Increasing penetration of automation in spray drying equipment is creating attractive and tangible opportunities for prominent manufacturers, helping the spray drying equipment market register a modest CAGR of 4% over the forecast period (2019-2027). High energy output in large as well as mobile spray dryers is maximizing sales of global spray drying equipment. The availability of a large number of spray dryers and their suitability for all material variants has resulted in significant demand from end-use industries. In addition, spray dryers are showcasing maximum penetration among the various types of industrial dryers and account for around 1/3rd of overall sales among industrial dryers.
Key Takeaways of Global Spray Drying Equipment Market:
- Eight out of ten spray dryers are working on an indirect operation that requires hot air for drying, which is formed by burning fossil fuel. Indirect drying segment is expected to grow at a CAGR of 4% during the forecast period.
- Food and chemicals are established market segments for spray drying equipment and together they account for approximately two-third share in global spray drying equipment market
- Continuous drying has become the voice of end-users across the globe. This attribute is supporting the absolute dollar opportunity of over US$ 210 Mn in the spray drying equipment market over the forecast period.
- High cost and longer life expectancy of spray dryers have created intense competition among the global and local manufacturers
Manufacturers need to focus on strengthening their contract-based sales footprint and offer customized solutions for spray drying technologies. Customization in spray drying equipment helps manufacturers prepare for competitive opportunities and challenges–report analyst
“China Plus One Strategy” Creating New Growth Avenues for Key Channel Partners
Key spray drying equipment manufacturers are highly focused on adopting China plus one strategy by expanding their sales footprint outside China, mainly in India and ASEAN countries. Also, an increasing number of end-use industry projects in India and ASEAN countries will bolster the sales of global spray drying equipment market by 1.3x over the forecast period. In addition, with OEMs and aftermarkets playing a pivotal role in the spray drying equipment market, manufacturing of spray dryers will catalyze growth prospects for manufacturers in global spray drying equipment market. Furthermore, economic imbalance and volatility in the industrial automation sector have thwarted the growth of the spray drying equipment market over the historical period, however, the long-term outlook seems promising across different verticals.
