New York, USA, Nov. 03, 2021 (GLOBE NEWSWIRE) -- According to the report published by Research Dive, the global mass transfer equipment market is expected to garner a revenue of $4,599.2 million by 2026, growing exponentially at a CAGR of 7.1% during the forecast period 2019-2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Influencing the CAGR Figures Pre and Post the COVID-19 Outbreak
The report reveals the real-time mass transfer equipment market CAGR during the pandemic. According to the report, the market is predicted to grow at a CAGR of 7.1% during the forecast period, while it was anticipated to be 7.6% in the pre-COVID-19 scenario from 2019 to 2026. Prominent oil consuming countries have consequently decreased the use and processing of crude oil, owing to the prevalence of lockdowns in various countries across the globe. In addition, stringent government restrictions on the domestic and international flights have decreased the demand for aviation turbine fuel across the globe. These factors are expected to impede the growth of the global mass transfer equipment market during the forecast period.
Factors Impacting the Market Size Pre and Post the COVID-19 Outbreak
According to the report, the real-time mass transfer equipment market size has significantly decreased compared to the pre-COVID-19 estimations. The real-time market size reached a revenue of $1,979.8 million in 2020, while its estimations were $3,045.9 million during the pre-COVID scenario. Extortionate cost of technologies and certain restrictions in gas-to-liquid mass transfer process is expected to hinder the growth of the market. In addition, rapid adoption of electric vehicles among people has taken a toll on the petroleum industry. These factors are expected to impede the growth of the global mass transfer equipment market during the forecast period.
Connect with Analyst to Reveal How COVID-19 Impacting On Market: https://www.researchdive.com/connect-to-analyst/236
Post-Pandemic Insight
As per the report, the global mass transfer equipment market is predicted to recover by 2nd/3rd quarter of 2022. However, development of innovative technologies on the oil and gas industry to enhance the application of mass transfer equipment for separation and distillation purposes is expected to create massive opportunities for the growth of the market. In addition, development of creative equipment like high-speed axial cyclone separator for optimized separation of dust particles is further expected to accelerate the growth of the global mass transfer equipment market in the post pandemic era.
The Major Players of the Mass Transfer Equipment Market Include -
- Koch-Glitsch
- MTE Group
- Munters Group
- Baretti
- Sulzer Ltd
- Finepac Structures Pvt Ltd.
- DtEC
- HAT International Ltd.
- Tianjin Univtech Co., Ltd.
- Beijing Zehua Chemical Engineering Co., Ltd.
These market players are concentrating on developing strategies such as new product launches, research and development, following trending market ideas, building product portfolio, mergers & acquisitions, collaborations, and business expansions. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in February 2021, Kulicke and Soffa Industries, Inc., a dominant provider of semiconductor, LED and electronic assembly solutions, acquired Uniqarta, Inc., a US-based technology company, in order to optimize Kulicke & Soffa's innovation of high-accuracy, next-generation solutions to enable broad adoption of feature-rich, cost-effective display technology.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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