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Container washing - growing hygiene & safety concerns present opportunities globally
A new Research & Markets report, which valued the container washing market at US$ 720.45 million in 2019, says that growing hygiene and safety concerns, plus the emergence of container rental services along with mobile container washing systems, will create a Compound Annual Growth Rate of 2.88%, to reach US$ 845.44 million by 2027.
Owing to the growing concerns over waste management and carbon emissions, various initiatives are being adopted by governments, corporates and international associations for sustainable development, it notes.
Several industries across the world are adopting reusable and recycled material in their supply chains. Industries such as waste management, chemicals, food & beverages, oil & gas, pharmaceuticals and retail are adopting reusable and recyclable materials for performing various business operations. Amongst these is the use of reusable and recyclable containers for various procurement and bulk packaging operations.
Reusable containers are proven to be cost-efficient for long-term usage. Further, integrating reusable materials also helps organisations meet their sustainability goals and governments across the world are providing impetus for sustainability by offering benefits in the form of tax incentives and subsidies to promote the practice of recycling and reusing.
Thus, with rising concerns for waste management and a growing need for sustainable development, the container washing system market is experiencing significant growth.
Geographically, North America held the largest share of the container washing system market in 2019, followed by Asia Pacific and Europe. Asia Pacific is projected to witness the highest growth during the forecast period.
The browser isolation software market is segmented into technology, application and geography. Based on technology, the market is further bifurcated into automatic container washing systems and semi-automatic container washing systems. The automatic container washing system segment represents a larger share of the overall market during the forecast period.
Based on application, the market is further segmented into food & beverages, chemical, healthcare/pharmaceutical, oil & gas, and others. In 2019, the food & beverages segment accounted for a substantial share in the global container washing system market.
Covid-19 has severely disrupted the supply chain and manufacturing of industrial equipment. The manufacturing industry is likely to pick up pace sooner as governments across the globe lift the various containment measures to revive the economy. The production of industrial equipment is anticipated to gain pace from 2021, which is further foreseen to positively influence industrial equipment manufacturing - including container washing systems.
Research & Markets says that the report will save interested parties time carrying out entry-level research by identifying global trends and emerging markets, as well as the growth, size, leading players and segments in the sector, whilst highlighting key business priorities that will assist in realigning their long-term business strategies.
4th February 2021