cbak.com.cn.
Safe Harbor Statement
This press release contains “forward-looking statements” that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. We have attempted to identify forward-looking statements by terminology including “anticipates,” “believes,” “can,” “continue,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “should,” or “will” or the negative of these terms or other comparable terminology. Our actual results may differ materially or perhaps significantly from those discussed herein, or implied by, these forward-looking statements.
Any forward-looking statements contained in this press release are only estimates or predictions of future events based on information currently available to our management and management’s current beliefs about the potential outcome of future events. Whether these future events will occur as management anticipates, whether we will achieve our business objectives, and whether our revenues, operating results, or financial condition will improve in future periods are subject to numerous risks. There are a significant number of factors that could cause actual results to differ materially from statements made in this press release, including: significant legal and operational risks associated with having substantially all of our business operations in China, that the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time, which could result in a material change in our operations and/or the value of our securities or could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly decline or be worthless, the effects of the global Covid-19 pandemic or other health epidemics, changes in domestic and foreign laws, regulations and taxes, the volatility of the securities markets; and other risks including, but not limited to, the ability of the Company to meet its contractual obligations, the uncertain markets for the Company’s products and business, macroeconomic, technological, regulatory, or other factors affecting the profitability of our products and solutions that we discussed or referred to in the Company’s disclosure documents filed with the U.S. Securities and Exchange Commission (the “SEC”) available on the SEC’s website at www.sec.gov, including the Company’s most recent Annual Report on Form 10-K as well as in our other reports filed or furnished from time to time with the SEC. You should read these factors and the other cautionary statements made in this press release. If one or more of these factors materialize, or if any underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The forward-looking statements included in this press release are made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking statements, other than as required by applicable law.
For further inquiries, please contact:
In China:
CBAK Energy Technology, Inc.
Investor Relations Department
Phone: +86-18675423231
Email: ir@cbak.com.cn
CBAK Energy Technology, Inc. and Subsidiaries
Condensed consolidated Balance Sheets
As of December 31, 2023 and September 30, 2024
(Unaudited)
(In US$ except for number of shares)
December 31,
2023
September 30,
2024
(Unaudited)
Assets
Current assets
Cash and cash equivalents
$
4,643,267
$
10,448,362
Pledged deposits
54,179,549
37,415,946
Short-term deposits
–
13,788,170
Trade and bills receivable, net
28,653,047
34,910,784
Inventories
33,413,422
23,938,925
Prepayments and other receivables
7,459,254
9,950,350
Receivables from a former subsidiary, net
74,946
7,580
Total current assets
128,423,485
130,460,117
Property, plant and equipment, net
91,628,832
89,365,457
Construction in progress
37,797,862
38,993,618
Long-term investments, net
2,565,005
2,336,537
Prepaid land use rights
11,712,704
11,601,078
Intangible assets, net
841,360
507,113
Deposit paid for acquisition of long-term investments
7,101,492
16,500,192
Operating lease right-of-use assets, net
1,084,520
3,713,242
Total assets
$
281,155,260
$
293,477,354
Liabilities
Current liabilities
Trade and bills payable
$
82,429,575
$
89,773,942
Short-term bank borrowings
32,587,676
25,708,098
Other short-term loans
339,552
337,147
Accrued expenses and other payables
41,992,540
35,144,908
Payables to a former subsidiary, net
411,111
407,560
Deferred government grants, current
375,375
499,861
Product warranty provisions
23,870
