New York, May 23, 2023 (GLOBE NEWSWIRE) -- A PMR study estimates that the value of process analyzers market will reach US$ 8.4 billion in 2023 from US$ 8.1 billion in 2022. According to industry experts, US$ 16.2 billion will be generated in 2033, representing a 6.8% CAGR.
The market has been growing steadily in response to increasing demands for process optimization, safety regulations, and quality control. Food and beverage manufacturers, chemicals manufacturers, pharmaceutical manufacturers, and water and wastewater treatment companies are major contributors to the market growth.
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With the advancement of analytical technologies, the market for process analyzers has grown exponentially over the years. A number of innovative technologies have been developed, such as spectroscopy, chromatography, gas analyzers, mass spectrometry, and other methods of sensing. Real-time monitoring, high accuracy, improved sensitivity, and enhanced data analysis are all features of these advanced analyzers. A process analysis identifies and eliminates impurities in products, which is essential in industries such as petrochemical refineries and chemical plants. As businesses strive to improve their operations and remain competitive, digital transformation has become more important to success.
Using technology to improve existing business processes requires businesses to deep understanding of their operation. Process analysts aid businesses in determining and implementing new technologies that can simplify and automate their processes. The technology with process analyzers allows for the analysis of a product during processing, including chemical analysis, thermal analysis, freezing point, pressure, viscosity, and color. Analyzing processes can contribute to the identification of critical quality attributes (CQAs) and critical process parameters (CPPs) for quality by design (QbD). Process analysis involves a variety of testing methods depending on the parameters under consideration.
As the process analyzer market grows, vendors will introduce portable process analyzers, which will have a positive impact on the industry. However, developing countries have a low adoption rate of process analyzers, which poses a major challenge to the global market's growth.
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Key Takeaways from Market Study
- The online analysis market is forecast to grow by 6.5% over the next few years.
- According to estimates, the chemical industry market will grow by 6.3% during the next ten years.
- By 2033, the United States process analyzer market will be worth US$ 2.5 billion.
- Japan's process analyzers market is predicted to grow at a 7% CAGR over the next few years.
- South Korea's process analyzer market is expected to grow by US$1 billion.
"The demand for automation and technological advancements is expected to increase in the future. Increasing internet traffic and the introduction of Industry 4.0 are expected to drive the market for process analyzers,” says an analyst at Persistence Market Research.
Market Segmentation
- By Analysis Type (Online Analysis, Inline Analysis, At-line Analysis)
- By Analyzing Material State (Liquid, Gas)
- By End-User Industry (Oil & Gas, Pharmaceuticals, Water & Wastewater, Chemical, Others)
Competitive Landscape
Process analyzer market growth is driven in part by significant investments in research and development. A number of strategic activities are also being undertaken by market participants to increase their global presence, including the launch of new products, the merger, and acquisition of companies, increased investment, and collaborations. A cost-effective product offering will help the process analyzer industry expand and survive in a highly competitive market environment.
Some of the top players 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., Yokogawa Electric Corporation
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Recent Developments:
- In January 2023, the US Food and Drug Administration will launch Process Analytical Technology (PAT), which allows pharmaceutical manufacturers to control critical process parameters (CPPs).
- On May 2022, APC Ltd. and Agilent Technologies Inc. signed a collaboration agreement, committing to working towards combining technologies to provide customers with a unique approach to automated process analysis via liquid chromatography (LC). As the pharmaceutical and biopharmaceutical industry moves towards continuous manufacturing, implementing companies' analytical capabilities to support online process monitoring is a natural step toward helping mutual customers to develop higher-quality drugs quicker.
Know More about Report Inclusions
Persistence Market Research published a new market report on the process analyzer market, covering a global industry analysis of 2018-2022 and forecasts for 2023 to 2033. This research report provides compelling insights on the basis of product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how process analyzer sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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