According to our latest market study on “Industrial Agitators Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Power Rating, Mounting Type, Mixing Type, and End-Use Industry,” the market is expected to grow from US$ 1,931.8 million in 2021 to reach US$ 2,638.6 million by 2028; it is expected to grow at a CAGR of 4.0% from 2021 to 2028.
Small and medium enterprises play an integral part in the growth of any country’s economy. In these emerging economies such as China and India, the SMEs contributes more than 60% and around 40% to the GDP, according to Statista data 2021 and SME Chamber of India data. With fast changing technology scenario and growing number of small and medium manufacturers, the demand for innovative industrial agitator market is growing continuously. In addition to the developing companies, the revenue growth rate of middle market companies in developed countries such as the US, Canada, Germany, and the UK has been surging at a consistent pace and it is expected to outperform various economic segments in these countries. For instance, as per U.S. Federal Reserve report 2021, small businesses are expected to continue a positive revenue growth and profitability in the coming few years with Small Business Optimism Index remained at a high level. Further in the US, the total number of SMEs are reached 31.7 million, making up nearly all (99.9 percent) US businesses, according to Oberlo data 2020. Therefore, with the growing small and medium industries all across the globe, the need for industrial agitator market will be high due to wide range of applications in chemical, paper & pulp, ethanol & biofuels, water & wastewater, food & beverages, energy & power, and various other general process industries.
The outbreak of COVID-19 has affected the world adversely and its impacts are still prevailing in various countries across the world. Until the outbreak of COVID-19, the industrial agitator market was observing considerable growth in many regions; however, the outbreak of COVID-19 has led to significant decline in adoption of industrial agitator market. Owing to various containment measures such as lockdowns, business shutdown, and travel restrictions, the production and supply chain of industrial agitator market was impacted negatively leading to decline in production. Since various countries strictly implemented containment measures to control the rising number of COVID-19 cases, trading activities were majorly affected, which further impacted the manufacturing of industrial agitator market negatively from the supply side till 2020. Amid the COVID-19 pandemic, paint & coatings and cosmetics businesses were hampered drastically. However, since many trade operations have started picking pace from the last quarter of 2020, market players were expecting some growth in the demand for industrial agitator market from the end users. The global industrial agitator market is anticipated to recover the lack of demand in the coming months and the subsequent years.
Key Findings of Study:
The industrial agitators market is segmented based on power rating, mounting type, mixing type, and end-use industry, and geography. Based on power rating, the market is segmented into less than 50 HP, 51 HP - 85 HP, 86 HP - 130 HP, and 131 and above. The less than 50 HP segment represented the largest share of the overall market in 2020. In terms of mounting type, the market is segmented into top-mounted, bottom-mounted, and side-mounted. In 2020, the top-mounted segment accounted for the substantial share of the market. Similarly, based on mixing type, the market is segmented into solid–solid mixture, solid–liquid mixture, liquid–liquid mixture, and liquid–gas mixture. The liquid–liquid mixture segment represented the largest share of the overall market in 2020. Further, in terms of end-use industry, the market is segmented into food and beverages, paint and coatings, chemical, mineral, pharmaceutical, cosmetics, and others. In 2020, the paint and coatings segment accounted for the substantial share of the market. Geographically, North America held the largest share of the industrial agitators market in 2020, followed by Europe and APAC. Further, the market in APAC is projected to witness the highest growth rate during the forecast period.
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