Final answer:
Devon has identified a Niche Market opportunity by planning to launch his welding business just as the only competitor retires, aiming to fill the gap in the market.
Step-by-step explanation:
Devon believes now is the time to launch his welding business since the only competitor has just announced his retirement. The scenario Devon has identified pertains to a Niche Market. A niche market is a specific subset of a market on which a particular product is focused. It defines the product features aimed at satisfying specific market needs, as well as the price range, production quality, and the demographics that it is intended to target. Devon sees an opportunity as there is a gap in the market left by a retiring competitor, which indicates a potential increase in demand for his services in the absence of established providers. By stepping into this space, Devon could establish a strong presence within the niche market of welding services.