Industrial Bioprocessing Market Size is projected to reach USD 88.9 Million by 2032, growing at a CAGR of 9.2%

The global industrial bioprocessing market size was USD 44.01 Million in 2022 and is expected to reach USD 88.9 Million in 2032

NEW YORK CITY, NEW YORK, UNITED STATES, July 26, 2023/EINPresswire.com/ -- Industrial Bioprocessing Market Overview

The global industrial bioprocessing market experienced a significant growth with a size of USD 44.01 Million in 2022 and is projected to reach USD 88.9 Million by 2032, exhibiting a robust revenue CAGR of 9.2% during the forecast period. Several key factors are propelling this market growth, including increasing environmental concerns, a rising demand for bio-based goods and chemicals, and a growing need for renewable and sustainable energy sources.
One of the major drivers behind the revenue growth of the market is the escalating demand for renewable and sustainable energy sources. As the world focuses on reducing carbon emissions and transitioning to cleaner energy alternatives, there is a surge in the adoption of biofuels and biogas. Consequently, bioprocessing plays a crucial role in the production of biofuels and biogas, further contributing to the market's revenue growth throughout the forecast period.

Industrial Bioprocessing Market Segments

The global industrial bioprocessing market exhibited substantial growth in 2022, with a market size reaching USD 44.01 Million. Looking ahead, the market is projected to maintain its upward trajectory, with a forecasted revenue of USD 88.9 Million in 2032, representing an impressive Compound Annual Growth Rate (CAGR) of 9.2% during the period from 2022 to 2032. This growth can be attributed to several factors, including the growing environmental concerns, escalating demand for bio-based goods and chemicals, and an increasing need for renewable and sustainable energy sources.
The rising demand for renewable and sustainable energy sources is a significant driving force behind the market's revenue growth. The global focus on reducing carbon emissions and transitioning to cleaner energy alternatives has led to an increased adoption of biofuels and biogas. As a result, the utilization of bioprocessing in the production of biofuels and biogas is expected to surge throughout the forecast period, further bolstering market revenue growth.
The base year for market estimation is 2022, with historical data covering the years 2020 and 2021. The forecast period spans from 2022 to 2032, during which the market is anticipated to experience substantial expansion. The quantitative unit used for this analysis is revenue, measured in USD Million.

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Industrial Bioprocessing Market: Strategic Developments

• In 2021, Thermo Fisher Scientific Inc. announced the acquisition of PPD, Inc., a leading provider of clinical research services to the pharmaceutical and biotech industry. The acquisition was aimed at expanding Thermo Fisher's capabilities in the bioprocessing market, particularly in the areas of gene and cell therapy, vaccines, and biologics.
• In 2020, Danaher Corporation completed the acquisition of the bioprocessing business of General Electric Company's Life Sciences division for approximately $21.4 billion. The acquisition was aimed at expanding Danaher's portfolio of life sciences products and services.
• In 2019, Merck KGaA acquired the U.S.-based biotech company Versum Materials for $6.5 billion. The acquisition was aimed at expanding Merck's presence in the electronic materials market, particularly in the area of bioprocessing.
• In 2019, Sartorius AG acquired a majority stake in the U.S.-based cell culture media specialist Biological Industries. The acquisition was aimed at expanding Sartorius' bioprocessing portfolio and increasing its presence in the cell culture media market.

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Industrial Bioprocessing Market: Competitive landscape

The global industrial bioprocessing market is poised for substantial growth in the foreseeable future, and it features a competitive landscape with a diverse mix of large and medium-sized players. Among the key companies operating in this dynamic market are prominent names such as Thermo Fisher Scientific Inc., Danaher Corporation, Sigma-Aldrich Corporation, General Electric Company, 3M Company, Becton, Dickinson and Company, Sartorius AG, Merck KGaA, Agilent Technologies, Inc., and Bio-Rad Laboratories, Inc.
These industry-leading companies play crucial roles in driving innovation, research, and development within the industrial bioprocessing sector. With their extensive expertise and global presence, they are well-positioned to capitalize on the growing demand for bioprocessing solutions across various industries. As the market continues to expand, these companies are expected to compete vigorously, striving to maintain their market share and stay ahead of the competition.
In this competitive landscape, strategic partnerships, mergers, and acquisitions may become prevalent as companies seek to enhance their capabilities and broaden their product portfolios. Additionally, a focus on technological advancements and research initiatives will be instrumental in catering to evolving customer needs and staying relevant in the ever-changing industrial bioprocessing market.

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