Process Equipment - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Process Equipment Market is accounted for $59.72 billion in 2018 and is expected to reach $155.27 billion by 2027 growing at a CAGR of 11.2%. Increased demand in various industry verticals such as food and biopharmaceutical industries and rising socio-political turmoil as well as adverse tax laws is likely to boost the market growth. However, high initial investments are likely to hamper the profit boundaries.
Process equipment can be defined as equipment used in processing industries such as cement, sugar, pharmaceutical, textile, steel, food, chemicals, petro, refinery, paper, power etc. These are employed during various processes carried out in industries such as water treatment, steam power generation, pipelines, saltwater disposal etc. Each of these equipment is important due to its indispensable usage in the working of a process. The equipment can be static or moving.
Based on type, Heat Exchangers segment is having a huge demand during forecast period. Heat exchangers are widely seen across various types of industry, mainly for heating and cooling large processes. Depending on the process, the type and size of heat exchanger can be tailored depending on certain factors. These factors include the types of fluid that will engage in heat transfer, the phase, densities, temperatures, pressures, and various other thermodynamic properties of the fluids.
By geography, Asia Pacific is going to have significant growth during forecast period due to increase in production of fruits & vegetables is a key factor for the growth in China’s agricultural exports that leads to an increase in the demand for commercial seed and seed processing equipment.
Some of the key players in the Process Equipment market include Alfa Laval AB, Bühler AG, dor Welding Ltd, Freeco International, Beepex Corporation Organization, ANSYS Inc, Isgec Heavy Engineering Ltd, Power Zone Equipment Inc, Marel HF and Bucher Industries AG.
• Vessels and Tanks
• Heat Exchangers
End Users Covered:
• Food & Beverage
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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