The global process analyzer market, according to the latest report by Market Research Future (MRFR), is slated to acquire a significant market valuation expand at a CAGR of approximately 6% over the forecast period (2017–2023).
Process analyzers are fundamentally used to control the physical properties of substances involved in industrial processes. They are utilized to enable process optimization and compliance with other ecological regulations. These process analyzers assist in improving the safety and quality of the product as well while liquid process analyzers are used for monitoring the process of chemistry and aid in offering process optimization and control.
Drivers and Restraints
Major influential factors that are driving the growth of the global process analyzer market is the increasing demand for water & wastewater treatment plants and rising competition among major market players in the market to offer technologically advanced and superior-quality products. In additon to these factors, the demand for process analyzers in oil and gas industries is also expected to witness a substantial rise, consequently driving the growth of the global process analyzer market over the review period.
Process analyzer market is estimated to exhibit high growth potential during the forecast period owing to increasing demand for process analyzers across different application areas such as water & wastewater, food & beverages, pharmaceuticals among others. Additionally, innovations and advancements in technology, and increasing market for process analyzers owing to the growth of oil & gas industry is adding fuel to the growth of the process analyzer market.
ABB Ltd., GE Analytical Instruments, Hach Lange GmbH, Honeywell International, Inc., Teledyne Technologies, Inc. and The Emerson Electric Company are some of the leading players in the market.
ABB Ltd develops, manufactures, and supplies analytical instruments for the laboratory, process, environmental, steam and power industries and is considered to be a leading provider of the process analyzers. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Increasing application areas of process analyzers across different industries is one major factor driving the growth of process analyzer market. Due to the convenience being provided to the users with the adoption of process analyzer solutions, the growth of the global process analyzer market is anticipated.
The global process analyzer market is segmented by type, service and industry. The industry segment is classified into oil & gas, petrochemical, pharmaceuticals, water & wastewater, power generation, food & beverages, semiconductor processing, pulp & paper, metal & mining and others. However, the water & wastewater industries sub-segment is expected to hold a major share of the global process analyzer market during the forecast period. This is owing to the increasing importance of water treatment and increasing initiatives from the Indian government in order to provide improved drinking water facilities. However, the lack of awareness regarding the benefits and features of process analyzer and high deployment costs are major factors that could cause hindrance in the growth of global process analyzer market. Also, continuous support and maintenance for proper functioning of process analyzers is another major factors which may hamper the market growth.
According to Market Research Future Analysis, the global Process Analyzer market is estimated to generate revenue of approximately USD 3 billion by 2023 growing at a CAGR of 6% during the forecast period 2017–2023.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Reports (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research and Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
Email: sales@marketresearchfuture.com
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