Process Equipment Market Size
Process Equipment Market to surpass USD 130.7 billion by 2032 from USD 43.62 billion in 2021 at a CAGR of 10.5% in the coming years, i.e., 2022-32.
Process Equipment are the different mechanical tools needed for the mechanical, chemical, or thermal processing of a raw material or finished good. Process equipment are any among the several pieces of machinery used in the processing of chemicals and materials in establishments like chemical plants, refineries, and wastewater treatment facilities. This equipment is typically made with a particular process or family of processes in mind, though in certain situations it can be made specifically for a facility. Depending on whether new or old equipment is being acquired, as well as what it will be used for, prices can vary. Companies that produce process equipment also offer support to clients interested in these services through maintenance and repair contracts.
Market Highlights
The Process Equipment Market is expected to project a notable CAGR of 10.5% in 2032.
Process Equipment Market to surpass USD 130.7 billion by 2032 from USD 43.62 billion in 2021 at a CAGR of 10.5% in the coming years, i.e., 2022-32. The main drivers of the Process Equipment Market include the rising advanced technologies, increasing industrialization, and globalization. Another factor driving the market is the growing adoption of automation across all sectors, including sugar, cement, pharmaceuticals, steel, textile, chemicals, food, oil, paper, electricity, and refinery.
Process Equipment Market: Segments
The Pump segment is expected to grow with a higher CAGR during 2022-32
Process Equipment Market is categorized on the basis of Type into Pump, Filters, Valves, Vessels and Tanks, Heat Exchangers, Pipelines, and Other. The pump segment holds a sizable portion of the market since it is frequently used in numerous industries to efficiently move various types of fluids like water, petroleum, chemicals, oil, wastewater, slurry, sludge, or gas. This is the key factor driving the growth of the Process Equipment Market.
The Food & Beverage segment is expected to grow with a higher CAGR during 2022-32
Process Equipment Market is categorized on the basis of Industry into Food & Beverage, Chemical, Pharmaceutical, Textile, Metal, Power, Refinery, and Other. The Food & Beverage segment accounted for a sizable market share since it is used to transform raw food components into edible food products. The market growth of the Process Equipment Market is aided by the use of the process equipment in several applications like the meat, bakery, dairy, poultry, and other sectors that choose custom food processing machines for better conditioning food items.
Market Dynamics
Growth Drivers
Growing Industrialization and Globalization and Rising Government Initiatives
The main driving factor behind the Process Equipment is growing industrialization and globalization and markets in important nations like India and China are expanding. Government goals and endeavors to develop the industrial sector as well as financial support for updating cutting-edge technology are propelling the market's growth. The market will also expand at a significant rate due to the current technological advancements and increased acceptance of wireless technologies.
Rising Demand for Green Products and Progress of Wireless Technologies
The market is flourishing owing to the rising demand for energy-saving technologies, environmentally friendly goods, and innovations in the communication, sensor, analytic, and touch screen industries. The development of wireless technology and the introduction of fresh goods boost consumer demand for process equipment. Demand has expanded across numerous industries, including the food and pharmaceuticals sectors, as manufacturing capacities have improved.
Restraint
High Cost of Implementation, Initial Investments, and Unfavorable Weather Conditions
The issues limiting the growth of the Process Equipment Market are high implementation and maintenance costs, higher initial investments, and growing dependence on the real estate industry cycle. Process equipment manufacturers must cope with issues like lack of open standards, limited functionality, and integration, and bad weather.
Recent Developments
- ISGEC Heavy Engineering teamed with a US-based company for Dry Sorbent Injection (DSI) technology in April 2021.
- The generators for the domestic project will be supplied by Godrej & Boyce's process equipment business in July 2021. This will be the division's largest order to date.
Process Equipment Market:
Key Players
- Alfa Laval AB
- Bucher Industries AG
- Bühler AG
- Godrej & Boyce
- Marel HF
- ANSYS Inc.
- Isgec Heavy Engineering Ltd.
- Ador Welding Ltd.
- Artson Engineering
- Freeco International
- Process Equipment Corporation
- Beepex Corporation Organization
- Power Zone Equipment Inc.
- Kerone
- Sunrise Process Equipments
- Other Prominent Players
(Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
Process Equipment Market: Regions
Process Equipment Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific controls a significant portion of the Process Equipment Market due to the increasing number of modern technologies being used, more government initiatives are being taken, and growing demand for the product.
Impact of Covid-19 on Process Equipment Market
Process Equipment firms had to deal with the immediate effects of COVID-19 since their clients' operations also encountered difficulties as a result of the disruptions to their manufacturing and supply chains. This is having an exponential effect across the entire supply chain, reaching manufacturers of industrial equipment late but with full force, however.
Process Equipment Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
Process Equipment Market report also contains analysis on:
Process Equipment Market Segments:
- By Type
- Pump
- Filters
- Valves
- Vessels and Tanks
- Heat Exchangers
- Pipelines
- Other
- By Method
- Mechanical
- Chemical
- Biological
- By Industry
- Food & Beverage
- Chemical
- Pharmaceutical
- Textile
- Metal
- Power
- Refinery
- Other
- Process Equipment Market Dynamics
- Process Equipment Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Process Equipment Market Report Scope and Segmentation
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
USD 43.62 billion |
|
Revenue Forecast in 2032 |
USD 130.7 billion |
|
Growth Rate |
CAGR of 10.5% from 2022 to 2032 |
|
Base Year for Estimation |
2021 |
|
Quantitative Units |
Revenue in USD billion and CAGR from 2022 to 2032 |
|
Report Coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments Covered |
Type, Method, Industry, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
|
Key Companies Profiled |
Alfa Laval AB, Bucher Industries AG, Bühler AG, Godrej & Boyce, Marel HF, ANSYS Inc., Isgec Heavy Engineering Ltd., Ador Welding Ltd., Artson Engineering, Freeco International, Process Equipment Corporation, Beepex Corporation Organization, Power Zone Equipment Inc., Kerone, Sunrise Process Equipments, and Other Prominent Players. |
Frequently Asked Questions (FAQ):
The Process Equipment Market size was estimated at USD 43.62 billion in 2021 and is expected to reach USD 130.7 billion in 2032.
Process Equipment are the different mechanical tools needed for the mechanical, chemical, or thermal processing of a raw material or finished good.
The Pump and Food & Beverage segments accounted for the larger share of the Process Equipment Market.
Key players in the Process Equipment Market are Alfa Laval AB, Bucher Industries AG, Bühler AG, Godrej & Boyce, Marel HF, ANSYS Inc., Isgec Heavy Engineering Ltd., Ador Welding Ltd., Artson Engineering, Freeco International, Process Equipment Corporation, Beepex Corporation Organization, Power Zone Equipment Inc., Kerone, Sunrise Process Equipments, and Other Prominent Players.
The main drivers of the Process Equipment Market include the rising advanced technologies, increasing industrialization, and globalization.
.png){kind=icon}
