Wilmington, Delaware, United States, June 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global industrial balers market was valued at US$ 2.2 Bn in 2022. It is estimated to grow at a CAGR of 5.4% from 2023 to 2031 and is anticipated to reach US$ 3.6 Bn by 2031.
Stringent implementation of regulations pertaining to management of industrial waste streams in developed countries presents significant revenue opportunities to companies in the market. Steady advancement in industrial waste and recycling processing systems is expected to strengthen the demand for industrial balers in the next few years. Steady increase in adoption of advanced industrial balers in waste management and recycling facilities is likely to fuel market development.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 2.2 Bn | |
| Estimated Value | US$ 3.6 Bn | |
| Growth Rate - CAGR | 5.4 | % |
| Forecast Period | 2023-2031 | |
| No. of Pages | ||
| Market Segmentation | Product Type, Category, Mode of Operation, Application, End-use, Distribution Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Action Compaction, Advanced Equipment Sales, American Baler Company, BACE, LLC, Deere & Company (John Deere), Excel Manufacturing, International Baler Corporation, Maren Engineering Corporation, Mil-tek A/S, Ningbo Sinobaler Machinery Co., Ltd. | |
Competition Landscape
The business landscape is moderately fragmented, with small number of large-sized players accounting for majority stake in the global market. Prominent companies operating in the industrial balers market are.
Action Compaction, Advanced Equipment Sales, American Baler Company, BACE, LLC, Deere & Company (John Deere), Excel Manufacturing,
International Baler Corporation, Maren Engineering Corporation, Mil-tek A/S, Ningbo Sinobaler Machinery Co., Ltd.
Considerable focus on efficient and cost-effective recycling of waste streams in multiple sectors is likely to create significant business opportunities for companies operating in the market
Asia Pacific is projected to offer significant revenue opportunities to companies due to rise in demand for industrial balers to compress hay and straw for storage & transportation purposes in the region.
Key Findings of Study
- Advancement in Technology and Incorporation of Automation Features in Industrial Balers: Rapid adoption of advanced equipment and machinery in waste management streams is a key trend anticipated to boost the industrial balers market. Stringent implementation of regulations pertaining to the management of waste, such as plastics, metals, and paper, is projected to fuel market development. Rise in utilization of industrial balers in the compression of bulk materials in order to reduce size and facilitate their collection and transportation to recycling facilities. Rapid adoption of automation technology in waste management applications is expected to augment market growth in the next few years.
- Significant Utilization in Agriculture Industry: Considerable demand for industrial balers in the agriculture industry can be ascribed to their usage in compression of hay and straw. Need for maintaining sufficient fodder is likely to bolster the utilization of industrial balers among farmers and livestock owners in several countries. Rise in demand for industrial balers to facilitate proper availability of fodder to farm animals presents significant business opportunities for companies in the market. However, high cost of ownership of industrial balers has restrained their adoption in end-use applications in developing countries. Nevertheless, surge in demand for industrial balers in the agriculture sector is likely to create consistent business opportunities for companies in the market.
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Industrial Balers Market Key Growth Drivers
- Rapid development of livestock farming in several countries is a key driver of the industrial balers market. Steady adoption of advanced livestock production technologies is contributing to the rapid expansion of the livestock faring sector in developing and developed countries. The trend is positively influencing the demand dynamics.
- Consistent increase in demand for balers in crop residue management in the agriculture sector is driving the market. Rapid expansion of the agriculture sector is thus bolstering market size.
Regional Growth Dynamics
North America is projected to constitute dominant market share from 2023 to 2031. Considerable adoption of industrial balers in the U.S. is anticipated to propel the market in the region. Surge in demand for technologically-advanced industrial balers in recycling and waste management applications.
The market in Asia Pacific is anticipated to expand at a rapid pace in the near future. Increase in emphasis of governments in numerous countries in the region on boosting agriculture productivity is spurring the demand for industrial balers. Significant demand for industrial balers in India and China can be ascribed to a booming agriculture sector in these countries. India, Australia, and Southeast Asia are likely to be lucrative regions of the market in the next few years.
Segmentation
The industrial balers market is segmented based on
Product Type
- Vertical Balers
- Horizontal Balers
Category
- Single Ram
- Twin Ram
Mode of Operation
- Manual
- Semi-automatic
- Automatic
Application
- Non-ferrous Materials
- OCC (Cardboard Boxes)
- Paperboard
- Plastics & Plastics Bottles (PET, HDPE)
- Shredded PapersTextiles/Clothes
- Others (UBC (Tin, Aluminum), Dust & Wood Chips, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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