The mechanical vapour recompression market is expanding due to the increasing use of MVR technology in a variety of sectors. This technology gives businesses an economic advantage by assisting them in lowering their energy consumption and, eventually, operational costs. The market is expanding as a result of industrial facilities placing more emphasis on sustainability and energy efficiency. Government programmes and rules that encourage the use of energy-efficient technologies are also propelling the market's expansion.
The mechanical vapour recompression (MVR) market is expanding due to the rising need for energy efficiency and cost reduction. MVR technology has a number of advantages, including lower operating costs, improved total thermal efficiency, and lower capital expenditure. It is used to save energy and save operating costs in a variety of industries, including the chemical, paper & pulp, food & beverage, and environmental industries. During the forecast period of 2021–2031, the market is anticipated to be driven by the rising need for efficient and affordable technologies.
Numerous benefits make the Mechanical Vapor Recompression (MVR) market an appealing choice for companies in industrial and commercial applications. Increased energy efficiency, low running costs, lower greenhouse gas emissions, flexible design and operation options, dependability, scalability, and cost-effectiveness are some of these benefits. The heat contained in the exhaust vapour is utilised by MVR technology to power its operations. This lowers the amount of energy needed to run it, which in turn lowers operating expenses. Additionally, by reheating and reusing the exhaust vapour in the system, it greatly lowers greenhouse gas emissions, making it a more environmentally friendly alternative.
Energy can be recovered from waste vapour streams using the mechanical vapour recompression (MVR) process. The waste vapour stream is compressed to a higher-pressure state, which raises the temperature and enables the recovery of thermal energy that can be used as an energy source or reused within the system. MVR technology can cut energy expenses by up to 70% and is utilised in a wide range of industrial applications.
The mechanical vapour recompression market is expected to reach USD 1,817.5 million in value by 2021, expanding at a CAGR of 6.1% over the forecast period.
Numerous issues, including high capital expenditures and operational complexity, are impeding the growth of the Mechanical Vapor Recompression (MVR) Market. In some situations when the volume of evaporation is relatively low, the initial expenditure for MVR systems may be challenging to justify because it is fairly high compared to alternative technologies. MVR systems also need to be operated and maintained by qualified staff due to their sophisticated design, as they need ongoing monitoring and maintenance to perform without issues. However, improvements in MVR system technology and a rise in the usage of cheaper, more effective parts can lessen these limitations. Additionally, in the upcoming years, the industry is anticipated to benefit greatly from growing environmental concerns and ongoing attempts to conserve energy and water.
Numerous major manufacturers are fighting in the highly fragmented worldwide Mechanical Vapor Recompression (MVR) market. GEA Group, SPX Flow, Inc., Sulzer Ltd., Atlas Copco AB, and WABTEC Corporation are a few of the market's top competitors. Saacke Group, Koch-Glitsch LP, Pneumofore SPA, Siemens AG, KSB SE & Co KGaA, Ebara Corporation, IHI Corporation, and Xylem Inc. are other well-known companies that compete in the worldwide MVR market.
The Less than 50ton/h Type to Emerge as the Most Lucrative Segment
Due to its many uses in the industry and better and more effective vapour recompression technique, the less than 50 Ton/H segment commands the majority of this market. Due to its high efficiency, low energy consumption, and cost-effectiveness, the 50ton/h-100ton/h category is predicted to increase at the quickest rate between 2021 and 2031. Due to its great efficiency and cost effectiveness, the more than 100ton/h segment is anticipated to experience rapid expansion in the near future.
The Most Popular Application Segment is Chemical Industry
Due to the growing demand for its products in the chemical and petrochemical industries, the chemical industry segment led this market in 2020. Due to its high efficiency, low energy usage, and cost-effectiveness, the food and beverage segment is predicted to increase at the quickest rate between 2021 and 2031. Due to its expanding use in desalination and wastewater treatment operations, the environmental industry segment is anticipated to have significant expansion in the near future. The pharmaceuticals, textile, and paper industries, among other sectors, make up the other section and are likewise predicted to soon hold a sizable market share.
North American region to render Adequate Financing Avenues
Because of its growing demand from the chemical and petrochemical industry, the food and beverage industry, and other sectors, North America is predicted to occupy the majority of this market. Furthermore, this region's dominant players' presence there also helps explain its huge market share. Due to its rapid industrialisation and rising demand for MVR, the Asia-Pacific region is predicted to have the quickest growth rate. Due to its initiatives to cut energy use and advance green technologies, the Europe area is predicted to soon hold a sizable market share. Between 2021 and 2031, the Middle East and Africa area is anticipated to have consistent growth, with rising investments in the chemical and petrochemical sector.
COVID-19 Impact and Market Status
Due to supply chain disruption and the implementation of lockdown measures in numerous nations in reaction to the COVID-19 epidemic, the market for mechanical vapour recompression (MVR) has seen a considerable fall globally. Due to import and export bans as well as manufacturing plant closures, there is less demand for MVR. Additionally, the market has been badly impacted by the rising unemployment rate. Instead, a lot of businesses have embraced digital transformation and begun providing MVR services online, which has opened up a tonne of potential for the MVR market during this difficult time. The COVID-19 effects on the global MVR market are anticipated to fade in 2021, and the market is projected to expand significantly.
Latest Innovations in the Global Mechanical Vapor Recompression Market: A Snapshot
• For EUR 340 million in December 2020, GEA Group purchased Stork Food & Dairy Systems from VDMA-Group Wohlbier. With this acquisition, GEA's position in the global MVR industry was further bolstered, and it was now able to provide a wide range of products for food applications to its clients.
• For about €220 million, SPX Flow purchased Pneumofore SPA in January 2020. By acquiring Pneumofore, SPX FLOW was able to increase the scope of its offerings and establish itself as the industry leader in the MVR market.
Mechanical Vapor Recompression (MVR) Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||USD 1,817.5 million|
|Growth Rate||CAGR of 6.1% during 2021-2031|
|Segment Covered||by Type, By Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||GEA Group, SPX Flow, Inc., Sulzer Ltd., Atlas Copco AB, and WABTEC Corporation are a few of the market's top competitors. Saacke Group, Koch-Glitsch LP, Pneumofore SPA, Siemens AG, KSB SE & Co KGaA, Ebara Corporation, IHI Corporation, and Xylem Inc.|
Key Segments of the Mechanical Vapor Recompression (MVR)
• Less than 50ton/h
• more than 100ton/h
By Application Overview, 2021-2031 (USD Billion)
• Chemical Industry
• Food and Beverage
• Environmental Industry
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa