Vacuum Evaporators Market

Vacuum Evaporators Market Size (2023-2028)

The Vacuum Evaporators Market is supposed to grow at a CAGR of 9.2% owing to its high demand in the liquid discharge systems industry during the forecast period of 2023-2028

Drivers and Restraints of the Vacuum Evaporators Market:

Rising demands in wastewater treatment are a driving factor to promote the Vacuum Evaporators industry in different parts of the world, as it is widely used in several end-user industries. The coronavirus pandemic has skyrocketed the call for sanitation products as a preventive measure for the virus. Vacuum Evaporators are also used in industrial products, which has been one of the growth factors of the worldwide industry.

Vacuum Evaporators are highly considered for refrigeration and HVACs because of their special characteristics. As a consequence of that, Vacuum Evaporators are gaining popularity in diverse applications.

The rapid expansion of the global semiconductor sector due to private and government funding is raising the need for Vacuum Evaporators around the world. Consequently, increasing demand for Vacuum Evaporators from different industry verticals such as HVACs, petrochemicals, and power plant industries is estimated to boost the global Vacuum Evaporators market during the conjecture period.

Challenges in the Vacuum Evaporators Market:

The vacuum Evaporator technique is extremely useful and is growing at a high rate but at the same time, it is very expensive. In addition, the volatility in prices is also impeding the growth of this business. The increasing investments into research and development to improve the quality of the products to meet the standard demands that are according to the government norms also pose a threat to the development of the market in the coming years.

VACUUM EVAPORATORS MARKET REPORT COVERAGE:

Market Segmentation:

Vacuum Evaporators Market-By Type of Technology:

• Heat pump

• Mechanical vapor compression

• Thermal vacuum evaporators

In the type of technology segment, Mechanical vapor compression evaporators are expected to grow at the highest CAGR during the outlook period of 2020. They are also utilized as combustion products that include flue gases, to recover residual heat. The segment is the largest and also the fastest-growing of the global vacuum evaporators market.

Vacuum Evaporators Market-By Application:

• Electronics and Semiconductor

• Power plants

• Petrochemical

• Refrigeration

• HVACs

• Heavy Industries

The power plants segment is the fastest-growing application segment of the global vacuum evaporators market. Vacuum Evaporators in power plants are used as heat exchanger devices, which conserve the residual heat generated by boilers. The perennial demand for electricity has led to the installation of new fossil fuel-based thermal power plants such as fluidized bed boilers in various regions worldwide.

The HVAC application is the largest shareholder in the global Vacuum Evaporators market in terms of value. Vacuum Evaporators are used in appliances such as refrigerators and air conditioners. Technological advancements and an incessant demand for smaller products are driving the manufacturers of HVAC products to utilize Vacuum Evaporators because of their smaller footprint, hence increasing the product demand. Furthermore, Vacuum Evaporators are known for lower expenses as they consume less energy and inflict low maintenance costs.

Vacuum Evaporators Market-By Region:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa 

North American region is supposed to dominate the Vacuum Evaporators market in terms of value during the outlook period of 2020 to 2025. The growth in the construction of power plants and the use of HVACs has caused a high demand for these evaporators across the continent. The market in these end-use segments is mainly ruled by the nations of the USA and Canada. Amidst the rapid technological growth, the demand for high-performing Vacuum Evaporators is increasing.

The European region is considered the second-largest market for Vacuum Evaporators after North America. In Europe, Germany and Sweden are supposed to dominate the market. They have become one of the production powerhouses when it comes to power generation and is one of the strongest economies. Automotive sectors in the region are planning for huge investments in the Vacuum Evaporators industry in the following years that will hike its demand.

Recent Developments:

• In 2020, Schneider Electric completed the transaction to combine their Low Voltage and Industrial Automation business in India with Larsen & Toubro’s Electrical & Automation business.

• Kelvion is supporting the trend of the refrigeration and heat pump market in order to achieve its eco-friendly goals set by the European Governments.

Vacuum Evaporators Market Key Market Players:

There are several major market players who are asserting their dominance in the Vacuum Evaporators Market in recent years, some of the big names in Europe are:

• API Heat Transfer

• Arkema Group

• SAACKE GmBH

• Sika AG

• Funke

Impact of COVID-19 on the Vacuum Evaporators Market:

Coronavirus has resulted in severe challenges to the global Vacuum Economizer market by impacting the end-user industries. Major companies around the world are affected due to the COVID-19 pandemic. The Vacuum Evaporators market saw stagnant growth in this period owing to the subdued demand from the power generation industry. Decreased production units have also resulted in low demand which has negatively impacted the industry. The electricity demand increased in several regions owing to the glut of patients in the hospitals. More investments are being made towards Fluidized bed boilers and improved Vacuum Evaporators to better the efficiency of power generation. After the pandemic, the business is supposed to develop at a considerable compound annual growth rate in the coming years.