Press release
Process Analyzer Market Empowering Technical Innovation To Reach $12.2 billion by 2030
Market Outlook:Process analyzers are used to monitor the flow of substances, such as liquids and gases, through enclosed pipes or channels. The samples of substances are collected to analyze their composition, pressure, rate of flow, and several other aspects to avoid leakage or contamination of external entity in the substance.
The process analyzer market size was valued at $7.7 billion in 2020, and is expected to reach $12.2 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
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Driving Factors:
The major driving factor of the process analyzer market is rising demand for wastewater treatment facilities to tackle the problem of water & wastewater generated by municipal as well as industrial waste. In addition, growth of pharmaceutical and chemical industries has led to rise in demand for process analyzers. Furthermore, adoption of automation in manufacturing industries has led to installation of process analyzers in production facilities.
However, lack of skilled professional makes it difficult to monitor and operate the process analyzing system. Attributed to this, errors in detection, monitoring, and sampling can occur. In addition, high-end sensors and analyzing software lead to increased cost of the process analyzers.
Furthermore, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to halt in the construction industry, which, in turn, hinders the growth of the for a very brief period. However, industries have gradually got back on track and vaccine discovery is expected to lead to recovery of the process analyzer market trend by mid-2021.
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Top Players:
The major players profiled in the process analyzer market include ABB Ltd., AMETEK Process Instruments, Applied Analytics, Inc., Endress+Hauser AG, Emerson Electric Co., Mettler-Toledo International Inc., Siemens AG, Suez, Thermo Fisher Scientific, Inc., and Yokogawa Electric Corporation. Major companies in the market have adopted strategies, such as business expansion and product launch, to offer better products and services to customers in the market.
Key Segments Based On:
The process analyzer industry is segmented on the basis of analysis type, analyzing material state, end-user industry, and region.
On the basis of type, the market is divided into online analysis, inline analysis, and atline analysis. Depending on analyzing material state, it is classified into under liquid and gas.
On the basis of end-user industry, it is fragmented into oil & gas, pharmaceuticals, water & wastewater, chemical, and others.
By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, Russia, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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Key Findings Of The Study
By analysis type, the online analysis segment was the highest revenue contributor in 2020.
By analyzing material state, the liquid segment generated the highest revenue in 2020.
By end-user industry, process analyzer market analysis the chemical segment generated the highest revenue in 2020.
By region, Asia-Pacific generated the highest revenue in 2020.
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