(EMAILWIRE.COM, July 30, 2020 ) The increasing demand for centrifuges in process industries, rising need for wastewater management solutions, and technological advancements in centrifuge systems are the major factors driving the growth of this market. The objective of the report is to define, describe, and forecast the industrial centrifuges market size based on type, design, mode of operation, end user, and region.

How the Market Growth looks like and Industry Segmentation?

The Industrial Centrifuges Market is projected to reach USD 11.06 billion, at a CAGR of 4.9% during the forecast period.

Based on type, the global industrial centrifuges market is segmented into sedimentation centrifuges and filtering centrifuges. In 2017, the sedimentation centrifuges segment is expected to account for the largest share of the industrial centrifuges market. The wide range of industrial applications, ability to achieve high speeds, increase in oil and gas explorations, and rising need of wastewater treatment are the major factors contributing to the growth of this segment.

Based on end user, the industrial centrifuges market is segmented into the chemical industry, food & beverage industry, metal industry, mining industry, pharmaceutical and biotechnology industries, power industry, pulp and paper industry, wastewater treatment plants, and water purification plants. In 2017, wastewater treatment plants segment is expected to witness the highest growth during the forecast period. The increasing population levels, environmental degradation, economic development (resulting in rapid urbanization and industrialization), increasing government spending on water utilities and wastewater treatment, and stringent regulations on wastewater discharge are the major factors driving the growth of this segment.

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Market Dynamics:

Opportunity: Development of Next-Generation Centrifuges;

The pace of technology change is increasing exponentially, and hence most companies understand the need to respond and adapt to the evolving use of technology by their customers. In the industrial centrifuges sector, technological advancements are playing an integral role in the development of next-generation centrifuges.

For instance, in February 2013, Iran announced the development of a new generation of centrifuges called the IR-8 centrifuges. These centrifuges enable uranium enrichment at a faster pace and are considered to be 15 times more powerful as compared to the currently used centrifuges. To support such technological advancements, governments in several countries are encouraging research and development in the field of centrifugation technologies.

For instance, in June 2012, the US Department of Energy (DOE) and the United States Enrichment Corporation (USEC) entered into a cooperative agreement for a research, development, and demonstration (RD&D) program for the development of next-generation uranium enrichment technology. Similarly, several players are undertaking initiatives to launch innovative next-generation centrifugation systems in the market.

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Geographical Regions Mapped in Report:

North America is expected to account for the largest share of the market. The large market share of the North American market is attributed to the factors such as the high demand for crude oil, a large number of shale oil and gas drilling activities, government initiatives to manage wastewater, flourishing food processing industry, technological advancements, and government support for the development of innovative centrifugation systems are the key factors driving the growth of the market in North America. Europe is expected to hold the second-largest share in this market.

Major Key Players Mapped in Research Report:

The market is highly fragmented with several big and small players. Prominent players in the market include Andritz, Alfa Laval, GEA Group, Mitsubishi Kakoki Kaisha, Thomas Broadbent, FLSmidth, Schlumberger, Hiller, Ferrum, TEMA, HEINKEL, Gruppo Pieralisi, SPX Flow, and HAUS Centrifuge Technologies.