Trace Moisture Generator Market
Trace Moisture Generator Market By Product (Portable, Stationary), By End Use (Microelectronics, Petrochemical Plants, Pharma & Medical Gas, Chemical Industry, R&D Labs), By Region - Global Mraket Forecast 2020-2030
Trace Moisture Generator Market Size and Outlook
The global trace moisture generator market is projected to create an absolute $ opportunity of more than US$ 6 million, to be valued at US$ 26 million by the end of forecast period (2020 – 2030). High spending by leading companies to expand their R&D capabilities to deliver innovative solutions has driven the trace moisture generator market. However, the outbreak of COVID-19 pandemic is set to hamper market growth as businesses are experiencing economic volatility amid lockdowns.
Companies are re-strategizing their expenditure budgets for next few fiscal quarters. For instance, in April 2020, oil servicing firm TechnipFMC announced a capital expenditure cut by 30% for 2020. This is expected to reduce R&D spending of companies in the upcoming years which may obstruct the adoption of trace moisture generators.
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Trace Moisture Generator Market Analysis by Product
Stationary trace moisture generators are poised to expand at a CAGR of 2.6% during the forecast period, predicts Fact.MR. These accounted for more than 2/3rd market share throughout the historical period. The ability to generate moisture at levels as low as 14 nano-mol/mol (parts per billion) makes it the most preferred choice of generators among end-users.
However, the adoption of stationary trace moisture generators is expected to decline significantly due to the coronavirus pandemic which has impacted business ecosystems globally. In addition, the cost of a stationary trace moisture generator is 3X more than portable generators, prompting consumers to shift towards the latter. This, in turn, may hinder adoption of the trace moisture generators globally.
Trace Moisture Generator Market Analysis by End-Use
In Fact.MR’s report, microelectronics & chemical industries are projected to witness significant usage of trace moisture generators, growing at CAGRs of 3.6% & 2.3% respectively during the forecast period. A rapidly growing microelectronics industry has created substantial opportunities for the trace moisture generator market.
However, lockdowns imposed to contain the spread of COVID-19 have impacted end use sectors significantly. Clogged production in the microelectronics industry has created economic uncertainty, leading companies to take drastic decisions such as operations closure and cost cutting.
For instance, in January 2020, Texas Instruments permanently closed its 60 year old semiconductor manufacturing plant in Sherman, Texas. In addition, the chemical industry is witnessing a major setback with dramatically falling demand due to the pandemic.
The National Bureau of Statistics (NBS) of China revealed that in the first couple of months of 2020, the chemical industry in China witnessed a decline in profit by 66%. Such a downturn in the end use industries poses a serious threat of latency in the global trace moisture generator market for the next few fiscal quarters.
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Trace Moisture Generator Market Analysis by Region
Developed regions such as Europe and North America dominated the global trace moisture generator market with collectively more than half of the market share during the historical period. According to Fact.MR, Europe and North America are poised to expand at CAGRs of 2.9% & 2.3% respectively, creating an absolute $ opportunity worth US$ 3.3 million during the forecast period.
This is attributed to the presence of several research & development labs in the regions. However, the coronavirus outbreak has impacted these regions extensively, resulting in an economic slowdown. Most of the companies in these regions have stalled their production due to lockdowns in major cities. This, in turn, is poised to cause stunted growth in the trace moisture generator market within these regions.
Trace Moisture Generator Market Key Players Competitive Strategies
The trace moisture generator market is highly consolidated. . Some of the prominent players in the global trace moisture generator market are EdgeTech instruments, Kin-Tek Abalytical, Michell Instruments Ltd., Owlstone Inc, Shinyei Technology, Roscid Technologies, Thunder Scientific Corporation, Instruquest Inc and MBW Callibration among others. Market leaders are maintaining their foothold through continuous innovation and advancement in their products.
For instance, market leader Thunder Scientific Corporation launched two trace moisture generators (model – 3900 & 3920) which are capable of producing moisture up to levels as low as 10 parts per billion. At the same time another market leader Michell Instruments launched QMA401 a self-calibrating trace moisture analyzer which has a trace moisture generator as a part of its assembly.
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COVID-19 Market Insights:
The Covid-19 pandemic has adversely affected the laboratory equipment industry where both production and supply chains have been disrupted by national and regional lockdowns. Trade restrictions to contain the spread of coronavirus has impacted end use industries of trace moisture generators. The chemical, microelectronics, & petrochemical industries are facing headwinds due to a sharp fall in demand, restricting expansion within these industries.
However, growth is expected to resume its normal trajectory in the aftermath of the pandemic. East Asia, and South Asia & Oceania will offer remunerative opportunities in the coming years. Presently, several countries have eased lockdown restrictions, allowing industries to restore their production capacities. Companies in East Asia are now resuming operations. For instance, in February 2020, Xinxin Semiconductor Manufacturing Co., Ltd resumed production of its manufacturing plant in Wuhan, China.
“The global trace moisture generator market is poised to create significant opportunities by the end of forecast period. However, reallocation of budgets by prominent market players for upcoming fiscal quarters amid economic volatility due to COVID0-19 pandemic may hamper demand for trace moisture generators in the near term.”
Global Trace Moisture Generator Market: Scope of the Report:
The recent global trace moisture generator market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global trace moisture generator market. A detailed segmental analysis, based on product, end use and regions, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global trace moisture generator market. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the trace moisture generator market.
Key Segments of the Trace Moisture Generator Market
Fact.MR’s study on the trace moisture generator market offers information divided into three key segments-product, end Use and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
By Product :
By End Use :
- Petrochemical Plants
- Pharma & Medical Gas
- Chemical Industry
- R&D Labs
By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
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