The new industrial shredder machine market research 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 Shredder Machine Market 2020-2024 (Graphic: Business Wire)
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"One of the primary growth drivers for this market is the rise in production of light vehicles," says a senior analyst for industrials at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the industrial shredder machine market size to grow by USD 96.25 million during the period 2020-2024.
Industrial Shredder Machine Market Segment Highlights for 2020
- The industrial shredder machine market is expected to post a year-over-year growth rate of -13.67%.
- Based on the type, the metal scrap segment saw maximum growth in 2019. The rise in the production of light vehicles is driving the growth of the segment.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 5% of the growth will originate from the MEA region.
- The growth of the automotive industry is one of the prime factors that increase market growth in MEA.
- Egypt and Saudi Arabia are the key markets for industrial shredder machines in MEA.
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Notes:
- The industrial shredder machine market size is expected to accelerate at a CAGR of almost -2% during the forecast period.
- The industrial shredder machine market is segmented by the type (Metal scrap and Non-metallic scrap) and geography (North America, Europe, APAC, 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 Advance Hydra-Tech Pvt. Ltd., Andritz AG, BCA Industries, Brentwood Industries Inc., Hammermills International LLC, MAX Automation SE, Metso Corp., SSI Shredding Systems Inc., UNTHA shredding technology GmbH, and WEIMA America Inc.
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