Convection Vaporizers Experience Higher CAGR Even Though Conduction Holds Higher Market Share – Fact.MR Study
As per Fact.MR’s latest industry analysis, the global cannabis vaporizer market is anticipated to expand 3.5X its value over the next ten years. Moreover, the market share for dry herbs was around 64% in 2020, which is only going to increase, as it’s the cheapest mode of vaping.
Temperature-controlled cannabis vaporizers are set to enable higher growth of the market over the long run. These new temperature-controlled cannabis vaporizers allow consumers to set the preferred temperature, which is a much sought-after feature. Temperature-controlled vaporizers also solve the problem of burning in dry herbs. Since cannabis extracts and oils are relatively expensive, people are opting for temperature-controlled cannabis vaporizers to minimize wastage and increase efficiency.
Key Takeaways from Market Study
- Portable cannabis vaporizers hold major share of the global market, and are set to touch US$ 14 Bn valuation by 2031-end.
- Conduction vaporizers is the fastest-growing segment, owing to the relatively inexpensive nature of their design.
- Temperature-controlled cannabis vaporizers to remain highly sought-after across regions, especially North America.
- North America is set to dominate market revenue in 2021, and hold the highest market share by 2031.
- Canada and the United States of America are key countries governing the demand for cannabis vaporizers.
“Market growth is set to surge in accordance with regional policies and growth of the recreational industry,” says a Fact.MR analyst.
Fragmented High Potential Market: Competition Tuning Factor
Key manufacturers of cannabis vaporizers across the world that have been detailed in the report are PAX Labs, Inc., STORZ & BICKEL GmbH & Co. KG, Arizer, Apollo Vaporizers Inc., KandyPens, Inc., SLANG Worldwide Inc., DaVinci, Ghost Herbal Concepts Ltd., Grenco Science, and Boundless Technology LLC. The global market is fragmented in nature, with thousands of players positioned across the regions of North America and Europe.
Growing demand for cannabis vaporizers has made the market valuation grow considerably over the past half-decade of 2016 to 2020. Despite market fragmentation, high potential of the product has attracted new players across regions into the market.
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