Industrial microwave heating equipment market size will be worth $1.57 billion by 2027
Polaris Market Research says the industrial microwave heating equipment market has witnessed a significant development in the last several years and is expected to grow tremendously to reach $1.57 billion by 2027 with a healthy CAGR of 4.3% from 2020 to 2027.
“Rapid growth in industrialization across the globe coupled with rising demand from the chemical and food industry are the primary drivers for the global market. In addition to this, such equipment has wide applicability in the plastic industry for melting high polymers and other material is a key factor anticipated to foster the growth of the global market. Furthermore, microwave heating equipment comes with the characteristic of uniform heat distribution further drives the demand for the global market. In addition to this, continuous technological advancements and increasing R&D activities by equipment manufacturers to bring energy-efficient products is predicted to create lucrative opportunities for market players operating in the global industrial microwave heating equipment market.”
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Key Findings for Industrial Microwave Heating Equipment Market
RF solid-state amplifiers is predicted to grow at a significant rate during the forecast period, owing to its low maintenance, increased operating life, fast frequency hopping, and high-precision output power control.
Food segment is dominating the global market on account of the rise in the adoption of microwave heating equipment across different food processes such as puffing, cooking, sterilizing, drying, and vacuum drying.
Europe has emerged as the major revenue contributor to the market and is expected to exhibit exponential growth during the forecast period with the support of rising industrialization and strict government policies.
Plastic segment drives the major demand for industrial microwave heating equipment owing to its wide applicability in numerous procedures such as heating epoxide pipes, preheating plastic profiles, and drying casting core.
Leading market players primarily focus on devising innovative growth strategies in the form of acquisitions, collaborations, partnerships, mergers, and product launches to sustain the competition. L3 Technologies, Inc., Muegge GmbH, Communications & Power Industries LLC Microwave Systems Ltd., Toshiba International Corporation, Hitachi Power Solutions Co., Ltd., STT International Limited, Teledyne e2v Limited, Industrial CoberMuegge LLC, Panasonic Corporation, and Richardson Electronics, Ltd., are some of the prominent players working in the global industrial microwave heating equipment market.
Regional Outlook and Trend Analysis
The European market is predicted to witness substantial growth during the forecast period. This growth can be attributed to rising investments by market players and favorable government policies for the adoption of microwave equipment for industrial applications. Rise in the food and paper companies in the North America region has lead to a surge in demand for heating equipment. Asia Pacific’s regional market is accounted for the largest revenue share and is anticipated to do so in the near future owing to the presence of prominent market players.