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Welcome to the Thomas Index Report for the week of April 5th.
In this week’s Report, we’re looking at the latest sourcing activity trends for dehumidifiers. Our data shows that sourcing for dehumidifiers on the Thomasnet.com platform has increased 66% year-over-year and is up 114% over Q1 averages.
The dehumidifier sector is typically divided into three segments based on application: industrial, commercial, and residential. The North American dehumidifier market has been growing steadily over the past decade, increasing from a combined $730 million valuation in 2012 to an anticipated $1.3 billion in 2022. This growth is being noticeably dominated by industrial dehumidifiers, the market value of which is expected to increase by 91% by 2022.
The substantial growth of and increasing interest in industrial dehumidifiers are likely being driven by recent changes in cannabis regulations nationwide. Late last month, for example, lawmakers in New York state reached a deal to allow the sale of marijuana for recreational use, adding to the steadily growing number of states legalizing cannabis.
The ramp-up process to sales in New York is expected to take between 18 months to two years, giving businesses time to scale up production and outline operational plans for future business opportunities in the state. As part of the deal, New York will also be providing grants and developing incubator programs to encourage women, small-scale farmers, disabled veterans, and others from minority communities to participate in the new industry. A recently published report examining the economic impacts of marijuana legalization specifically in New York noted the change presented the state with the opportunity to create more than 50,000 jobs and over $6 billion in economic output.
Before signing off, just one last thing – if you haven’t already, I encourage you to sign up for tomorrow’s free Q1 2021 Industrial Sourcing and Supply Chain Activity Webinar! At 1 PM EST tomorrow afternoon, we’ll be covering last quarter’s sourcing trends, industry and region-specific sourcing growth, and our team’s predictions for upcoming Q2 sourcing activity. Plus, webinar attendees get exclusive access to bonus data not shared in our quarterly sourcing eBooks or Index Report videos.
Register today here.
Image Credit: Thomas Index Report