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Separation Machinery Market Growth Insights and Trends 2024
Separation Machinery Market Growth
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According to The Business Research Company's, The separation machinery market size has grown strongly in recent years. It will grow from $89.69 billion in 2023 to $94.33 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to infrastructure growth, global economic trends, laboratory and research applications, focus on recycling and waste management, energy sector development, pharmaceutical industry demands.
The separation machinery market size is expected to see strong growth in the next few years. It will grow to $116.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to research and laboratory expansion, global infrastructure development, renewable resource focus, efficiency and productivity demands, biotechnology advancements. Major trends in the forecast period include demand for recycling, industry 4.0 integration, environmental regulations, mining and mineral processing, food and beverage industry trends.
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Market Drivers and Trends:
The expansion of the mining industry is expected to propel the growth of the separation machinery market in the coming years. The mining sector is the extraction of cash-making minerals or other geological materials from the earth, which includes a variety of activities such as identifying, obtaining, processing, refining, and transporting minerals. Separation machinery is essential in different phases of the mining industry, contributing to mineral extraction and processing such as ore sorting, gravity separation, froth flotation, and so on. For instance, in February 2023, according to the United States Geological Survey, a US-based federal agency whose research spans biology, geography, geology, and hydrology, US mines generated roughly $98.2 billion in nonfuel mineral commodities in 2022, a $3.6 billion rise above the updated total of $94.6 billion in 2021. Therefore, the expansion of the mining industry is driving the separation machinery market.
Technological advancement is a key trend gaining popularity in the separation machinery market. Major market players are developing advanced technologies to sustain their position in the separation machinery market by integrating artificial intelligence into separation machinery. For instance, in October 2021, Acea Ambiente, an Italy-based oil and energy company, and Recycleye, a UK-based developer of digital tools designed an artificial intelligence-powered waste separation system. It will automate the quality control and monitor facilities in real-time in waste separation plants.
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Major Key Players of the Market:
Alfa Laval AB, GEA Group, ANDRITZ Separation India Pvt Ltd., Sweco, Mitsubishi Kakoki Kaisha, Russell Finex Ltd., ACS Manufacturing Inc., CECO Environmental Ltd., Ferrum AG, Gruppo Pieralisi, Parkson Corporation, Hiller Separation & Process, Rotex, Industriefabrik Schneider, Kaisha Russell Finex, Forsberg's Inc., Schlumberger, Taiyo Nippon Sanso, Gas Engineering LLC, JSC Cryogenmash, Sichuan Air Separation, Eaton Filtration LLC, B&P Littleford LLC, BHS-Sonthofen Inc., Centrifuge World, Centrisys Corporation, Chemtech Services Inc., Coperion K-Tron, Crown Iron Works Company, Derrick Corporation, Donaldson Company Inc.
Separation Machinery Market 2024 Key Insights:
• The separation machinery market size is expected to see strong growth in the next few years. It will grow to $116.26 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Rising Water And Wastewater Treatment Needs Boost Separation Machinery Market Growth
• Embracing Innovation Integration Of Artificial Intelligence Elevates Separation Machinery Market
• North America was the largest region in the seprartion machinery market share in 2023
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