The global market for conduction vaporizers is anticipated to expand at a CAGR of 15% during the forecast period of 2024 to 2032. As more people become aware of the health advantages of vaporisation and the risks of smoking, the demand for vaporizers rises. In turn, this is driving the growth of the conduction vaporizer industry. Conduction vaporizers are typically less priced than convection vaporizers, making them more accessible to a larger number of consumers. Manufacturers are continually improving the design and functionality of conduction vaporizers to make them more user-friendly and effective.
The global market for conduction vaporizers is estimated to be driven by an increase in medical and recreational cannabis consumption throughout the forecast period. Users from all around the world are attracted to portable cannabis vaporizers with a variety of flavour selections, a superior design, and a large charging capacity. The rise of the market is being fuelled by the existence of significant suppliers of vaporizers with enhanced features. Several governments have legalised the medical use of cannabis. The desire for cannabis vaporizers with temperature control capabilities is on the rise, as these vaporizers deliver a flavourful and smooth effect. Businesses are focusing on providing cannabis dealers and medical providers with the most effective vaporizers in order to gain cash. Manufacturers of innovative cannabis vaporizers are projected to use cutting-edge technologies such as Bluetooth and voice activation.
The components in cannabis vaporizers are regarded to be safer, healthier, and less dangerous than those in cigarettes. Moreover, cannabis vaporizers produce pure, clear vapour that is more pleasurable than smoking cigarettes. Cannabis vaporizers heat the plant to a temperature where the psychotropic compounds are released when inhaled. These devices do not produce any harmful pollutants. As a result, the cannabis vaporizers market projection projects that the global market would increase rapidly throughout the forecast period. According to the Canadian Centre on Substance Use and Addiction, the legal cannabis retail market will reach close to $350 million by December 2021, up from $ 148 million in December 2019. Diverse vaporizers and electronic cigarettes have becoming more common methods of consuming cannabis, particularly in jurisdictions that permit recreational use.
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According to an analysis conducted by Canada.ca, smoking was the most common method of cannabis consumption reported by consumers over the past year. In 2021, the use of vape pens and electronic cigarettes increased by 24%, according to its report. The global demand for medical cannabis vaporizers is rising rapidly. As vaping is seen as a preferred alternative to smoking, the demand for cannabis vaporizers is projected to increase substantially throughout the forecast period. This is likely to have a positive impact on cannabis vaporizers' market share.
The legalisation of cannabis for medical or recreational use in nations such as South Africa, Jamaica, the Netherlands, Canada, Uruguay, The Czech Republic, Costa Rica, Colombia, Spain, and Belize is a major factor propelling demand for cannabis vaporizers. These nations allow adults over the age of 18 to use up to a few grammes of cannabis. Given the potential medical benefits of cannabis, a number of foreign countries and jurisdictions are likely to legalise medical marijuana in the coming years. Under June 2023, the Thai government officially removed marijuana from the list of controlled narcotics in the Narcotics Act. Consequently, Thailand became the first Asian nation to legalise marijuana.
Conduction vaporizers are more practical and economical; hence, they are anticipated to lead the market during the forecast period. Likewise, conduction vaporizers can heat extremely quickly. Convection heating is another highly efficient method of heating. In the majority of countries around the world, the induction heating method is novel and uncommon. It allows for cooler vapour that is easier on the lungs. As a result, conduction vaporizers are predicted to grow in popularity over the next few years.
Due to their portability and adjustable herb and drug vaporisation, portable cannabis vaporizers continue to have a larger market share. In addition, technological advancements in portable cannabis vaporizers, such as temperature control vaporizers that allow users to alter the temperature for best flavour, will contribute to the market dominance of portable vaporizers. The dominance of portable cannabis vaporizers due to the aforementioned variables and shifting regional legislation will raise their significance in the long-term outlook.
As a result of the legalisation of cannabis for both medical and recreational use in Canada, the demand for cannabis vaporizers in this region is rising quickly. This is driving the regional market dynamics of cannabis vaporizers. The rise of the cannabis vaporizers market in North America is predicted to be bolstered by the region's burgeoning cannabis use throughout the forecast period. The United States is an emerging market for cannabis vaporizers due to the considerable positive network externalities generated by the region's consumers. Regional policies have a big impact on this industry, in addition to consumer expenditure. As of 2023, twelve states in the United States permit cannabis use for recreational purposes, and the demand to legalise cannabis use in more states is growing. The growth of the American market will match that of the North American market.
Canada is also a key contributor to the market for cannabis vaporizers. Since the legalisation of cannabis in Canada for both recreational and medical use, the business has thrived across the nation. The United States and Canada will account for a significant amount of the worldwide market's revenue in 2020, providing North America 49.2% of the market. With new technological advances in cannabis vaporizers, recreational and medical demand for cannabis vaporizers in Canada will only rise.
The global market for conduction vaporizers is moderately fragmented, with the majority of significant manufacturers emphasising innovation and new product development. Key competitors in the conduction vaporizers market include STORZ & BICKEL GmbH, Ghost Vapes Inc., SLANG Worldwide Inc., DaVinci, PAX Labs Inc., Vapium Inc., Boundless Technology, and others. Companies in the global market for cannabis vaporizers are investing extensively in comprehensive R&D projects, especially for the development of novel products. Global market leaders include Apollo AirVape, Ghost Herbal Concepts Ltd., Grenco Science, KANDYPENS, STORZ & BICKER GmbH, Kanabo LTD, PurTec Delivery Systems, CiiTECH, VapeMeet Inc., and SLANG Worldwide.
