SAN FRANCISCO -- The global fluid dispensing equipment market is expected to reach $10.29 billion by 2024, according to a new report.

Growth will be primarily driven by high demand from electronics, automotive, construction and medical devices producers. Growing demand for accurate and efficient systems for dispensing fluids as an alternative to manpower engagement in these processes to be a key driving factor for the industry growth, added the report author, Grand View Research.

The industry is characterized by the advent of automation technologies in various stage of production processes. The technology’s greater scope across automotive, electrical & electronics, and medical devices manufacturing has enabled higher sales of fluid dispensing equipment in these industries.

Asia Pacific is projected to dominate the global industry at an estimated CAGR of over 6.5% from 2016 to 2024. The region, particularly Korea and Taiwan, is a hub for semiconductors and other electronic component manufacturing and has the presence of leading companies such as Samsung, ZTE and Foxconn.

The US is a relatively mature region compared to those in Asia and is characterized by the presence of leading equipment suppliers and technological know-how. The US is expected to account for nearly 17% of the global market value by 2024.

Nordson was the leading fluid dispensing equipment manufacturer with approximately 22% market share in 2015. Other companies with a global operational presence include Protec, Henkel (Loctite), Speedline Technologies, ITW Dynatec, Dymax, Sulzer, IVEK Corp., and Henline Adhesive Equipment Corp.