Optical Sorters Market – Snapshot
According to a new market report published by Transparency Market Research titled Optical Sorters Market the optical sorters market is expected to reach US$ 3,350.2 Mn by 2026. The market is projected to expand at a CAGR of 10.4% from 2018 to 2026. According to the report, the optical sorters market is expected to be influenced by a range of factors such as cost reduction and increase in productivity through automation, growing labor costs, and stringent government regulations pertaining to food safety.
Additionally, market players are focused on research and development to enable development of innovative and technologically advanced optical sorting solutions. Some of the majorly used technologies include Near Infra-Red (NIR) spectroscopy, fluorescent lighting and lasers, X-rays, and cameras. These technologically advanced optical sorters detect and remove the smallest foreign materials (FM) and defects, and automate the operation lines. Further, in the near future, optical sorters are expected to adopt more sophisticated algorithms which can allow them to better understand and process the information collected from sensors.
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. Two models, FMSR03-L (3 chutes) and FMSR02-L (2 chutes), use RGB technology to remove unwanted products, including irregular-shape defects, and discoloration from small products such as coffee beans.