Industrial Dryer Market Is Estimated To Witness High Growth Owing To Technological Advancements And Growing Demand In Various Industries

ashwinicmi

posted on 11 months ago — updated on 1 second ago

82
views

The Industrial Dryer market is estimated to be valued at US$ 2,929.7 Mn in 2022 and is expected to exhibit a CAGR of 3.5% over the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.

Industrial Dryer Market Is Estimated To Witness High Growth Owing To Technological Advancements And Growing Demand In Various Industries

Market Overview:
Industrial dryers are widely used in various industries such as food, pharmaceuticals, chemicals, and others to remove moisture or water content from liquids and solids. These dryers help in reducing the moisture content to desired levels, thereby facilitating easy handling, transportation, storage, and further processing of materials.

The demand for industrial dryers is driven by the increasing need for efficient and cost-effective drying solutions in industries. Moreover, advancements in technology and the introduction of energy-efficient dryers have further fueled the market growth. The use of industrial dryers improves productivity, saves time, and reduces labor costs. These factors are expected to contribute to the growth of the Industrial Dryer market during the forecast period.

Market Dynamics:
The market dynamics for the Industrial Dryer market are driven by two main factors. Firstly, the increasing need for efficient and cost-effective drying solutions in various industries is propelling the demand for industrial dryers. The ability of these dryers to reduce moisture content in materials to desired levels enhances their handling, storage, and further processing.

Secondly, technological advancements have played a significant role in the growth of the Industrial Dryer market. The introduction of energy-efficient dryers has revolutionized the drying process, leading to improved productivity and reduced energy consumption. Manufacturers are focusing on developing innovative dryers with advanced features to cater to the specific needs of different industries.

Overall, the Industrial Dryer market is expected to witness high growth due to the increasing demand for drying solutions across various industries and the continuous advancements in dryer technology.
Segment Analysis:

The industrial dryer market can be segmented based on the type of dryer and end-use industry. On the basis of type, the market is dominated by rotary dryers, accounting for the largest market share. Rotary dryers are widely used in various industries such as food processing, pharmaceuticals, chemicals, and mining, due to their high processing capacity and efficiency. The rotary dryers are capable of handling a wide range of materials and are known for their versatility. They offer benefits such as low maintenance, energy efficiency, and ease of operation, which make them the preferred choice in the market.

PEST Analysis:

Political: The political factors influencing the industrial dryer market include government regulations and policies related to environmental protection and safety standards. Governments across the globe are focusing on stringent regulations to reduce carbon emissions and promote sustainable manufacturing practices.

Economic: The economic factors impacting the market include the overall economic growth, disposable income of consumers, and investment in industrial infrastructure. The growth of industries such as food processing, pharmaceuticals, and chemicals is driving the demand for industrial dryers.

Social: The social factors affecting the market include changing consumer lifestyles and preferences. The demand for convenience foods and processed products is increasing, leading to the growth of the food processing industry and subsequently driving the demand for industrial dryers.

Technological: Technological advancements such as the incorporation of IoT and automation in industrial dryers have improved their efficiency and performance. New technologies are being introduced to reduce energy consumption and enhance operational capabilities, which is driving market growth.

Key Takeaways:

The Global Industrial Dryer Market Demand is expected to witness high growth, exhibiting a CAGR of 3.5% over the forecast period, due to increasing demand from various end-use industries such as food processing, pharmaceuticals, and chemicals. The market size for 2019 was US$ 2,929.7 Mn.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the market. The rapid industrialization, growing population, and rising disposable income in countries like China and India are driving the demand for industrial dryers in the region.

Key players operating in the industrial dryer market include Metso Corporation, Anivi Ingenieria SA, ThyssenKrupp AG, YAMATO SANKO MFG. CO. LTD., ANDRITZ AG, Wuxi Modern Spray Drying Equipment Co., Ltd, Buhler AG, Ventilex Inc., GEA Group, Comspain XXI S.A., Carrier Vibrating Equipment, Inc., FEECO International, Inc., HEINKEL Drying and Separation Group, Mitchell Dryers Ltd., Spooner Industries Ltd, Changzhou Fanqun Drying Equipment Co. Ltd., and Changzhou Yibu Drying Equipment Co., Ltd. These key players are focusing on research and development activities to introduce innovative products and gain a competitive edge in the market.