The global Freeze Drying Equipment Market is expected to reach USD 35.81 billion by 2020, according to a new study by Grand View Research, Inc. Rapid developments in food processing and pharmaceutical industries are expected to drive the demand of freeze drying equipment over the next six years. However, cost intensive set up of freeze drying equipment is likely to restrain the market. High initial cost prohibits such equipment from reaching its full potential by their substitution with traditional methods in small scale industries.
Industrial freeze dryer emerged as the leading product segment and accounted for 44.7% of total market revenue in 2013. However, mobile freeze dryer is expected to be the fastest growing product segment, at an estimated CAGR of 12.1% from 2014 to 2020. Increasing adoption of mobile freeze dryers across various end use industries is expected to fuel its demand over the forecast period.
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Further key findings from the study suggest:
- Food processing emerged as the leading application segment for freeze drying equipment and accounted for 35% of total market revenue in 2013. However, biotechnology is expected to be the fastest growing application segment at an estimated CAGR of 12.2%. Growing trend towards adoption of sustainable products is expected to remain a key driving factor for biotechnology which in turn is expected to contribute to the growth of free drying equipment in biotechnology industry. Global demand for freeze drying equipment for pharmaceutical industry is expected to exceed USD 7 billion by 2020.
- North America dominated the global market for freeze drying equipment and accounted for 34.7% of total market revenue in 2013. Asia Pacific is expected to be the fastest growing regional market for freeze drying equipment market at an estimated CAGR of 12% from 2014 to 2020. Growth of major end use industries such as food processing and pharmaceutical mainly in China and India is expected to drive the regional demand for freeze drying equipment over the forecast period.
- Some of the leading companies operating in the global market include Telstar S.A., Thermo Fisher Scientific Inc., Labconco Corp. MechaTech Systems Ltd., Freezedry Specialities Inc., Operon, Millrock Technology Inc. and GEA Niro.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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