17,099
Operating lease liability, current
691,992
1,527,829
Finance lease liability, current
1,643,864
762,694
Income tax payable
–
343,856
Total current liabilities
160,495,555
154,522,994
Deferred government grants, non-current
6,203,488
5,778,875
Product warranty provisions
522,574
410,350
Operating lease liability, non-current
475,302
2,683,772
Total liabilities
167,696,919
163,395,991
Commitments and contingencies
Shareholders’ equity
Common stock $0.001 par value; 500,000,000 authorized; 90,063,396
issued and 89,919,190 outstanding as of December 31, 2023 and
90,083,396 issued and 89,919,190 outstanding as of September 30,
2024
90,063
90,083
Donated shares
14,101,689
14,101,689
Additional paid-in capital
247,465,817
247,732,612
Statutory reserves
1,230,511
1,230,511
Accumulated deficit
(134,395,762)
(118,096,203)
Accumulated other comprehensive loss
(11,601,403)
(10,127,774)
116,890,915
134,930,918
Less: Treasury shares
(4,066,610)
(4,066,610)
Total shareholders’ equity
112,824,305
130,864,308
Non-controlling interests
634,036
(782,945)
Total equity
113,458,341
130,081,363
Total liabilities and shareholder’s equity
$
281,155,260
$
293,477,354
CBAK Energy Technology, Inc. and Subsidiaries
Condensed consolidated Statements of Operations and Comprehensive Income (Loss)
For the three and nine months ended September 30, 2023 and 2024
(Unaudited)
(In US$ except for number of shares)
Three months ended
September 30,
Nine months ended
September 30,
2023
2024
2023
2024
Net revenues
$
63,441,109
$
44,628,241
$
148,258,680
$
151,243,718
Cost of revenues
(51,192,531)
(37,673,684)
(129,219,716)
(112,780,088)
Gross profit
12,248,578
6,954,557
19,038,964
38,463,630
Operating expenses:
Research and development expenses
(2,577,714)
(3,434,351)
(8,013,760)
(9,205,378)
Sales and marketing expenses
(1,116,377)
(1,022,549)
(2,800,969)
(4,114,954)
General and administrative expenses
(3,240,770)
(2,779,519)
(9,302,798)
(10,002,040)
(Provision for) recovery of doubtful
accounts
(24,623)
(546,011)
(286,283)
241,332
Total operating expenses
(6,959,484)
(7,782,430)
(20,403,810)
(23,081,040)
Operating income (loss)
5,289,094
(827,873)
(1,364,846)
15,382,590
Finance (expense) income, net
(447,031)
(40,350)
(189,248)
658,034
Other income, net
601,654
521,916
1,022,907
1,031,329
Gain on disposal of equity investee
–
55
–
26,967
Change in fair value of warrants
15,000
–
136,000
–
Income (loss) before income tax
5,458,717
(346,252)
(395,187)
17,098,920
Income tax credit (expenses)
305,431
(339,287)
1,015,626
(2,188,800)
Net income (loss)
5,764,148
(685,539)
620,439
14,910,120
Less: Net loss attributable to non-
controlling interest
570,644
703,186
1,699,008
1,389,439
Net income (loss) attributable to CBAK
Energy Technology, Inc.
$
6,334,792
$
17,647
$
2,319,447
$
16,299,559
Net income (loss)
5,764,148
(685,539)
620,439
14,910,120
Other comprehensive loss
– Foreign currency translation adjustment
(515,279)
4,181,904
(6,405,609)
1,446,087
Comprehensive (loss) income
5,248,869
3,496,365
(5,785,170)
16,356,207
Less: Comprehensive (loss) income
attributable to non-controlling interest
553,874
719,587
1,927,515
1,416,981
Comprehensive (loss) income attributable
to CBAK Energy Technology, Inc.
$
5,802,743
$
4,215,952
$
(3,857,655)
$
17,773,188
Income (loss) per share
– Basic
$
0.07
$
0.00
$
0.03
$
0.18
– Diluted
$
0.07
$
0.00
$
0.03
$
0.18
Weighted average number of shares of
common stock:
– Basic
89,473,026
89,931,617
89,171,988
89,929,477
– Diluted
89,904,319
90,229,849
89,582,401
90,267,431
View original content:https://www.prnewswire.com/news-releases/cbak-energy-reports-third-quarter–first-nine-months-of-2024-unaudited-financial-results-302299753.html
SOURCE CBAK Energy Technology, Inc.
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Four New Products from Scosche® Industries Honored With Global Media Awards At 2024 SEMA Show
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Scosche innovations rise to the top among 3,000 new product submissons
OXNARD, Calif., Nov. 25, 2024 /PRNewswire-PRWeb/ — COSCHE Industries, a leading innovator of award-winning consumer technology and accessories, and the #1 Mount and FM Transmitter brand* in North America is pleased to announce that four of their new products were awarded SEMA Global Media Awards (GMA).
