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.
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.
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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.
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