The global industrial shredder market is projected to drop from US$840 million (A$1.1 billion) to US$810 million (A$1.06 billion) by 2021, according to London-based research company, Technavio.
The company released its market outlook for 2017-2021, which provides a detailed industry analysis based on products, including iron and steel and aluminum, copper, and non-ferrous metals.
It covers products based in the Americas, Europe, the Middle East and Africa and the the Asia-Pacific Region.
Despite challenging economic conditions ahead, growing sales of electrical vehicles will be a key growth driver for the segment, the company found. “The adoption of electric vehicles has increased due to advances in technology and government incentives on these vehicles,” explained Lead Analyst, Gaurav Mohindru.
“Western Europe is witnessing an explosive growth of the electric vehicle market, with manufacturers expanding their factory floors to meet the increasing demand.”
Mr Mohindru added many electric vehicle manufacturers are thus heavily investing in expanding and improving their manufacturing capabilities – a development that is expected to boost the demand for shredding machines, thereby driving market growth.
Also driving sales will be the mining and nuclear waste sectors, Technavio found.
The top three emerging trends driving the global industrial shredder machine market according to Technavio heavy industry research analysts are:
- The growing sales of electric vehicles
- The evolution of waste management techniques to suit low-grade ores
- Stringent nuclear reactor regulations following the Fukushima Daiichi nuclear disaster in 2011