The hygienic pumps and valves market size is predicted to grow from USD 2.3 billion in 2023 to USD 2.8 billion by 2028, at a CAGR of 3.7%.
Hygienic pumps and valves are used in different industries, such as food and beverages. Manufacturers across these industries must follow several hygiene standards defined by various associations. These standards help in the adoption of hygienic equipment, as they provide control over processes, enhance production, and avoid the contamination of products. In the pharmaceutical industry, manufacturing pharmaceutical products requires maintaining high hygiene standards at each phase of the manufacturing process.
Alfa Laval (Sweden), GEA Group Aktiengesellschaft (Germany), SPX FLOW, Inc. (US), Emerson Electric Co. (US), Spirax-Sarco Engineering plc (UK), Flowserve Corporation (US), ITT Inc. (US), KSB SE & Co. KGaA (Germany), Christian Bürkert GmbH & Co. KG (Germany), GEMÜ Group (Germany), and SAMSON AG (Germany) are among a few top players in the Hygienic Pumps and Valves Companies.
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DRIVERS: Rising demand for processed food & beverages globally
In recent years, a tremendous rise can be seen in the consumption of processed food globally. Several facts contribute to the overall increased processed food industry. Changing lifestyles, growing globalization, and rising population are major driving factors supporting the adoption of processed foods and beverages. The growing population and increasing economy have pushed the trend for packaged foods and drinks as they are more conveniently available and can be stored longer than fresh foods. The cost of living has improved, so the population is leading a busier lifestyle, hence opting to cut down the efforts and time needed to cook the food. These factors have significantly risen the refrigerated and ready-to-eat packaged food markets.
OPPORTUNITIES: Growing adoption of IIoT in process industries
Hygienic/sanitary pumps and valves are critical components of various industrial equipment in process industries such as food & beverage and pharmaceutical. The failure of these pumps and valves could lead to disruptions in plant processes. Traditional, schedule-based maintenance methods fail to alert manufacturing companies about impending valve failures. Due to this, technicians often inform about faults while inspecting pumps and valves, resulting in unplanned downtime. However, recent developments in data science, communications, and computing power have enabled companies to leverage the IIoT technology to reduce unplanned downtime due to valve failure. IIoT enables hygienic pump and valve experts to monitor their health in a plant remotely and track the efficiency, lifecycle, and potential chances of failure of these valves.
CHALLENGES: Rising competition from gray market players and unorganized sector
With the increasing number of local players across regions and the growing existence of gray market players, the competition for industrial players is increasing enormously. With the growing competition, the well-established players in this market face challenges, especially in developing regions such as Asia Pacific and South America. These players must be cautious and sensitive about their product quality, service offerings, and commitments to their industrial customers. The gray market players are known for buying products from low-price countries or regions and selling them to high-price countries or regions through distribution channels not authorized by the original manufacturer or trademark proprietor. All these factors act as a challenge for existing market players.
Tuesday, August 1, 2023
Hygienic Pumps and Valves Market Insights, Industry Outlook, Growing Trends And Demands 2028
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