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Follow us on: Instagram (@scoscheinc) and @scosche on X, Facebook, Pinterest,YouTube, TikTok, and LinkedIn, for the latest news on all of the company’s award-winning consumer tech and car audio products and accessories. And also visit our company Press Room on Scosche.com.
About SCOSCHE: Founded in 1980, SCOSCHE Industries is an award-winning innovator of consumer technology and car audio products – committed to delivering superior product quality and functionality, exceptional value and unmatched customer service. The designers and engineers at SCOSCHE develop products that reflect a rich heritage in audio and mobile technologies. SCOSCHE finds inspiration in the California lifestyle, culture, music and people. These influences can be seen in the accessories and products that are now in the hands, homes, offices and vehicles of people in over 50 countries. With over 400 patents/trademarks and countless industry awards received, it is easy to see why SCOSCHE is consistently at the forefront of technology and innovation. http://www.scosche.com
Media Contact
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View original content to download multimedia:https://www.prweb.com/releases/four-new-products-from-scosche-industries-honored-with-global-media-awards-at-2024-sema-show-302315731.html
SOURCE Scosche
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Automatic Doors Market size is set to grow by USD 8.41 billion from 2024-2028, gaining traction in construction market boost the market- Technavio
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November 25, 2024By
NEW YORK, Nov. 25, 2024 /PRNewswire/ — The global automatic doors market size is estimated to grow by USD 8.41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 7.2% during the forecast period. Gaining traction in construction market is driving market growth, with a trend towards increase in demand for automatic doors for cleanrooms. However, accidents and safety concerns poses a challenge. Key market players include Allegion Public Ltd. Co., ASSA ABLOY AB, Auto Ingress Pty Ltd, Avians Innovations Technology Pvt. Ltd., Deutschtec GmbH, Dormakaba Holding AG, GEZE GmbH, JM Entrance Automation Pvt. Ltd., KBB International Co. Ltd, KONE Corp., Landert Group AG, MAGNETIC FAAC India Pvt Ltd., MANUSA GEST SL, Nabtesco Corp., Ningbo Meibisheng Auto gate Co. Ltd., Ningbo Ownic Technology Door Ltd., Ozone Overseas Pvt. Ltd, PortaFab Corp., Royal Boon Edam International BV, and Vina Sanwa, Zhejiang Seacon Door Technology Co., Ltd, TORMAX USA Inc, Ultra Safe Security Doors, Vortex Industries, Inc, Wilcox Door Service Inc
Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF
Automatic Doors Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 7.2%
Market growth 2024-2028
USD 8.41 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
6.12
Regional analysis
Europe, North America, APAC, South America, and Middle East and Africa
Performing market contribution
Europe at 30%
Key countries
US, Canada, China, Germany, and France
Key companies profiled
Allegion Public Ltd. Co., ASSA ABLOY AB, Auto Ingress Pty Ltd, Avians Innovations Technology Pvt. Ltd., Deutschtec GmbH, Dormakaba Holding AG, GEZE GmbH, JM Entrance Automation Pvt. Ltd., KBB International Co. Ltd, KONE Corp., Landert Group AG, MAGNETIC FAAC India Pvt Ltd., MANUSA GEST SL, Nabtesco Corp., Ningbo Meibisheng Auto gate Co. Ltd., Ningbo Ownic Technology Door Ltd., Ozone Overseas Pvt. Ltd, PortaFab Corp., Royal Boon Edam International BV, and Vina Sanwa, Zhejiang Seacon Door Technology Co., Ltd, TORMAX USA Inc, Ultra Safe Security Doors, Vortex Industries, Inc, Wilcox Door Service Inc
Market Driver
Automatic doors are becoming increasingly popular in various sectors due to their convenience, accessibility, and safety benefits. Infrastructure development projects such as malls, airports, hotels, multiplexes, restrooms, hospitals, and commercial buildings are major consumers of automatic doors. These doors offer seamless entry and exit systems for individuals, making them ideal for public places. In the transportation sector, automatic doors are used in railway stations, bus terminals, and subway systems, enhancing the overall travel experience. Smart home applications and automation are also driving the demand for automatic doors, offering energy efficiency and privacy with mechanisms like privacy glass and opaque panels. Raw materials like metal and glass are used to manufacture automatic doors, with mechanisms including sliding and manual operation. Sensors and control systems are essential components, with options for photoelectric sensors, infrared sensors, and cable-free operation. Automatic doors offer safety features, including emergency departments, critical care units, and patient care areas, with response times crucial for emergency care. The transportation sector and commercial spaces, including office complexes, restaurants, and transportation infrastructure, are also investing in automated solutions for a hands-free, sensor-based type of experience. Building safety regulations and consumer spending power are key factors influencing the market growth of automatic doors. Additionally, automatic doors are customized to cater to various sectors, including healthcare facilities, laboratories, and educational institutions, ensuring cross-contamination and germ prevention. Overall, automatic doors offer a convenient, accessible, and safe solution for various industries and applications.
