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.
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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.
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.
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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.
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