The North America industrial agitator market accounted for US$ 886.6 Mn in 2018 and is expected to grow at a CAGR of 6.4% over the forecast period 2019-2027, to account for US$ 1539.3 Mn in 2027
NEW YORK, Dec. 31, 2019 /PRNewswire/ --
The North America industrial agitator market accounted for US$ 886.6 Mn in 2018 and is expected to grow at a CAGR of 6.4% over the forecast period 2019-2027, to account for US$ 1539.3 Mn in 2027. The increasing industrialization around the world, rising economic growth, and rising demand owing to the need for efficient agitation systems from industries are the major factors that are propelling the growth of the industrial agitator market. Moreover, the growing number of small and medium manufacturers to boost the future demand for portable/modular agitators, which in turn is expected to boost the industrial agitator market during the forecast period. Further, the utilization of application-specific custom agitators in food and cosmetics industries is anticipated to offer lucrative growth opportunities for the industrial agitator market. The wide variety of substances used in food and cosmetics industries demand very specifically mixing solutions that fulfill strict safety regulations, hygiene standards, and efficiency mandates. The increasing custom mixing applications in these industries are driving the demand for custom industrial agitators. Hygienic and uncontaminated mixing is a top priority for the food and cosmetics manufacturers. Since sanitation plays a crucial role in these industries, agitator manufacturers are increasingly focusing on offering such custom agitators to the end-users. For instance, there are companies such as Alfa Laval offering agitators in various configurations; these agitators are highly flexible and can also be tailor-made for specific applications through the combination of different drives, shaft lengths, seals, and propellers. Hence, the demand for application-specific custom agitators, especially for sanitary and efficient mixing, is anticipated to grow at an impressive rate during the forecast period of 2019 to 2027 and it will drive the North America market for industrial agitators.
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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.
The governments of North American countries are developing various policies and outlining best practices to implement digital transformation and to promote innovation in various industry sectors.The oil & gas, petrochemicals, food, and beverages, as well as the pharmaceutical industry, are growing at a fast pace in this region.
The US market is characterized by some of the renowned oil & gas companies, and the government is pushing for innovations in this industry to boost operational efficiency and productivity.Natural Gas is an abundant resource available in the country, and the natural gas extraction has witnessed higher growth in recent times owing to the depleting petroleum resources.
The technological advancements in these industry verticals are also high as a result of the presence of large technological companies in the region coupled with increased investments from the government for the research and development activities in these industries. The oil & gas industry for the downstream processing of natural gas has been an important adopter of industrial agitators in the US, and it is anticipated to drive the future growth of the industrial agitator market in this region.
The industrial agitator market on the basis of mounting type is segmented into top-mounted, bottom-mounted, and side-mounted.During the forecast period of 2019 to 2027, the top-mounted segment is anticipated to be the largest contributor in the industrial agitator market.
However, side-mounted is projected to be the fastest growing mounting type with the highest CAGR 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 North American 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., Dynamix Agitators Inc., Tacmina Corporation, Statiflo Group, Ekato Group, Silverson Machines, Inc., and Alfa Laval among others.
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