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Process Equipment Market Size (2024 - 2029)

The Process Equipment Market is experiencing growth driven by factors such as increasing globalization, industrialization, and the adoption of advanced technologies and automation across various industries. The demand for high-quality products and reduced project execution timelines further contribute to the market's expansion. Key drivers include the need for wastewater treatment in refining and pharmaceutical industries, the rising demand for potable water, and the growing scope of the metal and mining industry due to the transition to clean energy technologies. Despite challenges posed by COVID-19, which disrupted supply chains and affected operational capabilities, the market is poised for significant growth opportunities, particularly in mineral production essential for electric vehicles and batteries.

Market Size of Process Equipment Industry

Process Equipment Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 95.38 Billion
Market Size (2029) USD 119.34 Billion
CAGR (2024 - 2029) 4.58 %
Fastest Growing Market Asia Pacific
Largest Market North America
Market Concentration Low

Major Players

Process Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

Process Equipment Market Analysis

The Process Equipment Market size is estimated at USD 95.38 billion in 2024, and is expected to reach USD 119.34 billion by 2029, growing at a CAGR of 4.58% during the forecast period (2024-2029).

Industrial processing equipment includes a wide range of products and spare parts that are destined for critical requirements within different downstream manufacturing sectors. Such process equipment plays a significant role in many reactions or operations that cannot be done under normal environmental conditions related to temperature, pressure, or safety purposes.

  • Increasing globalization and industrialization, surging advanced technologies, and adoption of automation across all industries are driving the Process Equipment Market. Other prominent factors driving the market include the rising demand for high-quality products and reduced project execution timelines. Growing technological advancement, coupled with a sustained surge in the development of manufacturing facilities, is expected to impact the market growth rate during the forecast period.
  • Rapid industrialization and the increasing requirement for wastewater treatment from the refining and pharmaceutical industries are among the key factors driving the market's growth. Also, the rising demand for potable water across the world is having a positive impact on the demand for process equipment.
  • Moreover, the rising scope of the metal and mining industry, owing to the rising demand for clean energy technologies critical in the global transition to net zero, is expected to pose noteworthy demand growth for the process equipment market. According to the International Energy Agency, the world is expected to ask for six times as many of those minerals by 2040 to achieve net zero by mid-century. 
  • Some minerals expected to need even greater increases in production include graphite, cobalt, nickel, and copper. For instance, demand for lithium for electric vehicles and other batteries is projected to grow more than 40-fold by 2040. Thus, exploring and developing sites for these mineral groups will likely pose a significant opportunity for the process equipment market.
  • However, a notable impact of COVID-19 was observed on the global industrial manufacturing segment as the widespread lockdown across various parts disrupted the supply chain of multiple industries. Although the food and beverage, pharmaceutical, and power generation industry were considered essential, supply chain disruptions, fluctuating demand conditions, and uncertain market conditions significantly impacted the operational capabilities of various end-user industries, especially during the initial phase.

Process Equipment Industry Segmentation

Process Equipment can be referred to as the type of equipment that is used in chemical and materials processing in facilities such as refineries, chemical plants, and wastewater treatment plants. Process equipment is typically designed with a specific process or a series of processes in mind. It can also be customized for a particular facility, such as storage, controlling flow, containing chemical reactions, and many other industry-specific processes.

The process equipment market is segmented by equipment type (conveyor systems, filtration systems, mixer, pumps, compressors, valves, heat exchangers, boilers, cooling towers, reactors), end user (food & beverage, chemicals & petrochemicals, power generation, oil & gas, pharmaceuticals, metal & mining, automotive, Others) and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.

By Equipment Type
Conveyor Systems
Filtration Systems
Mixer
Pumps
Compressors
Valves
Heat Exchangers
Boilers
Cooling Towers
Reactors
By End-User
Food and Beverage
Chemicals & Petrochemicals
Power Generation
Oil & Gas
Pharmaceuticals
Metal & Mining
Automotive
Chemical
Power
Food and Beverage
Other End-Users
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Process Equipment Market Size Summary

The Process Equipment Market is poised for significant growth, driven by increasing globalization, industrialization, and the adoption of advanced technologies and automation across various industries. This market encompasses a wide range of industrial processing equipment essential for operations that require specific environmental conditions, such as temperature and pressure control. The demand for high-quality products and expedited project timelines further fuels market expansion. Key sectors contributing to this growth include wastewater treatment, refining, pharmaceuticals, and the burgeoning metal and mining industries, which are increasingly focused on clean energy technologies. The transition to net zero is expected to drive substantial demand for minerals like lithium, cobalt, and nickel, presenting lucrative opportunities for process equipment manufacturers.

The food and beverage processing sector is a significant component of the process equipment market, influenced by global demands for food safety, quality, and sustainability. As the world population grows, the need for efficient food processing equipment becomes critical, with technology playing a pivotal role in enhancing productivity and profitability. The Asia-Pacific region, with its rapid industrialization and urbanization, is a key driver of market growth, supported by substantial investments in oil and gas projects. Major players in the market, such as Emerson Electric Co., Gardner Denver, and ANSYS, Inc., are investing in innovative solutions to maintain their competitive edge. Recent acquisitions and product launches highlight the industry's focus on advancing automation and process control systems, ensuring efficient and sustainable operations across various sectors.

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Process Equipment Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Industry Attractiveness- Porter's Five Forces Analysis

      1. 1.2.1 Bargaining Power of Suppliers

      2. 1.2.2 Bargaining Power of Consumers

      3. 1.2.3 Threat of New Entrants

      4. 1.2.4 Threat of Substitutes

      5. 1.2.5 Intensity of Competitive Rivalry

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Equipment Type

      1. 2.1.1 Conveyor Systems

      2. 2.1.2 Filtration Systems

      3. 2.1.3 Mixer

      4. 2.1.4 Pumps

      5. 2.1.5 Compressors

      6. 2.1.6 Valves

      7. 2.1.7 Heat Exchangers

      8. 2.1.8 Boilers

      9. 2.1.9 Cooling Towers

      10. 2.1.10 Reactors

    2. 2.2 By End-User

      1. 2.2.1 Food and Beverage

      2. 2.2.2 Chemicals & Petrochemicals

      3. 2.2.3 Power Generation

      4. 2.2.4 Oil & Gas

      5. 2.2.5 Pharmaceuticals

      6. 2.2.6 Metal & Mining

      7. 2.2.7 Automotive

      8. 2.2.8 Chemical

      9. 2.2.9 Power

      10. 2.2.10 Food and Beverage

      11. 2.2.11 Other End-Users

      12. 2.2.12

    3. 2.3 By Geography

      1. 2.3.1 North America

      2. 2.3.2 Europe

      3. 2.3.3 Asia-Pacific

      4. 2.3.4 Latin America

      5. 2.3.5 Middle East & Africa

Process Equipment Market Size FAQs

The Process Equipment Market size is expected to reach USD 95.38 billion in 2024 and grow at a CAGR of 4.58% to reach USD 119.34 billion by 2029.

In 2024, the Process Equipment Market size is expected to reach USD 95.38 billion.

Process Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)