iCrowdNewswire Jan 14, 2021 3:01 PM ET
The fast-emerging tension control market 2020 is noticing escalated growth, which has been recorded at a CAGR of ~4.80% by Market Research Future after an independent study.
It has also noted down that the market has high chances to reach a higher valuation by 2023, which is being instigated by a variety of factors at the world level. Such a growth scene will take place in the years 2016 to 2023, which is stated to be the market’s forecast period. The market will grow maximum prominence during these years.
Top Impacting Factors
The escalating demand for automated tension control and the mounting transition toward flexible printing & packaging from rigid packaging are motivating the tension control market globally. MRFR also included factors such as escalating use of flexible printing & packaging and surged demand for packaging machinery imports would impel the growth of the tension control market over the coming years. In the case of point, food brand owners in Western European countries are highly investing in flexible packaging. The demand for flexible packaging is liable to reach a high valuation across developing nations of the world by 2023.
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Similarly, the market for tension control in a country like India is likely to increase in recent years. In a case of point, as per IBEF, packaged food sales might reach 47 million tonnes, which would, in turn, motivate the market for Tension control in the country. Along with this, the global tension control market is also estimated to expand at a high rate during the estimated period, mainly owing to the expanding demand for flexible printing & packaging around the globe. To this, the US Department of Defense invested USD 75 million in the year 2015 in a new flexible manufacturing hub, which would include 3D printing technologies to progress medical health monitoring.
The tension control system has copious advantages such as it is providing high-quality performance level, inexpensive, stability, and can also be effective for providing constant unwind tension for the process. Also, the rising demand for automated tension control is one of the significant factors forceful towards the growth of the tension control market.
Segmentation of Market: Tension Control
The global tension control market as per segmental has included the segments of type, component, and application.
Among the component segment, the market has classified into the controller, load cell, diameter sensor, dancer roller, clutch, and brake. Out of this, the load cell segment is likely to be driven by the rising adoption of automation in paper processing, aluminum, and printing & packaging industries, mainly in regions of the Asia Pacific and Europe. Also, promising economies such as China and India are witnessing extensive expansion in packaging machinery manufacturing, predominantly for the food & beverage and pharmaceutical sectors. Such developments would help the tension control market to occurrence growth during the assessment period.
Regionally, Asia Pacific engaged the largest market share of the global Tension Control market in the year 2017. The market in the Asia Pacific is likely to lead the tension control market through huge investments that are taking place in the food & beverage industry along with augmented investment in flexible packaging, mainly in the food industry. This would drive the tension control market in the Asia Pacific to a great extent. The growth in pharmaceutical manufacturing further offers opportunities for the tension control market in the region.
In fact, the boost in the manufacturing of printing & packaging machinery along with the shift toward flexible printing & packaging in the food & beverage sectors are key factors driving the tension control market in the Asia Pacific region.
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Top Market Players
- Maxcess (US)
- Montalvo (US)
- Dover Flexo Electronics (US)
- Erhardt+Leimer (Germany)
- Nexen (US)
- Double E (US)
- RE Controlli Industriali (Italy)
- FMS (Switzerland)
- Nireco (Japan).
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