Press release
Industrial Dryers Market Analysis by Global Segments, Size, Trends, Growth and Forecast 2024
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Owing to the arrival of advanced drying technology, the application base for industrial dryers has expanded rapidly in recent years. The industrial dryer is a manufacturing equipment in chemical, fertilizer and mineral processing industries. Dryer manufacturers are developing industry specific dryer systems depending on the processing requirement.
Bottlenecks
While industrial drying equipment greatly enhances both product value and quality, constraints such as high cost of operation and its severe environmental limitations pertaining to excessive smoke emission may slow down the surging spirit of the market during the forecast period. Moreover, a considerable amount of post processing is involved to minimize the thick discharge of fumes from dryers that entails additional dispensation cost.
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Trends
PMR’s study further sheds light on the technological aspect of industrial dryer systems, major players in the global market for industrial dryer are actively focusing on making higher investments in R&D pipelines. In the recent past, demand for energy efficient dryers has gained traction, as a result of which manufacturers have shifted their concentration towards developing cost-effective and low-energy consuming dryers. Further, growing preference for superheated steam dryers that offer 70-80% energy recovery and have lower operating cost is a key trend governing the global market for industrial dryers.
Market Overview
On the basis of product type, spray dryers is expected to be the predominant segment of the market during the projected period, followed by continuous dryer type. The spray dryer segment is expected to account for 26% share of the market over 2024.
Industrial dryers work on two basic principles, direct or indirect, amongst which dryers working of indirect principles are expected to witness a relatively higher demand during 2016 – 2024. Demand for dryers working on indirect principle is anticipated to remain strong in the near future.
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Amongst various end user industries chemical, food, and pharmaceutical collectively is expected to account for the majority share of the market both in value and volume terms. In addition, demand for industrial dryer particularly from the chemical industry in expected to remain high throughout the forecast period.
Based on region prospect, the market in Asia Pacific is projected to remain dominant over the next couple of years. The region is expected to witness a CAGR of over 3% during the forecast period. In North America, sales revenue for industrial dryers is expected to grow to US$ 1045.6 Million, expanding at a CAGR of 3.8%. Moreover, key players operating in the global market are implementing market strategies that involve acquisitions and mergers, expansion of facilities and launch of newer products, especially in APAC and North America in order to strengthen their presence in these two regions.
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Competitive Dashboard
Spooner Industries Ltd, Metso Corporation, ANDRITZ AG, Carrier Vibrating Equipment, Inc., Separation Group, Ventilex Inc., ThyssenKrupp AG, Buhler AG, GEA Group, and HEINKEL Drying are some of the key participants operating in the Global market for Industrial Dryer.
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