New York, USA, Nov. 03, 2020 (GLOBE NEWSWIRE) -- According to a latest report published by Research Dive, the global mass transfer equipment market is expected to cross the $4,777.3 million mark by 2026, from a substantial market size of $2,643.4 million in 2018, with a CAGR of 7.6%. This report consists of features such as current scenario of the market along with the future growth. The report is duly recorded by experts after analyzing all the prominent factors impacting the growth of the mass transfer equipment market.
Key Insights of the Report
- An overall situation of the market that encompasses definitions, field of application, and advantages.
- All-inclusive report about market dynamics, conditions of the market, statistical data, and growth rate (CAGR), market size and shares, and future predictions.
- Prominent drivers, market segments, limitations, and lucrative investment opportunities.
- Present condition of the global and regional market from the perspective of countries, companies, and industries.
- Information on all the leading current market trends and advances, market players, Porter Five Analysis, SWOT scrutiny, and business plans.
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Factors Impacting the Market Growth
Mass transfer equipment market is mainly driven by investments in research and development sector by market players. Other than this, rise in demand for innovative and sustainable mass transfer solutions is also predicted to enhance the market growth. All these factors are responsible for the market growth in the analyzed timeframe.
Nevertheless, the market growth is anticipated to hinder due to high costs of technologies but developments in the food sector and various applications of mass transfer technology is predicted to open opportunities in the future.
Segment Analysis
The report divides the market into segments based on type, application, and regional outlook.
Based on type, the market is classified into:
- Column intervals
- Random packing
- Trays
- Structured packing
From the above stated sub-segments, trays is considered to be the most profitable in the forecast period due to advanced Downcomer technology, active area enhancements, and numerous applications pertaining to this sub-segment. Trays sub-segment is expected to harbor revenue of $1,461.5 million by 2026, from a market size of $835.4 million in 2018.
Based on application, the market is bifurcated into:
- Food & beverage
- Oil & gas
- Pharmaceuticals
- Water & waste water treatment
- Pulp & paper
- Chemicals
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Oil & gas sub-segment is expected to be the most lucrative from the above stated applications. Oil & gas sub-segment is projected to reach $1,280.3 million by 2026 due to rise in mass transfer technology for oil refineries, enhanced research & development activities, and looking for innovative engineering solutions.
Regional Analysis:
The mass transfer equipment market covers all the regions over the globe and is divided as follows:
- North America
- Asia-Pacific
- Europe
- LAMEA
From the above stated regions, the Asia-Pacific region is anticipated to dominate the market by harboring a revenue of $1.137.0 million by 2026, with a CAGR of 8.1%. Increase in research & development investments, requisite facilities, and engineering solutions is predicted to fuel the market growth in the forecast period.
Key Market Players and Business Strategies
Mass transfer equipment market is run by some of the leading market players which are listed as follows:
- Koch-Glitsch.
- Sulzer Ltd
- Beijing Zehua Chemical Engineering Co., Ltd.
- DtEC
- MTE Group
- Finepac Structures Pvt. Ltd.
- Munters Group
- Tianjin Univtech Co., Ltd.
- Baretti
- HAT International Ltd.
Mass transfer equipment market players are accentuating on futuristic product generation and merger & acquisitions. These are some common strategies followed by the well- established organizations, for instance in 2019, a company called Koch-Glitsch announced the acquisition with mass-transfer specialist Julius Montz GmbH. This acquisition will be fruitful for Koch-Glitsch’s as this will augment its presence across the globe and strength its portfolio regarding services and products.
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.
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