According to the latest report by IMARC Group, titled "Process Analyzer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global process analyzer market reached a value of US$ 6.3 Billion in 2021. A process analyzer refers to an electronic equipment that is generally used for determining the chemical and physical parameters of industrial substances. It is an automatic tool that assists in analyzing several industrial factors, such as critical quality attributes (CQAs) and critical process parameters (CPPs) in order to ensure the result is quality by design (QbD). Additionally, it is also utilized for examining the gaseous and liquid composition of a product during manufacturing. As a result, it is extensively used as a replacement for manual inspection techniques for minimizing the losses caused by human errors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Process Analyzer Market Trends:
The global market is primarily driven by the increasing demand for efficient water management solutions. Besides this, the rising need for wastewater treatment due to rapid urbanization across multiple countries and numerous initiatives undertaken by government agencies for improving the wastewater and water treatment facilities are creating a positive market outlook. Moreover, the widespread utilization of process analyzers for marine vapor recovery and oxygen analysis across the oil and gas industry is further contributing to the market. Additionally, the escalating adoption of the product for controlling the manufacturing processes of medical drugs via measuring the critical process parameters that affect the active pharmaceutical ingredient (API) in the pharmaceutical industry is acting as another major growth-inducing factor. Furthermore, continual technological advancements across the manufacturing sector, such as the deployment of smart technology and artificial intelligence (AI), are providing a boost to the demand for process analyzers. Other factors, including rapid industrialization, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are also projected to drive the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.2 Billion by 2027, exhibiting a CAGR of 6.55% during 2022-2027.
- On the basis of the product type, the market has been segmented into liquid analyzer (pH, conductivity, dissolved oxygen, turbidity and other analyzers) and gas analyzer (electrochemical, zirconia, tunable diode laser, infrared, paramagnetic, catalytic and others). Currently, liquid analyzers hold the largest segment in the market.
- Based on the end-use industry, the market has been categorized into liquid analyzer (power, water and wastewater, pharmaceuticals, chemicals, oil and gas, food and beverage and others) and gas analyzer (oil and gas, power, chemicals, food and beverage, pharmaceuticals and others). Among these, the power sector exhibits a clear dominance in the liquid analyzers market, whereas the oil and gas industry represents the largest end-use industry for gas analyzers.
- On the basis of the region, the market has been divided into the Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), North America (the United States and Canada), the Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and others) and Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru and others). At present, North America holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include ABB, AMETEK Process Instruments, Cemtrex Inc., Emerson Electric, Endress+Hauser AG, GE Analytical Instruments, Hach Lange GmbH, Honeywell, Mettler Toledo, Schneider Electric, Siemens AG, Teledyne Technologies International Corp., Thermo Fisher Scientific and Yokogawa Electric.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal