Competition in the global process analyzer market is likely to increase, as leading players are using different strategies to strengthen their position in the market, observes Transparency Market. These players are also investing heavily in research and development activities to develop new and advanced products that will help them gain larger share in the market. Owing to these facts, the global process analyzer market is high fragmented.
Few players such as Emerson Electric Co. held 26.1% share in 2015 and influenced the market to a certain extent. Due to this, other companies such as Yokogawa Electric Corporation, ABB, Ltd., and Modcon System Ltd. also started adopting different strategies to gain higher share in the market. Apart from organic growth strategies, these players are also focusing on inorganic growth strategies like getting a technological advantages and offering cost-effective products.
Depending on these strategies along with few other factors, the global process analyzer market is undergoing various changes. These changes have also influenced the revenue of this market. In 2015, the global process analyzer market was estimated at US$5.29 bn. this figure is expected to reach US$11.50 bn by the end of forecast period in 2024. Over the projected tenure between 2016 and 2024, the market is likely to rise at 9.1% CAGR.
Based on the foam factor, the demand for standard process analyzer is comparatively high than other foam factors. Increasing demand for organic materials that helps in reducing production expenses had a positive impact in growing this segment. Second highest demand is for rack mount process analyzer. Based on geography, Asia Pacific is projected to lead the market, due to higher growth opportunities created in countries like China, India, and Japan. Regional market in emerging economies in untapped as compared to developed economies in Europe and North America, therefore, there is a higher scope of growth in developing regions.
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Technological Upgradation to Strengthen Growth in Global Process Analyzer Market
The demand in the global process analyzer market is increasing due to increasing emphasis on water and wastewater treatment. Moreover, rising inclination towards renewable energy might expand growth and create new growth opportunities for producers operating in this market. Manufacturers are making technological up gradation with which they are developing more cost-effective process analyzers. In addition, they are also developing better designs and performance of process analyzer. Thus, these initiatives are expected to provide a fillip in the global process analyzer market.
Furthermore, rapid industrialization is another driving factor that will accelerate growth in this market. Strict regulations policies imposed by government to ensure better production and quality of food and beverages also require high amount of process analyzer. Testing of food and beverage has become an essential part that has further boosted growth in the global process analyzer market.