The container washing system market was valued at US$ 720.45 million in 2019 and is projected to reach US$ 845.44 million by 2027; it is expected to grow at a CAGR of 2.88% from 2020 to 2027.
Owing to the technological advancements and ever-changing consumer behaviour and regulations, the dynamics of today’s businesses have become highly volatile and complex in nature. To stay abreast with the changing dynamics of the market, organizations are highly inclined toward following renting model rather than taking ownership of the asset. Renting not only allows organization to cut the down cost and eliminate the need of maintenance but also enables flexibility in supply chains. Furthermore, the rising number of small and medium-sized enterprises across the world is among other factors that bolstering the demand for rental containers, as SMEs focus on investing and developing of core competency rather than investing in non-primary asset. Organization operating in the food & beverages industry and fast-moving consumer goods sector that mainly caters to end users are highly susceptible to changing consumer behaviour. Thus, with the growing trend toward container rental models, the container washing system market is witnessing significant growth.
The outbreak of the COVID-19 has severely disrupted the supply chain and manufacturing of industrial equipment. The emergence of COVID-19 virus across the globe which led to lockdown scenarios has led the industry experts to analyze that the industry would face up to a quarter of lag in industrial equipment supply chain. This disruption is expected to create tremors through 2020 till mid-2021. The manufacturing industry is likely to pick up pace sooner as governments across the globe lifted the various containment measure steadily in order to revive the economy. The production of the industrial equipment are is anticipated to gain pace from 2021 which is further foreseen to positively influence the industrial equipment manufacturing including container washing system.
The container washing system market is segmented into technology and application. Based on technology, the market is further bifurcated into automatic container washing system and semi-automatic container washing system. The automatic container washing system segment represented the largest market share of the overall market during the forecast period. On the basis of application, the market is sub segmented into food & beverage, chemical, healthcare/pharmaceutical, oil & gas, and others, and in 2019, the food & beverage segment accounted for a significant share in the global container washing system market.
The overall container washing system market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the container washing system market with respect to all the segments. It also provides the overview and forecast for the global container washing system market based on all the segmentation provided with respect to five major regions—North America, Europe, Asia Pacific, Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the container washing system market.
A few major players operating in the global container washing system market are Dyetech Equipment Group, Inc.; Feistmantl Cleaning Systems GmbH; Glatt GmbH; HOBART GmbH; Kärcher Cleaning System Pvt. Ltd.; Numafa Cleaning & Automation BV; PRI PRI Systems; Rotajet Systems Ltd.; SF Engineering; and SRS Engineering Corporation.