According to the study, the market is likely to grow at 6.1% CAGR through 2030, with a growing focus on wastewater management inducing momentum.
Over the years, wastewater treatment and management have acquired precedence, owing to growing problems of untreated effluent discharge across freshwater bodies.
With more than 80% of wastewater being discharged without treatment, governments have tightened regulations to ensure compliance from chemical plants.
As industries look to leverage effective water treatment solutions, investments in industrial vacuum evaporation systems are expanding, with prominent end-users preferring thermal evaporators to other types.
“Implementation of stringent emission and effluent discharge control regulations across key regions is accelerating adoption of industrial vacuum evaporation systems, with specific emphasis on wastewater treatment across the chemical industry,” remarks the FMI analyst.
The COVID-19 pandemic has induced an unprecedented impact across the global industrial manufacturing sector, severely disrupting supply chains in the wake of declining production cycles due to government-imposed lockdowns. Consequently, GDP levels have nosedived, inducing economic troughs across all countries.
A deceleration of approximately -6% has been projected for the industrial vacuum evaporation systems market through 2020. Furthermore, the UN Conference on Trade & Development estimates the global FDI levels to shrink by 5-15% due to a contraction of the manufacturing sector. Hence, recovery prospects appear quite challenging.
However, growth prospects are expected to heighten from 2021, with countries expected to ease lockdown restrictions, prompting industries to resume operations. Manufacturers have made it their top priority to secure their supply chains from further recessionary shocks by establishing strong distribution networks to avoid supply crunches.
Prominent players operating in the global industrial vacuum evaporation systems market include GEA Group, Veolia, SUEZ, BÜCHI Labortechnik AG, PRAB, and Heidolph Instruments GmbH & CO. KG, GEMÜ Group, WIGGENS GmbH, S.A.I.T.An Srl, Condorchem Envitech, IWE SRL, Eco-Techno SRL, ENCON Evaporators EYELA, and Sanshin Mfg. Co., Ltd.
These players rely on a combination of expansion and consolidation strategies to remain afloat. Some important strategies include the incorporation of advanced technologies based on artificial intelligence and automation, strategic partnerships with other industrial giants and collaborations with industry production houses.