Chicago, May 27, 2024 (GLOBE NEWSWIRE) -- The global Process Analyzer market is expected to grow from USD 7.8 billion in 2023 to USD 9.3 billion by 2028, registering a CAGR of 3.6%.
The growth of the process analyzer market is propelled by rising demand for water and wastewater treatment, increasing use of process analyzers in drug safety, and fiscal policy measures by regional financial institutions to boost the process analyzer market.
To know about the assumptions considered for the study
Major Process Analyzer Companies include:
- ABB (Switzerland),
- Emerson Electric Co. (US),
- Siemens (Germany),
- Endress+Hauser Group Services AG (Switzerland),
- Yokogawa Electric Corporation (Japan),
- Mettler Toledo (US),
- Suez (US),
- Thermo Fisher Scientific, Inc. (US),
- Ametek: Inc. (US),
- Anton Paar GmbH (Austria
Process Analyzer Market Segmentation:
TOC Analyzer segment to hold the largest market share in the year 2022.
TOC analyzers are essential measurement components in a host of industries relying on process control and reporting of regulated organic discharge levels. Industries often use TOC analysis to protect vital systems from corrosion by monitoring the raw water feedstock and process water quality. The increasing demand for water and wastewater treatment in various countries and the wide use of TOC analyzers in water treatment for industrial and domestic use are expected to help the TOC analyzer segment maintain the largest share of the liquid analyzer market in 2022.
Oxygen Analyzer segment to record the highest CAGR during the forecast period.
An oxygen analyzer is one of the important gas analyzers utilized in a wide range of industries. Oxygen plays an important role in any combustion process, and the amount of oxygen in the process decides whether the combustion is rich or lean. These analyzers are also used for boiler combustion control, oxygen measurement in flammable gas mixtures, and environmental monitoring at reflow furnaces and globe boxes. The wide use of oxygen analyzers across industries is expected to help the oxygen analyzer segment record the highest CAGR during the forecast period.
By Application, Pharmaceuticals segment to record the highest CAGR during the forecast period.
By application, the pharmaceutical industry is expected to exhibit the highest growth during the forecast period. This growth can be attributed to the stringent regulations regarding the quality of pharmaceutical products. Various gas and liquid analyzers have become indispensable for monitoring critical process parameters in the pharmaceutical industry.
Process Analyzer Market Regional Analysis:
By Region, Asia Pacific is expected to grow at the highest CAGR in the Process Analyzer market from 2023 to 2028.
By Region, Asia Pacific accounted for the most significant global process analyzer market share 2022. Process analyzer solutions are widely adopted in APAC owing to the large-scale manufacturing base in the region. Most key global companies from different industries have shifted their manufacturing units to Asia Pacific owing to low labor costs and easy availability of a skilled workforce. Key automotive, consumer electronics, pharmaceuticals, refining, and mining industries have a regional base.
Current Trends in Process Analyzers Market
The process analyzers market is experiencing robust growth driven by several key trends. One significant trend is the increasing adoption of Industry 4.0 and the Industrial Internet of Things (IIoT). These technologies enable real-time monitoring and data analytics, which are essential for optimizing industrial processes. Process analyzers are now equipped with advanced sensors and connectivity features that allow seamless integration into smart manufacturing systems. This integration helps industries improve efficiency, reduce downtime, and ensure compliance with stringent regulatory standards.\
Future Outlook of Process Analyzers Market
The future outlook for the process analyzers market is highly promising, with several factors expected to drive continued growth. Technological advancements, particularly in artificial intelligence (AI) and machine learning (ML), are set to revolutionize the market. AI and ML algorithms can analyze vast amounts of data from process analyzers to predict maintenance needs, optimize process parameters, and enhance decision-making. This predictive maintenance capability will reduce operational costs and improve the longevity of industrial equipment, making process analyzers an indispensable tool in modern industrial operations.
