Involvement of a large number of players has rendered the vendor landscape in the global process analyzer market highly fragmented. The market is therefore witnessing accelerated competition among the leading companies. In the forthcoming years, the competitive rivalry among key players is likely to intensify further as they focus on product and technology upgrades and product innovation, finds Transparency Market Research (TMR) in a new study. Considering this, investing in research and development of novel products is therefore a popular strategy among the market players.
In 2015, Emerson Electric Co., held the dominant share of 26.1% in the global process analyzer market. Other prominent companies influencing the market forces through the strategies they adopt are ABB, Ltd., Yokogawa Electric Corporation, and Modcon System Ltd. These companies primarily focus on gain competitive advantage technological advancements and offering cost effective products.
Such strategies have a strong impact on the prevailing market trends. Spurred by these and several other factors, the global process analyzer market is forecast to reach US$11.50 bn by the end of 2024. At the beginning of 2015, the market was valued at US$5.29 bn. If these figures hold true, the global process analyzer market will exhibit a CAGR of 9.1% between 2016 and 2024.
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Oil and Gas Industry to Continue Exhibiting Highest Demand for Process Analyzers
By end use, the majority share of the market is held by the oil and gas industry. It accounted for nearly 54% of the global process analyzer market in 2015. While the industry is forecast to remain the lead through the forecast period, the demand for process analyzer will gain pace in the chemical industry in the coming years. Regionally, Asia Pacific held the dominant share of 40.8% in the global market in 2015, and is expected to remain dominant, exhibiting the highest CAGR in the coming years.
Rising Use in Water and Wastewater Treatment to Aid Growth
The market is primarily gaining from the increasing demand for water and wastewater treatment. Given the recent technological upgrades, manufacturers are now able to offer more cost-effective process analyzers. Besides the cost advantage, these analyzers also demonstrate a better design and performance. Considering this factor, rapid industrialization will therefore emerge as a strong factor enabling the market’s growth. In addition, the rising demand for processed food is expected to boost utility of process analyzers in the food and beverages industry.
Around the world stringent regulations are in place, to ensure that food and beverage production meet certain quality standard. Testing of food and beverage has therefore become essential, which can be conducted using process analyzers. Spurred by these factors and the rising shale gas production are aiding the worldwide expansion of the process analyzer market. The shale gas boon in the US has been marked as a game changer for the US natural gas market. As process analyzers help analyzing shale gas and in the processing of fine grained sedimentary rocks contained in shale gas, their demand is expected to scale higher in the country.
High Installation Cost Acts as Major Restraint
To derive benefit from the application of process analyzers, am industry must have a strong infrastructure backing the installation of the device. Besides this, process analyzers also incur high cost of installation and maintenance. These factors can create real challenges for the market players. In addition, the global process analyzer market is also reeling under the lack of skilled professionals. With economies inching towards renewable energy, not many producers are likely to witness lucrative opportunities in the process analyzer market.
Nevertheless, developing countries in Asia Pacific still hold considerable growth opportunities, which companies can gain from in the coming years. On account of saturation in the developed market of Europe and North America, producers are shifting towards investing in Asia Pacific. This will create scope for the market’s expansion in the near future.
This review includes information obtained from a TMR report, titled “Process Analyzer Market (Form Factor – Standard, Portable, and Rackmount; End-use Industry – Oil and Gas, Chemical, Power generation and Transmission, Pharmaceutical, Mining, and Food and Beverages) – Global Industry Analysis Size Share Growth Trends and Forecast 2016 – 2024