Global Process Analyzer Market Poised for Modest Growth: Projected to Grow at a CAGR of 3.4% by 2027
Published | 20 September 2021
Due to the increasing demand from industries such as chemical, oil & gas, and others and stringent government regulations regarding equipment quality, global process analyzer market is increasing at a high CAGR....
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that global process analyzer market was worth USD 6.9 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 3.4%, earning revenue of around USD 8.7 billion by the end of 2027. The market for process analyzers is flourishing because of the wide variety of applications it serves, such as generation & transmission, chemicals, etc. Analyzers are engineering instruments used for determining the physical properties of substances or chemical composition involved in manufacturing procedures. These tools also help preserve assets and detect chemical, physical, and molecular properties in samples. In order to analyze a product as it goes through processing, it is important to decide on its chemical composition, boiling point, freezing point, pressure, and color. Urbanization and quality regulations regarding consumer goods are also driving the growth of the global process analyzer market.
Use of Process Analyzer in Treating Waste Water Treatment Is Expected to Boost the Global Process Analyzer Market
Process analyzers are increasingly being used in water treatment, which is driving the market demand for them. With growing water pollution levels in water bodies and underwater sources, the demand for water treatment before consumption is emerging as a necessity because of the increasing prevalence of water-borne diseases. The governments of different countries have been issuing strict regulations regarding chemical process analyzers to ensure water safety. This is a primary factor fueling the growth of the global process analyzer market.
Growing Application of Process Analyzer Technology in Drug Testing Is Anticipated to Drive the Global Market
The growing application of process analyzer technology in drug testing is a major driving factor for the global process analyzer market. The FDA encourages the pharmaceutical industry to use the latest scientific advancements, such as process analyzer technology, to detect potential contamination and to monitor nutrients in real-time. This technology is also applied for fault-tolerant operations, ensuring high reliability in harsh industrial environments. Thus, stringent government regulations regarding drug safety are significantly propelling the growth of the global process analyzer market.
Process Analyzers Find Their Biggest Market Share in the Pharmaceuticals Industry
Based on end-users, the global process analyzer market is segmented into oil & gas, petrochemicals, pharmaceuticals, water & wastewater, power, food & beverage, paper & pulp, metal & mining, cement& glass, and others. The pharmaceuticals industry holds the largest market share as it is a crucial step during the drug manufacturing process. Process analyzers are used to ensure the drug’s safety and quality and determine if it meets regulatory standards. The growing pharmaceutical industry will drive the process analyzer market in the global forecast period.
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Global Process Analyzer Market - Regional Insights
Geographically, the global process analyzer market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. Asia-Pacific is projected to witness the highest CAGR during the forecast period among these regions. The manufacturing industry in emerging economies, especially in India, and China, is expected to boost the process analyzers market over the projected period. Additionally, emerging economies hold great potential for growth in the process analyzer market due to the increased investment in research and development.
Impact of COVID-19 on Global Process Analyzer Market
The global process analyzer market was significantly impacted during the initial phase of the COVID-19 pandemic. Increasing Coronavirus cases and the subsequent lockdown to stem the spread of the virus disrupted the functioning of various end-user industries of the process analyzer market. This resulted in the reduced demand for process analyzers, incurring severe losses to the industry players. However, the market is estimated to recover soon in the post-COVID-19 period as the lockdown is lifted and the economic activities resume. Furthermore, the market growth of process analyzers is expected to be boosted by the increasing application of these instruments in the pharmaceutical industry due to the high prevalence of diseases during the quarantine period.
The leading players in the global process analyzer market are ABB Ltd., AMETEK Process Instruments, Applied Analytics, Inc., Yokogawa Electric, Corporation, Endress+Hauser AG, Thermo Fisher Scientific, Inc., Emerson Electric Co., Siemens AG, Suez, Mettler-Toledo International Inc., Modcon Systems LTD., Labcompare., Advanced CAE Pte Ltd., Servomex, Sartorius AG, Honeywell., Schneider Electric, SUEZ, Hach, Modcon Systems LTD., Teledyne Technologies Incorporated, and other prominent players.
The global process analyzer market is highly fragmented, with the presence of various global and regional industry participants. The regional industry players have deeper penetration in the local market. The companies significantly focus on improving their offerings to gain a competitive edge over the market. Furthermore, the adoption of competitive strategies like partnerships, mergers, acquisitions, collaborations, etc., is also prominent in this market.
The report’s in-depth analysis provides information about growth potential, upcoming trends, and the global process analyzer market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global process analyzer market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Global Process Analyzer Market Size, By Liquid Process Analyzers(pH/ORP analyzer, Conductivity analyzer, Turbidity analyzer, Dissolved oxygen analyzer, Liquid density analyzer, MLSS analyzer, TOC analyzer), By Gas Process Analyzers (Oxygen analyzer, Carbon Dioxide analyzer, Moisture analyzer, Toxic gas analyzer, Hydrogen Sulfide analyzer), By End-User Industry (Oil & Gas, Petrochemicals, Pharmaceuticals, Water & Waste water, Power, Food & Beverages, Metals & Mines, Cement & Glass, Others), By Region(North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2020-2027.
Publish Date: October 2020
A process analyzer is/are a device(s) that could be used for the determination of the chemical composition, physical properties, and topology of the given substance, product, item, etc. present in a process.
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