LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global refrigerated air dryer (RAD) market to grow at a CAGR of almost 7% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global RAD market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The changing demographics and changing lifestyles have a profound impact on the food consumption and the healthcare requirements of the population. The global food consumption patterns have changed over time. Globalization and increased per capita income are changing the eating habits of individuals all around the world. For instance, instead of consuming canned vegetables and fruits in winters, people buy fresh fruits, vegetables, and other farm produce all year long from grocery stores.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global RAD market:
- Increased contract manufacturing in pharmaceutical
- Growing demand for packaged food and beverages
- R&D opportunities
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Increased contract manufacturing in pharmaceutical
Changing climates, consumption patterns, and lifestyles and rising disposable incomes across the world have resulted in increased health-related issues. For instance, the number of people who have diabetes has witnessed a near fourfold increase in the last three decades. To cope with the rise in health issues, governments across the world are investing heavily in healthcare sectors in order to provide a better-quality life for their citizens.
Gaurav Mohindru, a lead unit operations research analyst at Technavio, says, “The growth of the overall pharmaceutical market has also led to the growth in certain subsectors, such as contract manufacturing. Contract manufacturing organizations of small and large molecule drug substances and formulated drug products have had lucrative businesses in recent years.”
Growing demand for packaged food and beverages
Packaged food and beverages have been witnessing a rise in demand across various countries, which has resulted in the growing demand for RADs. The growing disposable income in countries, such as India, China, and Brazil, is a key factor for the rising demand for packaged food and beverage products.
“The continuous growth in population in various countries has given rise to the demand for packaged food products, which has resulted in the increased demand for packaging paper. Since RADs are widely used in paper as well as the food processing industry, the rising demand for packaged food is directly resulting in the growing demand for RADs. Thus, the increase in the demand for packaged food and beverage products is expected to drive the sales of RADs in the forecast period,” adds Gaurav.
R&D opportunities
Drying technology is a blend of material science and transport phenomena. Since drying mechanisms involve transient energy, mass, and momentum transfer through a porous or nonporous medium, with phase change and with or without chemical reactions, to describe and model them is a complex task. Due to this complexity and diversity, there is no universal drying theory. This has created opportunities for R&D in various areas.
Since the inception of the International Drying Symposium (IDS) series in 1978 in Canada, there has been a remarkable increase in R&D to understand drying technology fundamentals and applying them to enhance the performance of traditional drying techniques as well as developing innovative ones. IDS has been a biennial event since 1977 and is organized in major geographies globally, such as Canada (1978), France (1988), Greece (1998), and India (2008).
Top vendors:
- ANEST IWATA
- Atlas Copco
- Donaldson Company
- Eaton Compressor
- Ingersoll-Rand
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