Rising Demand from Pharmaceutical Industry Presents Sorting Equipment Market Valuation of US$ 7.5 Billion from 2022 to 2032 | Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The global sorting equipment market is expected to be dominated by Asia Pacific excluding Japan over the forecast period 2022 to 2032. Tomra, BarcoVision, Satake USA, MSS Inc., Raytec Vision, BoMill, Greefa, CP Manufacturing, and Meyer, among others, are a few of the dominant players in the sorting equipment market profiled in the full version of the report
DUBAI, United Arab Emirates, March 09, 2023 (GLOBE NEWSWIRE) -- The global sorting equipment market is projected to amass a revenue of US$ 7.5 billion by 2032 as opposed to US$ 3.9 billion in 2032. The market is slated to register a CAGR range of 5% to 6% from 2022 to 2032. Industrial machineries that separate and arrange goods systematically by grouping them together are referred to as sorting equipment.
This equipment automates the process of segregation and sorts goods on the basis of structural characteristics, color, weight, size, chemical composition, shape, and other parameters. Owing to these features of sorting equipment, the market for the same observes greater demand across multiple industrial verticals including food and beverage, chemicals, plastics, and packaging sectors, among others.
Historically, the sorting equipment market was evaluated at US$ 3.7 billion in 2021 while registering a strong growth rate from 2015 to 2020. The market for sorting equipment is heavily influenced by the globally expanding pharmaceutical sector. Due to the increasing prevalence of numerous diseases, the pharmaceutical industry is undergoing robust growth with many pharmaceutical firms concentrating on developing novel drugs and increasing their production capacity.
Here, the sorting equipment plays a vital role by sorting capsules and tablets according to their weight, size, and shape to maintain quality, accuracy, and efficiency. For instance, in 2021, Glenmark Life Science, a pharmaceutical giant in India, announced an investment of US$ 78.7 million for doubling its drug production capacity in the next four years. Developments like these augur well for the sorting equipment market as these devices ensure accuracy and efficiency during the production process.
Similarly, a rapidly growing food and beverage industry also makes extensive use of the sorting equipment. The usage of sorting equipment reduces the need for labor and fastens up the manufacturing process which is one of the reasons for its application in the food and beverage sector. Thus, with significant contributions from the pharmaceutical and food and beverage industry, the sorting equipment market looks at bright prospects in the upcoming years. Though the sorting equipment market is expected to undergo steady growth, it is not without its share of challenges. The high cost of this equipment and the added cost of extra parts, repair, and maintenance will impede the market growth. The low adoption rate of these machineries by small and medium-sized firms also limits the market growth.
Key Takeaways:
Asia Pacific excluding Japan region will dominate the global sorting equipment market due to the prevailing Industry 4.0 trend.
The sorting equipment market in Eastern Europe will account for a sizeable portion of the market share as these machinery are being increasingly adopted by different industrial verticals.
High cost of the equipment and expansive installation and maintenance of the same hinder market growth.
Tomra, BarcoVision, Satake USA, MSS Inc., Raytec Vision, BoMill, Greefa, CP Manufacturing, and Meyer, among others, are a few of the dominant players in the sorting equipment market profiled in the full version of the report.
Prominent market players are keen on investing more in research and development efforts to produce novel and innovative products to expand their product portfolio. These businesses focus on launching new products. A few of these participants also employ various organic and inorganic growth strategies. Recently, for example, Glenmark Life Science, a pharmaceutical giant in India, announced an investment of US$ 78.7 million for doubling its drug production capacity in the next four years.
More Insights Into Sorting Equipment Market
In its latest report, FMI offers an unbiased analysis of the global sorting equipment market, providing historical data from 2015 to 2020 and forecast statistics for 2022 to 2032. The report delivers a ten-year sales forecast, insightful breakdown of drivers, challenges, opportunities, trends, and segmentation of the market. To generate a complete understanding of the global market potential, growth, and scope, the market is segmented on the basis of product type, end-use, and region.
According to reports, based on region, the sorting equipment market in the Asia Pacific excluding Japan region will exhibit substantial growth. The target market in this region will dominate in the international space. Prevailing adoption of Industry 4.0 trends, increasing automation to lessen labor costs, and a rapidly expanding FMCG sector will fuel the growth of the sorting equipment market in the Asia Pacific excluding Japan region. Eastern Europe will also demonstrate notable growth in the sorting equipment market. Thus, the growing adoption of automation, increasing demand from multiple industrial verticals, and the contribution of the Asia Pacific excluding Japan region will drive the growth of the sorting equipment market.
Key Segments Profiled in the Sorting Equipment Market Survey
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