Market Trends of Tubular Membrane Industry
This section covers the major market trends shaping the Tubular Membrane Market according to our research experts:
Energy & Power Segment to Dominate the Market
- The extensive use of tubular membranes in the energy and power industry is increasing incessantly with the rising demand for the power required to cater to the growing manufacturing industries. The industry is one of the largest water-consuming sectors across all the existing industries.
- Stringent government rules have surged the consumption of tubular membranes in power plants to process wastewater generated from all plant production units like cooling towers, flue gas desulfurization, boilers, etc.
- The industry is escalating continuously due to high power demand from a vast population and hence the consumption of tubular membrane is expected to grow during the forecast period. Furthermore, stringent government regulations regarding power generation are anticipated to boost the market studied.
- The global energy production from nuclear plants in 2020 is projected to be 2.71 trillion kilowatt hours and is forecasted to reach 2.78 trillion kilowatt hours by the end of 2025.
- All the aforementioned factors are expected to drive the tubular membrane market during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region holds a prominent share in the tubular membrane market globally and is expected to dominate the market studied during the forecast period.
- Asia-Pacific region dominates in terms of overall installed capacity of coal power plants with China and India dominating the global front in the sector. China has the largest installed capacity globally accounting for more than 973 gigawatts whereas India ranks third with a capacity of around 220 gigawatts.
- Furthermore, the revenue from the food & beverage industry in the region in 2020 is projected to be USD 44.2 billion out of global industry revenue of USD 76.78 billion. Hence contributing to the high demand for tubular membrane in the region.
- Moreover, China is the largest chemicals producers in the world and is responsible for 24% of the chemicals produced globally. In 2019, the total revenue generated by China from the sales of chemicals was about USD 1340 billion. Japan, India, South Korea from the region are also amongst the top ten chemicals producing countries.
- Thus, rising demand from various industries coupled with government support is expected to drive the market studied in the region during the forecast period.
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