The automatic doors market is witnessing significant growth due to the increasing demand for automatic doors in cleanroom environments. Cleanrooms are essential in industries such as laboratories and hospitals, where maintaining a sterile environment is crucial. Automatic doors are the preferred choice in these settings as they minimize microbial contamination and prevent cross-contamination. The integration of automatic doors in cleanrooms is becoming standard practice to ensure safety for both people and products. These doors are designed with materials that allow for the seamless integration of HVAC systems and entrances, maintaining the required microbiological levels while minimizing dust particle entry. The market for automatic doors in cleanroom applications is expected to expand substantially during the forecast period.
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Market Challenges
Automatic doors have become a standard infrastructure in malls, airports, hotels, multiplexes, hospitals, and various commercial buildings. These doors offer convenience and accessibility for individuals, especially those with mobility issues. However, challenges exist in meeting the unique needs of different sectors. For instance, in hospitals and emergency departments, safety, energy efficiency, and response times are critical. In contrast, in smart home applications and automation, cable-free operation and seamless experience are essential. Raw materials, such as privacy glass and opaque panels, add to the cost. Mechanisms like sliding doors and manual operation require regular maintenance. Sensors and control systems, including photoelectric and infrared sensors, ensure hands-free operation in public places. Building safety regulations and consumer spending power influence the market’s growth. The transportation sector, including railway stations, bus terminals, and subway systems, also presents significant opportunities. Infrastructure development projects and commercial spaces like offices, restaurants, and transportation infrastructure require automated solutions for efficient operation and enhanced user experience. Additionally, sensor-based types cater to the needs of wheelchair operators and laboratories. Privacy, cross-contamination, and germs are concerns in public places. Automatic doors offer a convenient and accessible solution for various sectors, ensuring a seamless experience while adhering to safety regulations.Automatic doors offer convenience and accessibility for businesses and their customers. However, the implementation of these doors comes with potential liabilities. Malfunctioning hardware can result in accidents, leading to financial losses for pedestrians and potential litigation against property owners. Regular maintenance is crucial to prevent such incidents. Neglecting this responsibility can result in costly lawsuits. The risks associated with automatic doors may hinder market growth, as businesses prioritize safety over convenience.
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Segment Overview
This automatic doors market report extensively covers market segmentation by
End-user 1.1 Commercial1.2 Industrial1.3 ResidentialProduct 2.1 Sliding doors2.2 Swing doors2.3 Folding doors2.4 Revolving doors2.5 OthersFunctionGeography 3.1 Europe3.2 North America3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 Commercial- Automatic doors are essential in the commercial sector due to their safety, security, and convenience features. These doors are widely used in areas requiring hygienic conditions, such as hospitals, food processing units, and public transit systems. In commercial buildings, automatic doors are implemented for quick evacuation during emergencies, ensuring the safety of occupants. Touch-free activations like foot sensors and hand-wave sensors offer added convenience for staff. Automatic doors are also popular in areas with entry and exit barriers, such as parking plazas and toll plazas. The versatility and smart features of automatic doors are driving their demand in the commercial segment, making it a significant growth area in the global automatic doors market.
