As per FMI's study, the industrial vacuum evaporation systems market is anticipated to expand at CAGR of 6.7% over the forecast period 2020-2030. As waste management is gaining momentum for governments all over the world, the commercial scenario of industrial vacuum evaporation systems have kept on to witness a rise. Growth is also underpinned by rising industrialization which has prompted the emergence of key chemical manufacturing units. A huge blip was witnessed owing to the onset of COVID-19, however, as inoculation procedures fast-tracks, players are positive of a recovery as on-site business operations will resume, reinstating the demand-supply equilibrium in approaching years.
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"Adoption of strict emission and wastewater discharge control regulations over key regions is fast-tracking implementation of industrial vacuum evaporation systems, with precise prominence on wastewater treatment all over the chemical industry" states the FMI analyst.
North America will lead among other regions, recording a CAGR of over 6% during 2020-2030.
Chemical industry will foresee highest implementation of vacuum evaporation systems and will touch US$ 910.8 Mn towards 2030.
Wastewater treatment & recycling application segment is creating huge investment prospects for manufacturers, and recording a CAGR of over 6% 2021 onwards.
Multiple effect thermal evaporators are attaining huge popularity among other system type over the forecast period.
1000-2000 liters/day capacity segment are likely to attain notable momentum in the short-run.
Strict emission regulation standards by governments are bound to increase vacuum evaporators adoption during the assessment period.
Increasing investment by industries in vacuum evaporation systems due to growing water scarcity will be driving market growth.
High level of efficiency accomplished at a considerably reasonable price, will continue to fuel demand for industrial vacuum evaporation systems.
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Presence of substitute products for instance conventional chemical precipitation systems will hinder the market growth.
The COVID-19 outbreak has negatively impacted the demand and is likely to hold up past the current year hamper the market growth.
COVID-19 Impact on Market
The COVID-19 outbreak has caused sluggishness in the market which will last throughout 2020. Cessation of production exercises to avert further virus spread has led to low adoption of industrial equipment, causing a fall in sales. However, expansion is slated to recover in consequent years with reopening of industrial activities post-pandemic.
The global industrial vacuum evaporation systems market is foreseeing presence of numerous players. The players are relying on integrating technological innovations, such as automation and AI to provide quality end-products to prospective clients. Furthermore, acquisitions, partnerships and collaborations are also relied upon.
Some key players profiled in FMI's market are GEA Group, SUEZ, Veolia, PRAB, BÜCHI Labortechnik AG, GEMÜ Group, Heidolph Instruments GmbH & CO. KG, S.A.I.T.A SRL, WIGGENS GmbH, IWE SRL, Condorchem Envitech, ENCON Evaporators, Eco-Techno SRL, Sanshin Mfg. Co. Ltd. and EYELA.
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About the Study
The study offers readers a comprehensive assessment of the industrial vacuum evaporation systems market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights on the basis of application (wastewater treatment & recycling, solvent recycling & purification, distillation, synthesis, concentration, drying and recrystallization), system type (mechanical vapor recompression evaporator, heat pump evaporator, co-generation hot & cold evaporator, rotary evaporator and thermal evaporator), capacity (upto 100 liters/day, 150-500 liters/day, 500-1000 liters/day, 1000-2000 liters/day, 2000-4000 liters/day, 4000-8000 liters/day, 8000-20000 liters/day and 20000-50000 liters/day) and end-use industry (pharmaceutical, chemicals, metallurgy, printing & textiles, oil & petrochemicals, food & beverages, semiconductors, power generation and medical & research laboratories), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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Name: Abhishek Budholiya
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Organization: Future Market Insights
Release ID: 88998858