Freeze Drying Equipment Market to Reach US$30.98 Billion by 2019
From Globe Newswire
According to a new study, global freeze drying equipment market was valued at US$15.9 billion in 2012 and is expected to reach US$30.98 billion by 2019 at a CAGR of 10.5% during 2013-2019 forecast period.
Industrial freeze drying showed the highest demand and was estimated as the largest product segment with 45% of the total revenue market in 2012, and is expected to be a leading product segment at a CAGR of 10.3% during the forecast period. Mobile freeze drying demonstrated a huge demand in the past few years and is expected to be the fastest growing segment with a CAGR of 11.1% during 2013-2019 forecast period.
The food processing segment was the leading application segment with a 35% of the total market share in 2012, and is expected to show a substantial growth in the next few years. Biotechnology is expected to be the fastest growing application at a CAGR of 11.2% between 2012 and 2019. Pharmaceuticals will be another growing application in the next few years due to increasing demand for production in antibiotics and capsule packaging.
North America dominated the global freeze drying market with 30% of the global revenue market share in 2012. Europe was the second leading market, with 28% of total market share in 2012. Due to rising demand for leather conservation and food, the European market is expected to hold a significant market share globally in the next few years. New plan establishment and extensive expansions in Asia Pacific is expected to show the highest growth at a CAGR of 11.2% during 2013 – 2019 forecast period.