Process Analyzer Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020-2030
Process analyzers have a wide-spread presence in multiple industries owing to the criticality of their operations, mainly in the quality control divisions of businesses. New-age process analyzers are becoming more advanced in terms of their accuracy and convenience of use, which reflects various developments in the process analyzers market.
Based on the application-driven needs, manufacturers are increasing focus on offering unique capabilities of their products. For instance, companies are offering high-performance carbon dioxide gas analyzers with features that suit operations in the food & beverage industry. With advancements in technologies, manufacturers in the process analyzers market are expected to improve the accuracy and convenience of their products in the coming years.
Process Analyzer Market: Drivers
Enormous potential and demand for process analyzers in the pharmaceutical industry is one of the most important factors that are triggering the growth of the process analyzers market. Not only in drug manufacturing operations but also in the field of dentistry, the range applications of process analyzers are only widening with time.
Manufacturers offering industry-specific features in process analyzers for quality control in order to benefit from the surging demand from the ever-growing pharmaceutical industry. In addition, the water & wastewater industry is also likely to trigger demand as environmental organizations are introducing stringent regulations vis-a-vis water quality standards for industries. This is also expected to create new avenues of growth for players in the liquid process analyzers market.
Process Analyzer Market: Challenges and Restraints
High maintenance and servicing costs associated with process analyzers is one of the biggest hindrances in the growth of the market. As the role of process analyzers in various manufacturing operations is to monitor and measure gas and liquid contents, maintenance becomes inevitable in order to ensure accuracy in measurements.
Without periodic maintenance, process analyzers may produce unreliable data, and this can reflect major flaws in production and unplanned plan shutdowns, sometimes delayed production cycles. Therefore, manufacturers in the process analyzers market need to have dedicated teams for offering maintenance services to design strategies to ensure better performance of their products based on their industrial applications.
Process Analyzer Market: Opportunities and Trends
Growing adoption of process analyzers in the oil & gas industry are creating new opportunities for market players, as the demand for automatic validation tools is increasing in this space. Businesses can leverage these opportunities by introducing high-quality gas and liquid process analyzers, which are becoming an integral part of the oil & gas as well as the pharmaceutical industries.
Adoption of innovative techniques and technologies is emerging as the latest trend in the process analyzer market. Manufacturers are using advanced techniques such as Tunable Diode Laser Absorption Spectroscopy (TDLAS) in order to achieve extremely low detection limits. Furthermore, other technologically advanced tools are enabling manufacturers to introduce process analyzers with real-time, more accurate, and faster measurements in various industrial applications.
Process Analyzer Market: Region-wise Analysis
While the world is emerging out of the global outbreak of novel coronavirus, the Asia Pacific region is expected to witness positive growth of its manufacturing industry. This is expected to create more lucrative opportunities for businesses in the APAC market for process analyzers. China and Japan are likely to experience rise in the adoption of advanced process automation technologies, and this provides an impetus to business in the region.
Apart from the Asia Pacific region, the process analyzer market in Europe is also expected to witness an upsurge in investment activities in the region as players are expanding their global networks. For instance, In 2018, LAR Process Analysers AG - a German manufacturer and supplier of on-line process analyzers was acquired by Process Insights Holdings - a US-based player in the gas and water analysis space. The acquisition was aimed at by LAR Process Analysers AG to strengthen its global position as a premium brand in the industry.
Process Analyzer Market: Competitive Landscape
Key players in the process analyzers market are Siemens AG, ABB Ltd., Endress+Hauser AG, AMETEK Process Instruments, Emerson Electric Co., Suez SA, Applied Analytics, Inc., Thermo Fisher Scientific Inc., Mettler-Toledo International Inc., and Yokogawa Electric Corp.
A majority of leading players in the process analyzer market are moving to implementing organic growth strategies through the launch of innovative, tech-based products in the market. Introducing high-performance process analyzers with a considerably high speed of response with the integration of next-generation technological features is expected to emerge as a popular strategy among market players.
Furthermore, companies are also focusing on optimizing their manufacturing processes to make them cost-efficient, as a part of their approach to cope with the negative impact of COVID-19 pandemic on their operations.
Based on gas analyzers, the process analyzers market can be segmented as:
Based on liquid analyzers, the process analyzers market can be segmented as:
Based on the range of instruments, the process analyzers market can be segmented as:
Based on end-use industries, the process analyzers market can be segmented as:
According to our analysis, the global process analyzers market surpassed the valuation of US$ 6 billion in 2020. The study opines that the adoption of process analyzers in the pharmaceuticals industry has been majorly contributing to the growth of the market.
The process analyzers market is expected to witness healthy growth at a CAGR of around 4% during the forecast period of 2020 to 2030, and the market is likely to recover in the coming decade from the slump in sales caused due to the COVID-19 pandemic.
Adoption of oxygen analyzers has remained significantly high in various industrial applications for monitoring oxygen levels in various devices such as furnaces, incubators, and boilers. Our analysts opine that, along with oxygen analyzers, liquid analyzers are also expected to witness high demand in various pharmaceutical operations through the forecast period.
While the process analyzers market in the North American region is considerably profitable, the market in APAC is expected to register fastest growth in the coming decade. Rising speed of manufacturing operations in developing countries in the post-COVID period is expected to drive market growth in APAC.
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