Trace Moisture Generator Market’s Near Term Outlook to Remain Stunted owing to COVID-19 crisis, Market to surpass US$ 6.2 Mn through 2030, Infers Fact.MR
Published : 25 May 2020 Industry: Industrial Goods
The global trace moisture generator market was valued at US$ 19.9 million in 2020 and is anticipated to add value worth US$ 6.2 million during the forecast period. The impact of COVID-19 will leave a residual impact, with growth projected at an abysmal 2.7% through 2030. This is largely attributed to latency in end use industries amid stringent lockdowns in many countries. Trade suspensions to prevent the spread of COVID-19 has drastically impacted the market, resulting in a sharp dip in overall revenue.
Plunging demand in microelectronics, petrochemical & chemical industries pose a serious threat of momentum loss in the trace moisture generator market. However, on the contrary, upsurge in the demand for medical gases amid COVID-19 pandemic is expected to create significant opportunities in the market, as it is mandatory to manufacture medical gases with minimum level of moisture as per international standards. On the back of this trend, the trace moisture generator market is poised to expand by 1.3X during the forecast period (2020 – 2030).
Key Takeaways of the Trace Moisture Generator Market Study:
- Close to 9/10th of the revenue generated in the global trace moisture generator market is set to be captured by stationary trace moisture generators. At the same time, portable trace moisture generators will grow at a CAGR of 3.7% during the forecast period.
- Microelectronics and R&D labs will grow at CAGRs of 3.6% & 3.2% respectively, collectively accounting for 2/5th of the revenue pie of the global trace moisture generator market by the end of the forecast period (2020 – 2030).
- Pharmaceutical & medical gas and chemical industries are projected to show notable growth during the forecast period, valued at US$ 4 million owing to rapid adoption amid COVID-19 pandemic.
- Europe is poised to retain the position of the market leader and will account for more than 31% share of the total revenue of the global trace moisture generator market by the end of the forecast period.
- East Asia will show resilient growth through 2029 and is likely to expand at a CAGR of 3.3% during the forecast period.
“The global trace moisture generator market will create significant opportunities during the forecast period. However, the outbreak of COVID-19 will hinder adoption of trace moisture generators in the short-run, attributed to crunches in production cycles and supply chains,” concludes the Fact.MR analyst.
Innovation to be the Key Growth Stimulating Strategy
The demand for trace moisture generators that can generate moisture up to levels as low as 14 nmol/mol (ppb) has grown significantly, owing to its wide range of applications. Manufacturers have strengthened their research & development base in order to deliver solutions in keeping with the requirements of their customers. For instance, market leader Kin-Tek Analytical Inc. introduced a portable trace moisture generator (Span Pac H2O System) which can generate moisture levels as low as 10 parts per billion. At the same time, InstruQuest Inc. develops a trace moisture generator (HumiSys LDP) which can operate at a temperature dew point as low as -90 degrees C.
More Valuable Insights on the Trace Moisture Generator Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global trace moisture generator market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights on trace moisture generator market on the basis of product (portable, and Stationary), and end use sectors (microelectronics, petrochemicals plants, pharma & medical gas, chemical industry, R&D labs, and others) across six major regions.
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