The global market for freeze drying equipment is expected to reach USD 35.81 billion by 2020, according to a new study by Grand View Research, Inc. Rapid developments in food processing and pharmaceutical industries are expected to drive the demand of freeze drying equipment over the next six years. However, cost intensive set up of freeze drying equipment is likely to restrain the market. High initial cost prohibits such equipment from reaching its full potential by their substitution with traditional methods in small scale industries.
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Industrial freeze dryer emerged as the leading product segment and accounted for 44.7% of total market revenue in 2013. However, mobile freeze dryer is expected to be the fastest growing product segment, at an estimated CAGR of 12.1% from 2014 to 2020. Increasing adoption of mobile freeze dryers across various end use industries is expected to fuel its demand over the forecast period.
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Further key findings from the study suggest:
• Food processing emerged as the leading application segment for freeze drying equipment and accounted for 35% of total market revenue in 2013. However, biotechnology is expected to be the fastest growing application segment at an estimated CAGR of 12.2%. Growing trend towards adoption of sustainable products is expected to remain a key driving factor for biotechnology which in turn is expected to contribute to the growth of free drying equipment in biotechnology industry. Global demand for freeze drying equipment for pharmaceutical industry is expected to exceed USD 7 billion by 2020.
• North America dominated the global market for freeze drying equipment and accounted for 34.7% of...