Mass Transfer Equipment Market Anticipated to Reach $4,777.1 Million by 2026, growing at CAGR of 7.6%Download Sample Reports Overview
Mass Transfer Equipment Market Analysis:
According to a study of Research Dive, global mass transfer equipment market forecast shall cross $4,777.1 million by 2026, growing at CAGR of 7.6%.
Mass transfer is disciplines of the highest significance in technology, industry and research segment. Mass transfer equipment designs are frequently used in multiple applications such as aerospace, power generation and automotives. Mass transfer operations consist of techniques such as gas absorption and stripping, leaching, distillation, humidification, drying, and many other techniques. Mass transfer equipment has massive usage in food processing industries in multiple physical separations of components from solids or liquids for the recovery of valuable products. Mass transfer equipments are also used for removing undesirable components from food. These factors are projected to boost the demand for mass transfer equipment which, eventually supports to grow the global market. The latest software and skilled technical professionals in the field of mass transfer technology are expected to boost the growth of the global market. Furthermore, mass transfer equipment has a wide range of pilot and laboratory testing apparatuses along with the capability to perform processes such as absorption, distillation, reactive distillation, and hybrid separation. These equipment maximize the available efficiency and capacity of the plant, reducing the energy requirements for operations of the plant. Contrary to this, high costs of technologies, are projected to decline the growth of mass transfer equipment industry.
The pharmaceutical manufacturing processes are generally performed in a batch-wise manner, which has multiple drawbacks. Hence, in recent years, market players have been opting for micro-process technology for pharmaceutical manufacturing which is more feasible and flexible. Such type of manufacturing consists of various mass transfer operations such as crushing, crystallization grinding, distillation, and drying, which results in a better quality product over a specific time. These mass transfer equipment market trends are projected to generate immense opportunities in the market.
Trays market shall register a revenue of $1,461.5 million by the end of 2026, growing at a CAGR of 7.2% during the forecast period. Affordable costs of trays and advancements in technology are projected to propel the growth of the global market. For example, sieve trays are massively accepted as a lower-cost mass transfer device consisting of smaller holes for higher vapor capacity. In addition, these advanced trays are significantly utilized as splitters in petrochemical and aromatic applications. These key factors are expected to spur the growth of the global market.
The global mass transfer equipment market for Chemical segment will generate a revenue of $1,088.4 million by 2026, growing at a CAGR of 8.5%, throughout the forecast period.
In the chemical industry, it is crucial to maintain standards of purity and quality without affecting the composition of chemicals. Therefore, mass transfer technology has a significant phenomenon for optimization and efficiency of chemical manufacturing plant. Mass transfer equipment have enormous applications in the operations of chemical industries like solvent leaching, evaporation, packaging, and dehydration. Thus, it is anticipated to make a significant impact on the global mass transfer equipment market growth.
The Asia-Pacefic mass transfer equipment market size will cross $1,137 million by 2026, increasing at a healthy CAGR of 8.1%.
Gas-liquid mass transfer technology has a huge significance in the processes of wastewater treatment. Enhancements in the modeling of gas-liquid mass transfer can provide key advantages such as plant energy expenditure, reaction rates, greenhouse gas emissions, and acid-base equilibria. Numerous Asian countries face multiple water management challenges such as the groundwater scarcity, the higher costs for production of drinking water, limited re-use, collection and treatment of wastewater outside of urban areas. Thus, Asian economies like Malaysia and China are investing heavily in infrastructure and water efficiency technology to meet future demand and avoid a shortfall. In addition, highly advanced mass transfer technology offers noteworthy applications in oil and gas refinery. These aforementioned key factors are expected to make a positive impact on the growth of the Asia-Pacific market. Mass transfer equipment market share for the Europe region is expected to rise at a CAGR of 7.4% by generating a revenue of $1,375.9 million by 2026.
The major mass transfer equipment manufacturers are: Koch-Glitsch., Sulzer Ltd, Finepac Structures Pvt. Ltd., Beijing Zehua Chemical Engineering Co., Ltd., MTE Group., DtEC, Baretti, Munters Group, HAT International Ltd, Tianjin Univtech Co., Ltd. Players using updated technologies for their mass transfer equipment will have good probability of having success in the rapidly blooming market. For example, to strengthen the global footprint worldwide, Sulzer announced acquisition with GTC Technology US, LLC., on May 02, 2019.
To emphasize more on the competitive landscape analysis of established enterprises, the porter’s five force model is explained in the report.
Porter’s Five Forces Analysis for Mass Transfer Equipment Market:
Bargaining Power of Suppliers: The mass transfer equipment market contains large, medium and small-scale suppliers. The switching costs from one supplier to other is estimated to be high, and the integration in the industry seems to be medium.
The bargaining power of suppliers is High.
Bargaining Power of Consumers: In the mass transfer equipment market, the concentration of buyers is less. Other factors such as lack of technology or product, provides high bargaining power to the buyer.
The bargaining power of consumers is High.
Threat of New Entrants: High initial investments are necessary to start new mass transfer equipment manufacturing venture. This factor for mass transfer equipment market is diversified.
The threat of new entrants is High.
Threat of Substitutes: This market contains only a few small, medium and large-scale players, providing low switching costs for customers.
The threat of substitutes is Low.
Competitive Rivalry in the Market: This market contains a mulitple number of small, medium, and large companies. Several market players are following product differentiation, and alternative strategies among them, is creating a high competitive rivalry in the market.
The competitive rivalry in the industry is High.