Compressed air treatment equipment market to witness remarkable gains from food and beverage applications, APAC to drive the regional landscape
The profitability landscape of compressed air treatment equipment market is forecast to be positively high, given the extensive deployment of these products in today’s automated production units. Compressed air, rightly dubbed as 4th utility, is used as a safe and reliable power source in approximately 90% of the food companies in some aspect or the other. It is therefore of sheer importance that the quality of the air is maintained, subject to the fact that untreated air contains harmful contaminant, which if not properly processed, might as well lead to health hazards. In response to this alarming call, tech giants are continuously bringing up innovative treatment techniques, which by extension is spurring compressed air treatment equipment industry share.
U.S. Compressed Air Treatment Equipment Market Size, by Product, 2013 – 2024 (USD Million)
Thriving on the foundation of the unavoidable requirement of maintaining food safety, a strong regulatory framework has much to contribute in enhancing the compressed air treatment equipment outlook. Despite the fact that majority of food manufacturing processes are powered by compressed air, a substantially large fraction of these hygiene regulations is often overlooked in the air treatment, primarily due to dearth of proper technical knowhow. However, considering the increasing number of governmental efforts undertaken with regards to food safety regulations, it is expected that the situation may witness a turnaround in the coming years, which may have a considerable impact on compressed air treatment equipment industry share. Say for instance, the European Council and Parliament, under the regulation EC 852/2004, has chalked out certain standards on food hygiene that food manufacturers need to comply with. With other regional governments likely to take cue from the aforementioned precedence, compressed air treatment equipment market outlook may soon witness a transformative change of sorts.
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Speaking along the similar lines, food manufacturers need to initiate written food safety management system (FSMS) based on HACCP principles to maintain these hygiene legislations. The fact that compressed air supply is closely linked to food sector, it stands out to be a vital aspect taken into consideration by the compressed air treatment equipment market players. As per estimates, overall compressed treatment equipment industry share from food and beverage application is expected to witness 6.5% CAGR over 2017-2024. In parallel to this, many companies are implementing ISO standard ISO22000:2005 to fully promote principles of HACCP system. The continuous development in food standardization is certain to influence compressed air treatment equipment industry dynamics in terms of profitability and ROI.
Compressed air treatment equipment market is one of those burgeoning business spaces where strategic collaborations quite prudently outline the sustainability quotient of the market giants. Atlas Copco, the Swedish giant, that is claimed to constitute almost one tenth of the competitive spectrum of compressed air treatment equipment market, has undertaken a plethora of acquisitions over the recent years, to expand its geographical reach and product enhancement. The latest acquisition where the Swedish conglomerate has acquired the compressor business of Glauber Equipment Corporation, has been reported to be the most fruitful deal for the organization in terms of ROI and profitability. Allegedly, through this deal, Atlas Copco got direct access to Glauber Equipment Corporation’s extensive consumer reach in compressed air treatment equipment industry. Few of the other names contending a strong portfolio in competitive hierarchy of the industry include Gardner Denver, Ingersoll-Rand, Kaeser Kompressoren, Van Air, Parker Hannifin, and Donaldson Company.
Incessant product innovations by renowned giants along with a strict regulatory groundwork is certain to bring out a positive change in compressed air treatment equipment market. In addition, rapid industrialization across major economies, especially under APAC belt is expected to complement the business growth. Primarily backed by the strong pipeline of constructional projects spanning across nations like Indonesia, China, Japan, the demand for compressed air treatment equipment market in APAC belt is expected to upsurge in the coming years, leaving a subsequent impact on the overall industry share, which is forecast to exceed USD 11 billion by the end of 2024.
Author Name : Satarupa De