The Asia Pacific industrial agitator market accounted for US$ 555.5 Mn in 2018 and is expected to grow at a CAGR of 10.7% over the forecast period 2019-2027, to account for US$ 1381.5 Mn in 2027
NEW YORK, Jan. 20, 2020 /PRNewswire/ -- The Asia Pacific industrial agitator market accounted for US$ 555.5 Mn in 2018 and is expected to grow at a CAGR of 10.7% over the forecast period 2019-2027, to account for US$ 1381.5 Mn in 2027. The increasing industrialization and positive economic growth in manufacturing and process industries are propelling the growth of the industrial agitator market. Moreover, the Rising need for efficient agitation systems from industries is boosting the industrial agitator market growth significantly. Further, the SMEs are anticipated to boost the future demand of portable/modular agitators. The Asia Pacific region is expected to grow at around 5% to 6% this year and anticipated to contribute around two-thirds to the global growth. During the forecast period of 2019 to 2027, due to the increasing industrialization and urbanization in developing countries such as China and India, Asia Pacific region is expected to be the fastest-growing region in the industrial agitator market with the highest CAGR from 2019 to 2027. The presence of fast growing countries such as China and India as well as developed countries such as Japan, makes Asia pacific as one of the most promising market for the growth of industrial agitator.
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The industrial agitator market is fragmented in nature due to the presence of several industries, and the competitive dynamics in the market is anticipated to change during the coming years.In addition to this, various initiatives are undertaken by governmental bodies to accelerate the industrial agitator market further.
Various governments in the Asia Pacific region are taking initiatives to boost the industrial development in the region.China is already the manufacturing capital of the world and it is leading in a large number of industries.
The Chinese government is very keen to maintain its stronghold and competitiveness through initiatives such as Industry 4.0, Made in China 2025, and Internet Plus. Australia has also taken initiatives to promote digital transformation of various industries with announcement of 'Digital Transformation Strategy'. In terms of industrial production, China and India are already leading in various industry sectors and the number of strategies to boost manufacturing sector is constantly rising in these countries. For instance, the "Make in India" initiative by Indian government for boosting the manufacturing sector and "Skill India" initiative to prepare skilled labor force for future industries. All these factors are anticipated to drive the demand of industrial agitators in this region.
The industrial agitator market is segmented into general industry, chemicals, mining, oil & gas, food and beverages, and cosmetics.The general industry segment includes industries such as paper & pulp, water & wastewater, power plants, and petrochemicals.
During the forecast period of 2019 to 2027, the general industry segment is anticipated to be the largest contributor in the global industrial agitator market. However, mining is projected to be the fastest growing industry vertical over the forecast period.
The overall industrial agitator market size has been derived using both primary and secondary source.The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the industrial agitator market.
It also provides an overview and forecast for the industrial agitator market based on all the segmentation provided with respect to the Asia Pacifica region.Also, primary interviews were conducted with industry participants and commentators to validate data and analysis.
The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the industrial agitator market. Some of the players present in industrial agitator market are Xylem Inc., SPX Flow, Inc., Sulzer Ltd, Philadelphia Mixing Solutions, Ltd., Mixel Group, Tacmina Corporation, Statiflo Group, Ekato Group, Silverson Machines, Inc., and Alfa Laval among others.
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