Pune, April 25, 2023 (GLOBE NEWSWIRE) -- According to a recent market study by Quince Market Insights, the global Electrochemical Instrument Market Size is estimated at 14,024.7 million in 2023, to reach 22,348.3 million by 2032 projected to exhibit a CAGR of 5.68% during the forecast period.
Rising public awareness of the importance of safe drinking water, as well as the demand for multiparameter test instruments in the environmental testing industry will drive the market during the forecast period. The growing emphasis on research and development activities in various industries, including pharmaceuticals, biotechnology, and food and beverage, has led to the rise in the demand for electrochemical instruments for analytical testing and research purposes. They are frequently used in the biotechnology and pharmaceutical industries, agriculture and food industries, academic institutions, and research laboratories. Chemical processing, storage facilities, laboratories, steel manufacturing, and other applications all require electrochemical instruments. These instruments are portable and handheld and can be used on benches, computer boards, racks, and cabinets.
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The electrochemical instrument market is expected to be driven by an increase in the number of biotechnology and pharmaceutical companies. Another important factor expected to fuel the market growth is increased R&D investments in the energy and power sectors for battery development. Governments are implementing several water sanitation and air pollution projects, which could provide lucrative market opportunities. Furthermore, stringent environmental regulations compel industries to constantly monitor their surroundings, such as air, soil, and water, providing consistent support to the electrochemical instrument market. However, factors such as the drop in average selling prices of raw materials used in the manufacture of electrochemical instruments, as well as the commoditization of electrochemical instruments, are impeding the global market growth.
Some Significant Market Developments Considered in The Report:
- February 2023 - HORIBA Tocadero adds POC/VOC determination in direct method to its on-line TOC analyzer. Tocadero ONE determines the POC/VOC content in water in a single measurement using a photoionization detector, providing faster and more accurate results as well as increased safety due to the addition of the TOC content determination method.
- November 2022 - HORIBA Advanced Techno Co., Ltd. has introduced the world's first gel-filled self-cleaning pH electrode that employs antifoul technology.
- September 2022 - The OpreXTM Magnetic Flowmeter CA Series has been released by Yokogawa Electric Corporation. This new product series replaces the ADMAG CA Series and is part of the OpreX Field Instruments family. The products in this new series are all capacitance-type magnetic flowmeters that can measure the flow of conductive fluids through a measurement tube without contacting the electrodes of the devices.
COVID-19 Impact on the Global Electrochemical Instrument Market:
As per the QMI team, the demand for electrochemical instruments has been high during the COVID-19 pandemic time. It is anticipated to grow sharply during the analysis period.
Many countries across the globe have enforced strict lockdown norms to control the spread of the pandemic, which is hampering all kinds of business activities.
The COVID-19 pandemic has had a significant impact on the electrochemical instrument market. On one hand, the demand for electrochemical instruments such as biosensors, chemical sensors, and medical diagnostic devices has increased due to the need for rapid and accurate COVID-19 testing. On the other hand, the pandemic has also disrupted the global supply chain, causing delays in the production and distribution of electrochemical instruments. This has resulted in shortages and price increases for certain instruments, as well as a slowdown in new product development.
Global Electrochemical Instrument Market Analysis by Region:
Based on region, the electrochemical instrument market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The North American market for electrochemical instruments is mature, with the major contributors being the US and Canada. The growing demand for electrochemical instruments in the pharmaceutical and biotechnology industries, as well as the growing emphasis on environmental monitoring and food safety, are driving the regional market growth. Europe is a significant market for electrochemical instruments, with Germany, France, and the UK leading the market. The growing use of electrochemical instruments in a variety of industries, including pharmaceuticals, food and beverages, and water and wastewater treatment, is propelling the regional market growth. Pharmaceuticals, chemicals, and food and beverages are some of Europe's well-established industries. In these industries, electrochemical instruments are used in a variety of applications such as quality control, process control, and research and development.
Asia Pacific is expected to be the fastest-growing market for electrochemical instruments globally. Rising demand for electrochemical instruments in the chemical and petrochemical industries, as well as increased awareness of water and air pollution, are fueling the market growth in the region.
South America is a growing market for electrochemical instruments, with Brazil leading the way. Owing to the increased demand for electrochemical instruments in the mining, oil, gas, and pharmaceutical industries, the regional market is expanding. South Africa is the largest contributor to the African market for electrochemical instruments, which is small but growing. Rising demand for electrochemical instruments in the agriculture and mining industries, as well as a greater emphasis on environmental monitoring, are fueling the market growth in the region.
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Some Major Findings of the Electrochemical Instrument Market Report Include:
- Major global market trend & forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth electrochemical instrument market analysis by the segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global Electrochemical Instrument market include Dkk-Toa Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Horiba (Japan), Yokogawa Electric Corporation (Japan), Mettler Toledo International Inc. (Switzerland), Endress+Hauser Group Services AG (Switzerland), Xylem Inc. (US), Metrohm Ag (Switzerland), Gamry Instruments (US), Amel Electrochemistry (France), Boqu Instrument Co. Ltd. (China), Zahner Elektrik GmbH & Co (Germany), Hanna Instruments Inc. (US)
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global electrochemical instrument market
- Impact of COVID-19 on the global electrochemical instrument market
Leading Companies:
The electrochemical instrument market is highly competitive and fragmented, with several major players competing for market share alongside numerous smaller companies. Product quality, innovation, customer service, pricing, and distribution channels are all important competitive factors in the market. Companies use new product launches, collaborations, and acquisitions as key strategies to gain a competitive advantage in the market. For example, Thermo Fisher Scientific recently introduced a new potentiostat system for electrochemical research, and Danaher Corporation has acquired several electrochemical instrument companies to diversify its product portfolio. Some other prominent players in the global electrochemical instrument market include:
- Dkk-Toa Corporation (Japan)
- Thermo Fisher Scientific Inc. (US)
- Danaher Corporation (US)
- Horiba (Japan)
- Yokogawa Electric Corporation (Japan)
- Mettler Toledo International Inc. (Switzerland)
- Endress+Hauser Group Services AG (Switzerland)
- Xylem Inc. (US)
- Metrohm Ag (Switzerland)
- Gamry Instruments (US)
- Amel Electrochemistry (France)
- Boqu Instrument Co. Ltd. (China)
- Zahner Elektrik GmbH & Co (Germany)
- Hanna Instruments Inc. (US)
Market Segmentation:
Product Outlook (Revenue, USD Million, 2019 - 2032)
- Electrochemical Meters
- Benchtop Meters
- Handled Meters
- Titrators
- Potentiostats/Galvanostats
- Ion Chromatographs
- Others
End User Outlook (Revenue, USD Million, 2019 - 2032)
- Environmental Testing Agency
- Biotechnology and Pharmaceutical Industries
- Food and Agriculture Industries
- Academic Research and Institutes
- Others
Technology Outlook (Revenue, USD Million, 2019 - 2032)
- Potentiometry
- Voltammetry
- Coulometry
- Others
Regional Outlook (Revenue, USD Million, 2019 - 2032)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- South Korea
- South America
- Brazil
- Argentina
- Middle East & Africa
- UAE
- South Africa
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