According to the latest report by IMARC Group, titled “Process Analyzer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global process analyzer market reached a value of US$ 6.40 Billion in 2020. Process analyzers are electronic instruments utilized for examining the physical and chemical composition of substances present in industrial processes. This analysis enables asset protection, process optimization, and adherence to environmental regulations. The employment of process analyzers helps to reduce the time and resources invested for a desired outcome. These analyzers can withstand extreme climatic conditions, provide faster measurement data, and do not need human intervention. On account of these benefits, process analyzers are extensively employed across the chemical, pharmaceutical, oil and gas, and petrochemical industries.
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:
Widespread product adoption across the oil and gas industry represents one of the key factors driving the market growth. Increasing establishment of wastewater treatment plants is acting as another major growth-inducing factor. Since process analyzers are crucial in monitoring the production processes in these treatment plants for optimal usage of resources and reduced waste generation, this is contributing to the market growth. Moreover, there is a significant growth in the healthcare and pharmaceutical industries, especially due to the steadily increasing cases of COVID-19 across the globe. Consequently, there is an enhanced focus on drug safety, which is expected to create a positive outlook for the market. Other factors, such as the development of technologically advanced product variants, including process analyzers incorporated with high-quality sensors, are driving the market further toward growth. Looking forward, the market value is projected to exceed US$ 7.8 Billion by 2026, expanding at a CAGR of 3.60% during 2021-2026.
- Based on the product type, the market has been segmented as liquid and gas analyzers. Gas analyzers currently dominate the market, holding the largest market share. The major technologies used in these analyzers are electrochemical, zirconia, tunable diode laser, infrared, paramagnetic, catalytic and others.
- On the basis of the end use industry, power and wastewater treatment represent the major end use industries for liquid analyzers. On the other hand, oil and gas represents the largest end use industry for gas analyzers.
- Region-wise, North America holds the leading position in the market and is further segmented into the United States and Canada. Other major regions include Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others), Middle East and Africa (Turkey, Saudi Arabia, Iran, the United Arab Emirates and Others), and Latin America (Brazil, Mexico, Argentina, Columbia, Chile, Peru and Others).
- The competitive landscape of the market has also been examined, with some of the key players being ABB Group, AMETEK. Inc., Cemtrex, Inc., Emerson Electric Co., Endress+Hauser Group Services AG, GE Analytical Instruments, Hach Lange GmbH, Honeywell International Inc., Mettler-Toledo International Inc., Schneider Electric Industries, Siemens AG, Teledyne Technologies International Corp., Thermo Fisher Scientific Inc. and Yokogawa Electric Corporation.
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