The new industrial counters market research report from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Industrial Counters Market 2020-2024 (Graphic: Business Wire)
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the industrial counters market.
“One of the primary growth drivers for this market is the increase of precision control in the healthcare sector”, says a senior analyst for the industrials industry at Technavio. As the markets recover, Technavio expects the industrial counters market size to grow by USD 179.08 million during the period 2020-2024.
Industrial Counters Market Segment Highlights for 2020
- The industrial counters market is expected to post a year-over-year growth rate of 1.89%.
- Based on the end-user, the market saw maximum demand for industrial counters from the food and beverage industry. This is due to the increased use of industrial counters for counting function for a range of products such as raw materials, semi-finished goods, finished products, and packaging materials in the F&B industry.
- The market growth in the food and beverage segment will be significant over the forecast period.
- 38% of the growth will originate from the APAC region.
- The market growth in APAC is driven by the growth of the food and beverage and semiconductor and electronics industries.
- China and Japan are the key markets for industrial counters in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The industrial counters market size is expected to accelerate at a CAGR of almost 4% during the forecast period.
- The industrial counters market is segmented by End-user (Food and beverage, Healthcare, Semiconductor and electronics, and Industrial manufacturing) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Eaton Corporation Plc, Hengstler GmbH, Littelfuse Inc., Mitsubishi Electric Corp., OMRON Corp., Panasonic Corp., Pepperl+Fuchs AG, Rockwell Automation Inc., Schneider Electric SE, and Siemens AG
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