Demand from food and pharmaceutical manufacturers is anticipated to drive growth in the industrial dryers market, climbing to a value of $3.4 billion by 2024, a new report by Persistence Market Research suggests.
The need for industrial dryers is expected to be propelled by regulations on manufacturing processes, sustainability concerns, and demands to maintain high production quality, the researchers said. Chemical, fertilizer, and mineral processing firms also use the equipment frequently in their operations.
Global demand for industrial dryers is projected to be 3,049 units by 2024, with spray dryer equipment occupying a 26% overall market share by the end of the period. Indirect drying equipment is forecasted to generate more demand during the period compared to direct drying technology.
Regionally, the Asia Pacific (APAC) region is thought to hold a lead on the global market through 2024, expanding at a compound annual growth rate (CAGR) of 3%. North American sales of industrial drying solutions is projected to reach $1.045 billion by the end of the forecast period, growing at 3.8% CAGR.
“Key players operating in the global market are implementing market strategies that involve acquisitions and mergers, expansions of facilities and launch of newer products, especially in APAC and North America in order to strengthen their presence in these two regions,” wrote the researchers in a press release.
Some of the key players in the global market for industrial dryers were identified as Spooner Industries, Metso Corp, ANDRITZ AG, Carrier Vibrating Equipment Inc, Separation Group, Ventilex Inc, ThyssenKrupp AG, Buhler AG, GEA Group, and HEINKEL Drying.Carrier Vibrating Equipment Inc.