Tension Control Market 2021: COVID-19 Impact Revenue Growth Predicted by 2021-2023
Industry Insight
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.
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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.
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.
Regional Outlook
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.
Top Market Players
The top market players of global tension control market are listed as
Maxcess (US), Montalvo (US), Dover Flexo Electronics (US), Erhardt+Leimer
(Germany), Nexen (US), Double E (US), RE Controlli Industriali (Italy), FMS
(Switzerland), and Nireco (Japan).
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