The global industrial microwave heating equipment market size is anticipated to value USD 1.77 billion until 2027. It is also expected to register a CAGR of 6.21% over the forecasted years, 2020 to 2027. The increasing need for lowering operational and maintenance costs coupled with surging awareness about industrial pollution is projected to drive the market growth.
One of the advantages of such equipment is that they do not heat the furnace walls and the surrounding atmosphere. Thus, several statutory governing bodies are promoting the usage of industrial heating equipment. As these products are eco-friendly in nature and can be used for a wide range of industrial applications, their demand is expected to upsurge in the upcoming years.
Market Share Insights
The key players operating in this market are L3 Electron Devices, Communications and Power Industries LLC, Muegge GmbH, Richardson Electronics, Ltd., CoberMuegge LLC, and Teledyne e2v Limited. Continuous innovation and product developments are being carried out by these players for enhancing the usage of their products.
They are also focusing to develop inorganic strategies of growth like acquisitions, mergers, and joint ventures for widening their geographical reach and to gain a cutting edge over other players. Also, an increase in the number of services being offered and the widening of distribution channels are being undertaken by these players to boost their market share.
Request free sample to get a complete analysis of the market players @ https://www.millioninsights.com/industry-reports/global-industrial-microwave-heating-equipment-market/request-sample
End-Use Insights
The food end-user segment accounted for the largest share across the global market in 2019. It is also expected to witness around 7.0% CAGR in the upcoming years. This can be associated with the rising adoption of heating equipment for processes like foaming, cooking, blanching, tempering, puffing, sterilizing, and drying.
The segment of plastic is anticipated to register a CAGR of around 6.0% in the upcoming years. This can be associated with the usage of such equipment for procedures like optical fiber melting having higher polypropylene content, preheating of plastic profiles, and the drying of casting cores.
Regional Insights
Europe is anticipated to register significant growth from 2020 to 2027 with a CAGR of around 6.0%. Favorable policies being imposed by the statutory governing bodies over industrial usage of RF equipment/microwave and rapid industrialization are the major factors contributing to this growth. Moreover, the surging adoption of RF amplifiers across developed regions across Europe is anticipated to propel the demand for such products.
North America and the Asia Pacific jointly accounted for a share of around 50.0% across the global industrial microwave heating equipment market in 2019. This can be associated with the rising presence of chemical, food, and paper industries across these regions. Latin America and Middle East & Africa are expected to register moderate growth over the forecasted period, 2020 to 2027.
COVID-19 Impact Insights
The market has been affected negatively due to the ongoing COVID-19 pandemic. The imposition of lockdown and travel restrictions has severely affected the manufacturing sector across the globe. Numbers of industries are witnessing shut down owing to reduced demand for the products, hindrance in the supply chain, and economic instability. But, innovation and product development being undertaken by the key players are expected to drive the market growth to some extent over the post-pandemic period.
Browse Related Category Research Reports @ https://industryanalysisandnews.wordpress.com/
No comments:
Post a Comment