Global Distillation System Market sales are expected to reach US$ 7.6 billion in 2023. It is expected to grow at a 7.9% CAGR between 2023 and 2033. Revenues are expected to reach US$ 16.3 billion by 2033. The market was worth US$ 7 billion at the end of the historical period from 2018 to 2022.
Distillation system sales are increasing significantly as a result of several important factors. The increasing demand from the oil and gas sector is one of the major factors driving the market.
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Distillation systems are frequently used in the oil and gas industry. This is used to separate and purify crude oil and natural gas into various components such as petrol, diesel and kerosene. As the demand for petroleum grows,
Another important driver in the distillation systems industry is the growing awareness about sustainable practices. Governments and industries are becoming more focused on reducing carbon emissions and promoting environmental sustainability.
Distillation systems play a crucial role in enabling the production of clean fuels and chemicals. It helps businesses meet their sustainability goals. This growing emphasis on sustainable practices is driving the adoption of advanced distillation systems across diverse sectors.
Advancements in technology and automation are also driving the distillation systems market. Technologies such as artificial intelligence (AI) and machine learning (ML) are being rapidly integrated into distillation systems.
Distillation systems are becoming more efficient and accurate in separating and purifying different components. Automation of distillation processes help in reducing manual errors and optimizing production, thereby increasing the overall efficiency of the systems.
Key Takeaways from the Distillation Systems Report:
- The global distillation systems industry is set to reach US$ 16.3 billion by 2033.
- Global demand for distillation systems is likely to soar at 9% CAGR over the forecast period.
- Based on component, column shells segment is anticipated to surpass at 8% CAGR over the forecast period.
- By end use, the petroleum and biorefinery segment is set to soar at a 7% CAGR during the forecast period.
- The United States distillation systems market is projected to reach a valuation of US$ 3 billion by 2033.
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“Astonishing demand from the oil & gas sector is likely to fuel sales of distillation systems in the global market. Product differentiation and integration of technology would be the key factors for companies to focus on to witness growth over the coming years.” – says a lead analyst at Future Market Insights (FMI)
Who is Winning?
Few manufacturers offer customization options to meet specific customer requirements. They provide tailored solutions, such as designing distillation systems to fit unique process parameters, industry regulations, or customer preferences. Customization and flexibility in product offerings can attract customers seeking specialized or niche applications.
Recent developments:
- In April 2021, ICM, Inc. has agreed to update Lakeview Plymouth Energy, LLC’s distillation system and transition. In its high-pressure areas distillation system to ICM’s patented low-temperature vacuum distillation.
- In December 2020, the Clean Fuels Program of Kuwait National Petroleum Company (KNPC) has attained a significant milestone with the safe and successful starting of its Crude Distillation Unit (CDU) range 111 at Mina Abdullah Refinery, according to Petrofac Ltd.
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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