by Industrial dryers are thermal equipment used to reduce the moisture content of materials such as foods, chemicals, minerals, grains, pharmaceuticals, and sewage through evaporation. Industrial drying is a heat and mass transfer process that removes water or another solvent by evaporation from solid, semi-solid or liquid materials. Dryers have numerous advantages like preserving agricultural produce for longer durations, facilitating better storage and transportation of materials, reducing weight and volume, and improving heat stability and shelf life of end products.
The global Industrial Dryer Market is estimated to be valued at US$ 1.37 billion in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The industrial dryer market is witnessing the trend of consolidations and acquisitions. Major players are focusing on acquiring mid-sized or regional players to expand their global footprint. For instance, in November 2019, CECO Environmental acquired Affinity Solutions Group, which is engaged in air pollution control systems, including industrial dryers. This acquisition helped CECO Environmental expand its industrial process solutions business across North America. Technological advancements is another key trend. Vendors are increasingly focusing on upgrading industrial dryers with advanced technologies such as machine learning, Internet of Things (IoT), and predictive maintenance for remote monitoring and improving efficiency. IoT sensors help obtain real-time performance data of dryers for predictive maintenance and reduce downtime.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the industrial dryer market is moderate. High capital requirements and technical know-how pose as entry barriers for new players.
Bargaining power of buyers: The bargaining power of buyers in the industrial dryer market is moderate. Buyers have the option to choose from various established players operating in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. Suppliers of raw materials such as stainless steel, electronics, and machinery have established presence but alternatives are available.
Threat of new substitutes: The threat of substitutes is low. There aren’t viable alternatives available for drying industrial products as effectively as industrial dryers.
Competitive rivalry: The competitive rivalry is high. Key players compete on the basis of product quality, features, pricing and service.
Key Takeaways
The Global Industrial Dryer Market Size is expected to witness high growth at a CAGR of 6.1% during the forecast period.
Regional analysis: Europe is also expected grow significantly in the industrial dryer market. Countries like Germany, UK, and France have robust manufacturing sectors which is driving the demand for industrial dryers. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period led by emerging economies like China and India.
Key players operating in the industrial dryer market are PepsiCo, Inc., Nestle SA, The Coca-Cola Company, Groupe Danone, Abbott Laboratories, Bernard Food Industries, Inc, Zydus Wellness Ltd., Dr. Pepper Snapple Group Inc., McNeil Nutritionals LLC, Cargill, Incorporated, and Ajinomoto Co., Inc. These players are focusing on new product launches and expansion plans to strengthen their presence.
