New York, USA, Oct. 27, 2021 (GLOBE NEWSWIRE) -- Research Dive states that the global mass transfer equipment market is likely to register a revenue of $4,777.3 million by 2026, at a CAGR of 7.6% during the forecast period from 2019 to 2026. The all-inclusive report provides a brief summary of the current market scenario comprising major aspects of the market such as growth factors, restraints, challenges, and numerous growth opportunities. The report also provides all the market estimations making it easier as well as helpful for the new participants to get better idea of the market.
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Market Dynamics
As per the analysts of Research Dive, the growing demand for innovative and sustainable mass transfer equipment solutions for the critical operations of various industries and the latest developments & heavy investment on economic as well as efficient solutions are the major factors anticipated to accelerate the growth of the global mass transfer equipment market over the forecast period. Besides, the continuous technological advancements of mass transfer in food sector is projected to create huge growth opportunities for the mass transfer equipment market in the estimated timeframe. However, the high costs of technologies may restrict the market growth in the coming years.
Trays Sub-segment to Grow at Healthy Rate
By type, the trays sub-segment accounted for $835.4 million in 2028 and is predicted to observe substantial growth over the forecast period. The active area enhancements and advancements in Downcomer Technology. These highly advanced trays have numerous beneficial applications in mass transfer stages and efficiency. All these factors are expected to propel the growth of trays sub-segment in the mass transfer equipment market.
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Oil & Gas Sub-segment to Hold the Largest Market Share
By application, the oil & gas sub-segment is predicted to garner a revenue of $1,280.3 million by 2026 and account for the majority of market share during the analysis period. This is mainly owing to the growing usage of highly advanced mass transfer technologies for oil & gas refineries and the growing focus of market players like Sulzer on R&D and innovative engineering solutions.
Asia-Pacific Region to Observe Lucrative Growth
By region, the Asia-Pacific mass transfer equipment market is projected to garner a revenue of $1,137.0 million and observe prominent growth over the forecast period. This lucrative growth can be attributed to the increasing investments in R&D, innovative engineering solutions, and skilled professionals in the field of mass transfer equipment in the region.
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Prominent Market Players
The report presents several aspects of these major players such as business & financial performance, strategic moves by key players, latest developments, product portfolio, and SWOT analysis. Some of the top players of the global mass transfer equipment market are:
- Sulzer Ltd.
- Beijing Zehua Chemical Engineering Co., Ltd.
- Koch-Glitsch
- Finepac Structures Pvt. Ltd.
- MTE Group
- DtEC, Munters Group
- Tianjin Univtech Co., Ltd.
- Baretti
- HAT International Ltd.
These players are implementing several strategies to gain a chief position in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in May 2021, the industry leader in laser micromachining, announced the launch of a new microLED mass transfer tool, namely ‘MicroCETI,’ which is based on a laser-induced forward transfer (LIFT) process that supports almost any microLED shape and material.
Porter’s Five Forces Analysis for Mass Transfer Equipment Market
- Bargaining Power of Suppliers: The switching barriers from one supplier to the other are predicted to be high.
The bargaining power of suppliers is High. - Bargaining Power of Consumers: In this market, the concentration of buyers is low. Moreover, Other factors like lack of product or technology differentiation are also providing high bargaining power of consumers.
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, due to applications in different industry verticals.
The threat of new entrants is High. - Threat of Substitutes: This market has no substitute of product or any type of technology that provides low switching costs for customers.
The threat of substitutes is Low. - Competitive Rivalry in the Market: The mass transfer equipment market contains a large number of large, medium and small-scale players. Most of the major players are following similar strategies, and product differentiation among them is creating a significant competitive rivalry in the industry.
The competitive rivalry in the industry is High.
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