The sudden outbreak of COVID-19 has adversely affected the growth of the global mass transfer equipment market. The market is predicted to recover from the incurred losses by the second or third quarter of 2022. Stoppage of industrial activities due to the implementation of lockdown is hindering the global market growth. The market is likely to bounce back from the incurred losses once the functioning of industries resumes post-COVID-19 pandemic.
The recent research report on the global mass transfer equipment market by Research Dive divulges the influence of Coronavirus pandemic on the present and future market growth. This report is a thorough research formulated by taking into consideration key driving factors, restraints, opportunities, recent trends, and size & scope of the market during the COVID-19 crisis.
• Highlights of the Report:
The global mass transfer equipment market has experienced notable progress previously, but the unexpected rise of the COVID-19 pandemic has restricted the market growth.
As per the report, the global mass transfer equipment market was valued at $2,643.4 million in 2018 and is expected to hit $4,599.2 million by 2026, growing at a CAGR of 7.1% during the pandemic period.
The size of the market in the present situation has reached $1,979.8 million due to the stoppage of industries and the enforcement of lockdown in various parts of the world. Analysts have projected that the market is likely to recuperate from the incurred losses and grow considerably by the second or third quarter of 2022.
• Factors Driving the Market Growth amidst COVID-19 Pandemic
The execution of lockdown in various parts of the world has resulted in a slowdown or halt in the functioning of various industries including chemical, oil & gas, and others. As mass transfer equipment are extensively used for mass transfers across such industries, the stoppage of these factories has brought the growth of the global mass transfer equipment market to a standstill. COVID-19 has increased the demand for safe and fresh drinking water; the use of these equipment in the water treatment plants is likely to boost the market during COVID-19 Crisis.
• Current Market Transformation Due to Covid-19:
The growing requirement for mass transfer equipment’ in the water filtration processes is likely to bring lucrative opportunities for market players during the COVID-19 crisis. Market players have started undertaking initiatives for new projects or services to contribute their share in offering safe water and withstand their business during this crisis period. Some of the prominent players active in the global mass transfer equipment market are Munters Group, HAT International Ltd., Ulzer Ltd, Tianjin Univtech Co., Ltd., MTE Group., Koch-Glitsch., Baretti, Beijing Zehua Chemical Engineering Co., Ltd., Finepac Structures Pvt. Ltd., and others.
To tackle the impact of COVID-19 pandemic on global economies, government bodies are taking significant steps and implementing schemes for promoting businesses. Recently, Finepac and Structures, a specialist in mass transfer and separation technology has developed a new type of mass transfer equipment that boasts to have high-speed axial cyclone separator. Owing to such innovative technological developments, the global mass transfer equipment market is expected to gain progress post-COVID-19 pandemic.