Global Process Analyzer Market: Snapshot
In the last few years, the demand for process analyzers has scaled higher, thanks to their rising use across diverse industries. A process analyzer, coupled with other embedded advance electronic components, provides a cost-effective handling process, which is the foremost factor coercing manufacturers to invest in them. High speed analysis and cost effecting handling process offered by process analyzers have increased their use in the processing of volatile organization components. Besides this, the market is gaining from the rising demand for chemical proceslyzers have esing equipment witnessed worldwide.
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As a result of the recent technological advancements, manufacturers could innovate novel product with better design and performance. Furthermore, these advanced models were more cost-effective. Considering such upgrades, the demand for process analyzers has considerably increased in the water and wastewater treatment market. Moreover, governments around the world are looking to provide clean water to their citizens thus providing an environment conducive to the growth of the global process analyzer market.
While high cost of installation and maintenance will create bottlenecks, the market will gain from the rising opportunities in Asia Pacific. Between 2016 and 2024, the process analyzer market is forecast to exhibit a CAGR of 9.1%. At this pace, the market will reach US$11.501 bn by the end of 2024, from US$5.29 bn in 2015.
Oil and Gas Industry to Remain at the Fore as Largest End User
In terms of form factor, the global process analyzer market can be segmented into portable, standard, and rack mount. Of these, the standard process analyzers constituted the leading segment, trailed by rack mount process analyzers. The rising demand for organic materials to curb production expenses has had a positive impact on the process analyzer market. Polymers and papers are among the most commonly used organic materials in the process. The demand for portable process analyzers is expected to increase due to their low maintenance cost and easy operation facilities.
By end-use industry, the global process analyzer market can be segmented into chemical, oil and gas, pharmaceutical, power generation and transmission, food and beverage, and mining. Of these, the oil and gas segment held the dominant share of 54% in the market in 2015. The process analyzer technology is used in different verticals such as mineral or liquid separation, adding ingredients, and temperature control among others.
In the coming years the market is expected to witness rising demand from the food and beverage industry. In the food processing industry, analyzers are extensively used to measure raw ingredients and the physical and chemical nature of food. In the coming years, the demand for process analyzers is forecast to increase further in the food and beverage industry.
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Asia Pacific to Continue Exhibiting Strong Growth as Regional Process Analyzer Market
Regionally, the global process analyzer market can be segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific held the dominant share of 40.8% in the overall market in 2015 and is forecast to remain at the fore through the forecast period. While North America and Europe will remain lucrative pockets, saturation in the developed countries will coerce manufacturers to shift focus towards the leading economies of Asia pacific. For instance, in countries such as India, China, and Japan, the process analyzer market will witness lucrative scope for expansion. Besides these nations, the demand for process analyzers will remain high in France, Germany, the UAE, and the US. t through the forecast period. verage industry.
Some of the most prominent players operating in the process analyzer market are ABB Ltd. (Switzerland), Siemens AG (Germany), Modcon Systems Ltd. (The U.K), Applied Analytics, Inc.(The U.S), Endress+Hauser Management AG (Switzerland), Applied Instrument Technologies, Inc.( The U.S), Emerson Electric Co.(The U.S), SICK AG ( Germany), INFICON, Inc.(Switzerland), AMETEK, Inc. (The U.S) andYokogawa Electric Corporation (Japan) among others.
Advances in Analytical Instrumentation Enable Players in Process Analyzer Market to Capture New Consumer Propositions
Process analyzers are widely used in processing industries as access to process analytics is crucial for analyzing the quality of a product during the processing stages. It is used to keep a tab on various processing parameters so as to ensure these comply with the set chemical compositions, boiling points, freezing points, viscosities, pressures, and other parameters. Adhering to these set parameters help end-use industries meet the criterion of quality by design (QbD).This analytics are collected almost in real time so as to minimize the chances of contamination in rapid sampling. Advances made in sample conditioning systems have helped equipment manufacturers meet the various end-use industries in the process analyzers market. The demand is massive in water and wastewater treatment industries for critical process parameters (CPPs). Other industries where new technologies of process analyzers are in high demand are petrochemical refineries, chemical processing, and pharmaceuticals. Over the years, use of portable equipment has caught on momentum in the process analyzers market. Advances made in sensor integrated with process analyzers are also expected to create numerous lucrative avenues in key end-use industries. A key application area where such advances are useful are continuous emissions monitoring.
The COVID-19 pandemic, caused by the SARS-CoV-2 virus, has been causing unprecedented rise in morbidity and mortality in patient population around the world. The production in some industries reached an all-time low, unimagined in decades. The pandemic has also caused massive decline in consumer demand across numerous industries. For some industries, businesses in the process analyzers market have been exploring new consumer propositions and new strategies for improving consumer reach. One way they have been successful is by leveraging the e-commerce platforms to connect with their buyers. Emerging B2B ecommerce channels especially in the developing world are expected to shape the sales initiatives of various brands in the process analyzers market. They are also keen on adopting automation in their production units.
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