An increasing focus on wastewater management in multiple end-use industries such as pharmaceuticals, chemicals, and food processing is anticipated to bolster the demand for industrial vacuum evaporation systems.
As industries look to leverage effective water treatment solutions, investments in industrial vacuum evaporation systems are expanding, with prominent end-users preferring thermal evaporators over other types. Industrial vacuum evaporation system consumption is predicted to increase at a CAGR of 6.1% from 2022 to 2030. At present, the global industrial vacuum evaporation systems market is worth US$ 2.43 Bn, and is estimated to attain a revenue total of US$ 4.16 Bn by the end of 2030.
According to the study, the market is expected to grow at a 6.7 percent CAGR through 2030, with rising awareness of wastewater management driving momentum. Future Market Insights (FMI), an ESOMAR-certified market research firm, has recently published a report on the global industrial vacuum evaporation systems market, explaining the key dynamics responsible for shaping growth over the 2022-2030 evaluation period.
Because of the growing problem of untreated effluent discharge across freshwater bodies, wastewater treatment and control have gained prominence over time. With over 80% of wastewater discharged without treatment, governments have tightened policies to ensure compliance with chemical vegetation.
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Key Takeaways
“Implementation of stringent emission and effluent discharge control regulations across key regions is accelerating adoption of industrial vacuum evaporation systems, with specific emphasis on wastewater treatment across the chemical industry,” remarks the FMI analyst.
COVID-19 Impact Analysis
The COVID-19 pandemic has induced an unprecedented impact across the global industrial manufacturing sector, severely disrupting supply chains in the wake of declining production cycles due to government-imposed lockdowns. Consequently, GDP levels have nosedived, inducing economic troughs across all countries.
A deceleration of approximately -6% has been projected for the industrial vacuum evaporation systems market through 2020. Furthermore, the UN Conference on Trade & Development estimates the global FDI levels to shrink by 5-15% due to a contraction of the manufacturing sector. Hence, recovery prospects appear quite challenging.
However, growth prospects are expected to heighten from 2021, with countries expected to ease lockdown restrictions, prompting industries to resume operations. Manufacturers have made it their top priority to secure their supply chains from further recessionary shocks by establishing strong distribution networks to avoid supply crunches.
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Competitive Landscape
Prominent players operating in the global industrial vacuum evaporation systems market include
These players rely on a combination of expansion and consolidation strategies to remain afloat. Some important strategies include the incorporation of advanced technologies based on artificial intelligence and automation, strategic partnerships with other industrial giants, and collaborations with industry.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
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Aug 31, 2022