The global optical sorters market was valued at US$ 1,368.1 Mn in 2017 and is projected to expand at a compound annual growth rate (CAGR) of more than 10.0% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Optical Sorters Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” Cost reduction and increase in productivity through automation, growing labor costs, and stringent government regulations pertaining to food safety are primary factors that are expected to boost the market during the forecast period.
For instance, automation technologies and solutions are being implemented in numerous industries to eliminate human error, minimize energy consumption, for product quality consistency with cleaner energy, and for efficient data collection and consolidation. Increase in productivity and speed with automation results in shorter delivery time and efficient business operations. Industries such as food, mining, and recycling are witnessing significant adoption of various types of optical sorters for optimized operations.
Repair and maintenance services are expected to be more lucrative for the optical sorters market
In terms of component, the optical sorters market is bifurcated into products and services. The services segment is further classified into consulting, repair and maintenance, and training. Products segment is anticipated to witness a significant CAGR growth rate. Nonetheless, hardware prices of optical sorters are projected to decrease over the forecast period.
Consulting, and repair and maintenance services segments are estimated to expand at a significant CAGR of more than 11% during the forecast period. Substantial growth in adoption of advisory services provided by market players to evaluate the current operational processes of clients is pushing the revenues from the consulting services segment.
Market in North America to expand at a significant CAGR during the forecast period
North America is expected to hold substantial share of the global optical sorters market during the forecast period. Expansion of the market in the region is primarily due to the stringent government regulations pertaining to food safety especially in the U.S., significant mergers and acquisitions in the region, and significant growth in adoption of optical sorters in waste recycling facilities. Effective analysis and food sorting equipment have a huge role to play in brand and consumer protection.
In the past, many companies experienced food-related recalls due to issues related to contaminations. In the U.S., the FDA Food Safety Modernization Act (FSMA), defines the FDA mandates, oversight tools, and authority to establish modern food safety standards for those who process, grow, store, and transport food.
In June 2017, Penn Waste, Inc., a Pennsylvania, U.S.-based commercial and residential waste recycling and removal services provider, introduced NRT MetalDirector and NRT optical sorters in its materials recovery facility (MRF). The new system integration will improve output material purity and throughput to more than 45 tph (tons per hour).
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TOMRA Systems ASA, Buhler AG, Key Technology, Binder+Co AG, and Satake Corporation are some of the major players operating in the optical sorters market, profiled in this study. Details such as financials, SWOT analysis, business strategies, recent developments, and other such strategic information pertaining to these players have been duly provided as a part of company profiling.
Various market players are establishing partnerships, entering into strategic M&As, and expanding in the emerging economies in order to enhance their market position. For instance, in May 2018, Satake Corporation launched FMSR Series optical sorters in Brazil for a wide range of applications.
Global Optical Sorters Market, by Component
- Repair and Maintenance
Global Optical Sorters Market, by Type
Global Optical Sorters Market, by End-use
- Food Processing
- Tobacco Processing
- Waste recycling
Global Optical Sorters Market, by Geography
- North America
- The U.S.
- Rest of North America
- The U.K
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- South America
- Rest of South America