Surge in demand for wastewater treatment, Increase in usage of process analyzers in drug safety and adoption of automation drive the growth of the global process analyzer market.
PORTLAND, Ore., Aug. 18, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Process Analyzer Market by Analysis Type (Online Analysis, Inline Analysis, and Atline Analysis), Analyzing Material State (Liquid and Gas), and End-user Industry (Oil & Gas, Pharmaceuticals, Water & Wastewater, Chemical, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030". According to the report, the global process analyzer industry generated $7.7 billion in 2020, and is anticipated to generate $12.19 billion by 2030, witnessing a CAGR of 4.8% from 2021 to 2030.
Prime determinants of growth
Surge in demand for wastewater treatment, increase in usage in drug safety, and adoption of automation drive the growth of the global process analyzer market. However, lack of skilled labor and high cost of infrastructure hinder the market growth. On the other hand, rise in demand for process analyzers in emerging countries present new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic led to strict lockdowns, which have forced almost all sectors to shut down their operations. This has hampered manufacturing activities and reduced the demand for process analyzers.
- The demand for process analyzers from various end-use industries has declined drastically during the initial stage of the pandemic.
- However, the market rapidly recovered after the manufacturing facilities were back with full production and operation capacity.
The Liquid segment to maintain its leadership status throughout the forecast period
Based on analyzing material state, the liquid segment held the highest market share in 2020, accounting for nearly three-fourths of the global process analyzers market, and is estimated to maintain its leadership status throughout the forecast period. This is due to rise in application of process analyzers in chemical industries. However, the gas segment is projected to manifest the highest CAGR of 7.4% from 2021 to 2030, owing to rise in manufacturing of gas for industrial usage.
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The chemical segment to maintain its lead position during the forecast period
Based on end-user industry, the chemical segment accounted for the largest share in 2020, contributing to more than one-fourth of the global process analyzers market, and is projected to maintain its lead position during the forecast period. This is due to the installation of process analyzers for safety and monitoring processes. However, the pharmaceutical segment is expected to portray the largest CAGR of 5.6% from 2021 to 2030, owing to rise in manufacturing of drugs and medicines across the globe.
Asia-Pacific, followed by North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global process analyzers market. This is due to the large scale production activities in the market. However, the LAMEA region is expected to witness the fastest CAGR of 5.4% during the forecast period, owing to industrialization activities at rapid rate.
Leading Market Players:-
- ABB Ltd.
- AMETEK Process Instruments
- Applied Analytics
- Endress+Hauser AG
- Emerson Electric Co.
- Mettler-Toledo International Inc.
- Siemens AG
- Suez
- Thermo Fisher Scientific
- Yokogawa Electric Corporation.
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