Global industrial microwave heating market is anticipated to amass more than 1,602.1 million by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
According to the report, the varied applications of industrial microwave heating across a plethora of industries like food & beverages, paper, chemical, plastic, and pharmaceutical among others is projected to advance market growth over the estimated timeline. Other factors driving the market growth are low maintenance charges, high operating efficiency, and decreased energy consumption. However, burgeoning electricity prices are slated to hinder market expansion in the coming years. Rising demand from developing nations, and technological enhancements are factors anticipated to offer numerous growth opportunities in the times to come.
The surging implementation of industrial microwave heating in pharmaceutical and food & beverage industry is anticipated to boost the worldwide market growth. The rising requirement for even heating, whereas decreasing manufacturing costs and increasing manufacturing speeds, drives industrial microwave heating demand. The increasing utilization of energy efficient devices is poised to offer lucrative growth opportunities to the market over the future.
A deep dive analysis of the market with regards to ecosystem analysis, industry snapshot, value chain analysis, competitive ranking analysis, regional landscape, region-wise market size & share, equipment, application outlook, and competitive profiling has been included in the new report.
Speaking of the regional distribution, the Europe market amassed the highest returns in the year 2017 and is projected to dominate the worldwide market over the estimated period. The report cites that the existence of established industries like wood, paper, plastic, and pharmaceutical among others, considerable research and development efforts, and promising regulatory policies boost industry growth in the region. Also, quick industrialization and development of the production industry further supports the regional industrial microwave heating market growth.
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Important pointers highlighted in the industrial microwave heating market report are listed below:
• Based on equipment, the Magnetron segment led the worldwide market with regards to revenue, in the year 2017.
• Speaking of regional hierarchy, Europe is projected to be the biggest contributor to the worldwide market revenue throughout the predicted period.
As per the report, the varied applications of industrial microwave heating encompass food and beverages, chemical, paper, plastic, pharmaceutical, and others. The findings of the report suggest that the food and beverage market segment amassed the highest share of the market in the year 2017, owing to surging demand for mold-proofing, sterilizing, and drying of food products. Apart from this, microwave heating is also used for blanching, foaming, cooking, and drying processes for producing foods and beverages.
The chief organizations chronicled in the global industrial microwave heating market study are Toshiba International Corporation, Panasonic Corporation, STT International Limited, MDP Components, Richardson Electronics, Ltd., L3 Technologies, Inc., Communications & Power Industries LLC, CoberMuegge LLC, Industrial Microwave Systems Ltd., Teledyne e2v Limited, Muegge GmbH, and Hitachi Power Solutions Co., Ltd. These organizations invest heavily on launching new products and associating with other key players to enhance their foothold in the global business space and augment user base.