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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About Grand View Research:
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights.
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Corporate Sales Specialist, USA
Grand View Research, Inc