Process Equipment Market Size (2024 - 2029)

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.