Process Analyzer Market Type, Service (Pre-Sales, Post-Sales), Industry (Oil & Gas) – Forecast till 2023. Global Process Analyzer Market is Projected to reach USD 3 billion at a CAGR of over 6% by the end of the forecast period 2019-2023.
— Market Highlights
The global process analyzer market is expected to grow at a CAGR of 6% over the forecast period from 2017 to 2023, according to the latest research report published by Market Research Future (MRFR). The report studies the global process analyzer market in detail in order to reveal actionable insights regarding the major drivers and restraints operating on the market, the key players operating in the market, and the market’s leading segments.
Process Analyzers Market are used in various industrial processes to examine the physical contents involved in the processes. This is necessary for enhancing the quality of the product as well as complying with environmental regulations, which have become a major factor for industrial entities in recent years. The global process analyzer market is mainly driven by the growing demand from the wastewater treatment industry as well as the oil and gas industry. Wastewater treatment plants rely on process analyzers to eliminate waste products from the wastewater stream and achieve adequate separation of all components for further processing. The oil and gas industry has also emerged as a major end user in the global process analyzer market due to the growing need for process analyzers in petrochemical refineries.
The growing government support to the wastewater treatment industry is likely to be a major driver for the global process analyzer market over the forecast period. Wastewater treatment has emerged as a key issue due to its importance in public health management and disease prevention. This has led to increasing government support in developed as well as developing countries for the adoption of more advanced and refined treatment processes in the wastewater treatment industry.
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Leading players in the global process analyzer market include Yokogawa Electric Corp., Thermo Fisher Scientific Inc., The Emerson Electric Company, Teledyne Technologies Inc., Mettler-Toledo International Inc., Honeywell International Inc., Hach Lange GmbH, GE Analytical Instruments, Endress+Hauser AG, and ABB Ltd. Leading players in the global process analyzer market are likely to focus on product innovations in the coming years, as coming up with a well-developed product catalog and technologically advanced products has emerged as a major recipe for success in the process analyzer market.
In May 2019, PerkinElmer launched a new NIR analyzer for the food and beverage industry, especially producers of meat and olives. The food and beverage industry could also play a major role in the growth of the global process analyzer market over the forecast period due to the growing government intervention in the food and beverage industry to ensure food safety and the growing demand for packaged food.
The global process analyzer market is segmented by type, service, end use, and region.
Based on the type, the global process analyzer market is segmented into pH/ORP analyzers, conductivity analyzers, near-infrared analyzers, turbidity analyzers, dissolved oxygen analyzers, chlorine analyzers, liquid density analyzers, MLSS analyzers, TOC analyzers, aluminum analyzers, ammonia analyzers, fluoride analyzers, and others. pH/ORP analyzers are likely to exhibit the fastest growth over the forecast period due to the growing demand for this type of analyzer from the oil and gas industry.
Based on service, the process analyzer market is segmented into pre-sales and post-sales. The pre-sales segment is further classified into start-up & commissioning services and technical support services, whereas the post-sales segment is further classified into parts & spares services, preventive maintenance services, and on-site training services.
Based on end-use industry, the global process analyzer market is segmented into oil & gas, petrochemical, pharmaceuticals, water & wastewater, power generation, food & beverages, semiconductor processing, pulp & paper, metal & mining, and others.
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North America holds the largest share in the global process analyzer market due to the strong government support for safety regulations in the pharmaceutical, food and beverage, and water and wastewater treatment industries, among others. The U.S. and Canada are also likely to drive the demand for process analyzers in North America due to the growing oil and gas industry in North America.
Europe and Asia Pacific also hold significant shares in the global process analyzer market and are likely to be major markets over the forecast period due to the growing water and wastewater treatment, food and beverage, petrochemicals, and power generation industries in these regions.
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