Evaporator Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020–2030
Evaporator is the vital component in industrial processing lines which are used to concentrate the aqueous solution or to eliminate the water content of various chemicals. The significance of the device occurs for the water cycle as well as it is used in industrial processing including cooling, drying, distillation, desalination, and vapor deposition techniques. Evaporator can be classified depending on the stages as single stage, triple stage and multistage evaporators and are mostly efficient and alternatively save energy due to which it is widely used in various applications.
Mechanical evaporators are utilized to change over liquid blends from its liquid stage to vapors stage, with the exception of the solute particles present in it. Owing to this, evaporators finds its application in wide range of end user industries including electronics & semiconductor, chemical synthesis, food & beverages, pharmaceuticals, agrochemicals, oil and gas, water treatment, and others.
Evaporator: Market Drivers and Challenges
Globally, the evaporator market is expected to grow at moderate to high growth rate over the upcoming years. The growth of evaporators market is understood to be driven primarily by 3 industry sectors primarily processed food, pharmaceuticals and petrochemicals. With the escalating growth of processed food and diversified variants e.g. dairy products and confectioneries have been attracting the stakeholders to venture in the same, the need of evaporators to facilitate the output product has augmented in recent times. The ongoing investments by large and MSMEs in capital equipment for production process is therefore propelling the sales and installation of evaporators. The pharmaceutical industry is also considered to other contributor to the growth of evaporators owing to production of dry batch drugs and pharmaceutical products.
In addition to the above mentioned end use industries, the expansion of petrochemical product portfolio in oil and gas industry, is further expected to boost the evaporator market in the upcoming years. The zero liquid discharge of water effluent in metallurgy, semiconductor industries has also facilitated the use of evaporators to a significant extent which is anticipated to be the prominent technology of water treatment and recycling process. Key examples include utilization for the transformation of seawater into consumable water in marine vessels.
Development of energy efficient prototypes by OEMs is viewed as a prominent rend in the market. For e.g. new solar evaporator designs have a high opportunities for industrial waste water treatment plants. Evaporator market is however also likely to witness a restraint in the growth owing to slowdown from heavy industries due to limited scale of installations as well as low product adoption rate in certain regional markets for its high cost associated.
Covid-19 Impact on Evaporator:
Though the Covid-19 virus has impact the regional economic and industrial index of growth in the present year, the evaporator market growth is likely to be undeterred from the affecting consequences of the overall industrial equipment domain. The market is expected to witness moderate to sound investments in wake of expansion and investment by the stakeholders in the pharmaceuticals as well as in the processed foods industry. Also industrial enterprises opting for economic measures of water recycle will also generate the demand in the successive quarters. The perceived growth of the market is expected to better than the current fiscal with gradual resumption of industrial activities.
Evaporator: Market Segmentation
The market segment can be segmented into three categories via classified by product type, application and end use industry
On the basis of product type, the market Evaporator can be segmented into the following:
On the basis of end users the market Evaporator can be segmented into the following:
Evaporator: Regional Market Outlook
Asia pacific region is expected to grow at a prominent rate in the forecast period owing to burgeoning growth in industrial sector across South East Asian Countries. North America and Europe being the primary adopters are currently identified as the established markets and are expected to grow at a moderate level in the upcoming years. Other emerging markets i.e. Latin America and Middle East are anticipated to grow from low to moderate level for evaporator market owing to demand from oil and gas, chemicals industry.
Evaporator: Key Market Players
Some of the Key market participants in global evaporator market includes:
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