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Industrial Evaporators Market Overview and Demand Analysis 2024
Industrial Evaporators Market Overview
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According to The Business Research Company's, The industrial evaporators market size has grown strongly in recent years. It will grow from $38.73 billion in 2023 to $41.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to environmental regulations, water scarcity, growth in the food and beverage industry, changes in labor costs, increasing global trade.
The industrial evaporators market size is expected to see strong growth in the next few years. It will grow to $51.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to renewable energy integration, smart manufacturing, biotechnology and pharmaceutical growth, shift towards decentralized manufacturing models, digitalization of processes. Major trends in the forecast period include zero liquid discharge (ZLD) solutions, energy-efficient evaporators, membrane-based evaporation technologies, hybrid evaporation systems, adoption of evaporative cooling.
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Market Drivers and Trends:
The growth in the food and beverage industries is driving demand for the industrial evaporators market. The food and beverage industry refers to the inclusion of restaurants, cafeterias, cafés, fast-food joints, pubs, delis, food manufacturing operations, catering businesses, food transportation services, and more. Foods are concentrated using industrial evaporators, which employ heat to evaporate the water from the food. For instance, according to the Food and Drink Federation, a London-based organization that advocates and guides UK food and beverage producers, in 2021, food and drink manufacturing contributed $35.31 billion (£30 billion) to the UK economy, growing by 4.2% from 2020. The industry has more than $131.83 billion (£112 billion) turnover, accounting for 20% of total UK manufacturing. Therefore, the increase in the food and beverage industries is driving the market for industrial evaporators.
Product innovation is a key trend in the industrial evaporation market. Major market players are focusing their efforts on creating innovative evaporators for fast, safe, and environmentally friendly removal of all commonly used solvents and acids. For instance, in October 2021, SP Industries (SP), a US-based manufacturer of specialty equipment, launched the SP Genevac EZ-2 4.0 benchtop evaporator for safe and eco-friendly elimination of all regularly used acids and solvents. The new EZ-2 4.0 evaporator has a modern design and an intuitive touch screen, and it represents a major step forward in evaporation technology.
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Major Key Players of the Market:
Atlas Copco AB, Tetra Pak AB, ADF Systems Inc., GEA Group AG, Alfa Laval AB, Ebara Corporation, SPX Corporation, Armstrong World Industries Inc, Komax Systems Inc., Zhejiang Dayuan Evaporative Technology Co. Ltd., BÜCHI Labortechnik AG, Louisville Dryer Company, Bucher Unipektin AG, John Brooks Company Limited, Aqua-Chem Inc., Praj Industries Limited, Artisan Industries Inc., Technoforce Solutions (I) Pvt. Ltd., Thermal Kinetics Engineering plc, Swenson Technology Inc., ENCON Evaporators, Buflovak LLC, Vobis LLC, Alaqua Inc., Caloris Engineering LLC, Compro International Inc., Coastal Technologies Group Inc., KMPT USA Inc., Falling Film America LLC, Fenco Food Machinery Srl
Industrial Evaporators Market 2024 Key Insights:
• The industrial evaporators market size is expected to see strong growth in the next few years. It will grow to $51.97 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• Industrial Evaporators Market Surges As Food And Beverage Industries Thrive
• SP Industries Redefines The Market With The SP Genevac EZ-2 4.0 Benchtop Evaporator
• Asia-Pacific was the largest region in the industrial evaporators market in 2023 and is expected to be the fastest-growing region in the forecast period
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