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Research Analysis
The Automatic Doors market encompasses a wide range of applications including malls, airports, hotels, multiplexes, restrooms, hospitals, and smart home applications. These doors offer convenience, accessibility, and safety for individuals, making them an essential component of modern infrastructure. Automatic doors come in various types such as entry systems and exit systems, with mechanisms that include sensors like photoelectric and infrared. They can be operated manually or automatically, with cable-free operation being a popular choice for smart home automation. Automatic doors provide energy efficiency, adding to their appeal, and are integral to smart building solutions. Raw materials used in their production include metals, glass, and plastics. The market continues to evolve, offering customized solutions to meet the diverse needs of various industries.
Market Research Overview
The Automatic Doors market is witnessing significant growth due to the increasing demand for convenience, accessibility, and safety in various sectors. Automatic doors are increasingly being used in malls, airports, hotels, multiplexes, restrooms, hospitals, and other commercial buildings. Infrastructure development projects, railway stations, shopping malls, educational institutions, and transportation infrastructure are some of the major applications driving the market’s growth. Automatic doors offer several benefits, including energy efficiency, safety mechanisms, and seamless experience. They come in various types, such as sliding automatic doors, manual operation, and sensor-based types. The market also offers customized solutions for individuals and smart home applications. Raw materials used in automatic doors include metal and glass, while mechanisms include photoelectric sensors, infrared sensors, and cable-free operation. Automated solutions and smart building solutions are also gaining popularity. The transportation sector is a significant consumer of automatic doors due to building safety regulations and consumer spending power. Automatic doors offer privacy and security with opaque panels and emergency departments, critical care units, patient care, and emergency teams benefit from quick response times and sensor-based types. Automatic doors are also used in public places such as theaters, grocery stores, and laboratories to ensure a seamless experience and prevent cross-contamination and germs. Maintenance charges are a concern, but the benefits of automatic doors outweigh the costs.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
End-userCommercialIndustrialResidentialProductSliding DoorsSwing DoorsFolding DoorsRevolving DoorsOthersFunctionGeographyEuropeNorth AmericaAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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SOURCE Technavio
Technology
Introducing the New, Enhanced CampusGuard Central
Published
18 minutes agoon
November 25, 2024By
LINCOLN, Neb., Nov. 25, 2024 /PRNewswire/ — CampusGuard, a full-service cybersecurity and compliance services firm, is excited to announce the latest release of CampusGuard Central®, its dynamic customer compliance portal. CampusGuard Central empowers organizations to manage PCI DSS compliance across their enterprise with a single, user-friendly tool.
Central’s latest release includes the following enhancements:
Updated user interface:Hide or expand the left navigation barCollapsible group headers on the dashboardExpand the view to full screenResize and/or filter data tablesFull support for PCI DSS v4.0Customers can define an unlimited number of Custom FieldsCentralized button hub for quick access to common functionsTwo-factor authentication via email or mobileSAQ summaries (aka Rollups) now have their own sectionThe application returns the user to where they left off within their incomplete SAQAbility to upload multiple documents into the Document Locker at the same time
“Our customers are our greatest source of feedback and inspiration; we listen to them,” said Judi Seguy, Director of Operations. “Since our major update in 2023, the Development Team has worked especially hard to deliver major infrastructure upgrades to Central, bringing noticeable performance boosts and an updated, more intuitive user interface. We’re thrilled to share these upgrades with you, and we think you’ll love the enhanced experience.”
CampusGuard Central simplifies managing your PCI DSS compliance status and empowers your organization to strategize and prioritize the next steps for achieving and maintaining compliance. Explore how CampusGuard Central can streamline your PCI DSS compliance management process.
About CampusGuard
Founded in 2009, CampusGuard provides cybersecurity and compliance services for complex organizations, including higher education, healthcare, state and local government and agencies, financial services firms, and SaaS/tech companies, among others. CampusGuard’s success in serving their customers can be attributed to the experience, education, and commitment of their certified professionals and their in-depth understanding of the unique needs of the markets they serve. For more information visit www.campusguard.com.
View original content:https://www.prnewswire.com/news-releases/introducing-the-new-enhanced-campusguard-central-302315843.html
SOURCE CampusGuard
Four New Products from Scosche® Industries Honored With Global Media Awards At 2024 SEMA Show
Automatic Doors Market size is set to grow by USD 8.41 billion from 2024-2028, gaining traction in construction market boost the market- Technavio
Introducing the New, Enhanced CampusGuard Central
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