The demand in China Milk Tank Cooling System Market is expected to increase by 4.1% CAGR between 2022 and 2029 on value basis. Asia-Pacific and Europe together are the largest producers of milk globally accounting for a share of over 65%.
NEWARK, Del. , Oct. 14, 2022 /PRNewswire/ -- The global milk tank cooling system market is projected to reach a value of US$ 822.5 by 2029, with the market growing at a stagnant CAGR of 3.3% from 2022 to 2029. Valued at US$ 636.5 Mn in 2021, the target market is expected to reach an estimated US$ 656.7 Mn in 2022. The rise in the usage of machinery along with the demand for superior-quality products in multiple industry verticals fuels the growth of the milk tank cooling system market. The integration of smart devices in various machinery further aid in the expansion of the milk tank cooling system market during the forecast period.
Industries all over the world are adopting automation to boost efficiency and diminish labor costs. A growing shift in preference towards utilizing magnetrons for industrial coating because of its advantages like the ability to coat heat-sensitive substrates, ease of sputtering, high deposition rate, and high adhesion of films will augment the demand in the target market.
Besides, considerable investments in dairy farming, incentives from regulatory agencies to make use of bulk tanks, the provision of a sustainable milk supply worldwide, and the swift evolution of cooperative dairy businesses in rural areas all over the world will likely induce market growth during this period of observation.
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With more and more collection points found in remote areas, the market scope of these systems in milk transportation also increases. The surge in the volume of exported milk is also assisting the growth of cooling systems for milk tanks. Other factors like temperature differences on different continents and an increase in milk production in African and Central American countries are also supporting the growth of the target market during the forecast period.
"Increasing investment in dairy farming, export and distribution of milk within countries, and implementation of advancing technology will propel the global growth of the milk tank cooling system market over the forecast period," says an FMI analyst.
Increasing the application of advanced technology will strengthen market prospects during 2022-2029.
In 2022, milk tank cooling system market in Germany will generate revenue worth over US$ 53.9 Mn .
The milk tank cooling system market in the United States will record a 2.2% CAGR.
India's milk tank cooling system market will expand at 4.7% CAGR over the assessment period.
By capacity, the 1000-5000 segment will observe high demand.
On the basis of application, the milk farm segment will account for about 86.4% of the market share by 2029.
Danfoss, Paul Mueller Company, Delaval, GEA Group AG, Packo Cooling, Dairymaster, Fabdec Ltd, Serap Group, Boumatic, Wedholms AB, Daviesway Pty Ltd., Fil S.P.A, Milkplan, and Macrold Ltd., among others are some of the major players in the milk tank cooling system market profiled in the full version of the report.
Major market players are increasing their mergers and acquisition activities to enhance their supply and distribution routes. Some of the other businesses in the market are keen on incorporating new technologies into their product to gain a competitive advantage.
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More Insights into Milk Tank Cooling System Market Report
In its latest report, FMI offers an unbiased analysis of the global milk tank cooling system market, providing historical data from 2014 to 2021 and forecast statistics for 2022 to 2029. To understand the global market potential, growth, and scope, the market is segmented on the basis of application (milk farm, milk processing plant), configuration (closed end (horizontal, vertical), open end), capacity (less than 1000L, 1000-5000L, 5000-10000L, above 10000L), and region.
According to the latest FMI reports, based on segmentation, the 1000-5000 Lt capacity segment is likely to register high demand, particularly from large dairy farms. This segment is anticipated to account for 1/3rd of the revenue share and generate a growth opportunity of US$ 58.6 Mn . In terms of application, the milk farm segment is expected to dominate the market due to the high demand for milk and its related products from consumers. By 2029, the milk farm segment will hold about 86.4% of the global market share.
Based on region, the milk tank cooling system market in Germany is predicted to undergo significant growth and surpass revenue worth US$ 53.9 Mn by the end of 2022. Availability of a wide range and high quality of dairy products coupled with the use of advanced approaches in milk and cattle maintenance will aid the growth of the target market in this country. Other nations like the United States and India will also present notable growth of the milk tank cooling system market in this country during the forecast period.
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Global Milk Tank Cooling System Market by Category
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3.2. Industrial Refrigeration Import & Export Scenario
3.3. Milk Value Chain Analysis
5. Global Milk Tank Cooling System Market Demand Analysis 2014-2021 and Forecast, 2022-2029
5.1. Historical Market Volume (Mn Units) Analysis, 2014-2021
5.2. Current and Future Market Volume (Mn Units) Projections, 2022-2029
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