According to a market intelligence report by TMR, the global process analyzer market is anticipated to reach at a valuation of US$11.50 bn by 2024. The market was noted at US$5.29 bn worth revenue in 2015. During the forecast period, the global process analyzer market is likely to rise at an impressive 9.1% CAGR.
The competitive landscape of the global process analyzer market is highly fragmented owing to the presence of a large number of players. The competitive rivalry between top players is further estimated to intensify, notes Transparency Market Research (TMR). Key players are focusing on product launches, technology upgrades and product innovations to strengthen their position in the global process analyzer market. In the year 2015, Emerson Electric Co., dominated the global process analyzer market with 26.1% of the total shares. ABB, Ltd., Yokogawa Electric Corporation, and Modcon System Ltd., are the other predominant players in the global process analyzer market.
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On the basis of end user, oil and gas industry held a dominant share in the global process analyzer market. In 2015, it held nearly 54% market share in the global process analyzer market. Furthermore, the industry is forecast to lead the market throughout the forecast period. This is because a rapid demand for process analyzers is likely to increase in the industry in the coming years. Regionally, Asia Pacific was dominant in the global process analyzer market in 2015, and is expected to hold this position in the coming years as well.
Rising Demand of Processed Foods to Boost Utility of Process Analyzer
The process analyzer market is growing on the back of rising demand to meet strict safety and health regiments across various end use industries. Process analyzers help manufacturers gain a tight control over production processes. This is because the devices can optimize usage of materials and reduce manufacturing costs by saving disposal or reprocessing expenses. This is expected to drive the global process analyzer market.
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Along with this, the demand for process analyzers is primarily increasing due to the rising demand form the water and wastewater treatment plants. These systems help demonstrate quality of processed water and also analyze design and performance of the plants. Moreover, the requirement for processed food is expected to boost the food and beverages industry. Considering stringent regulations in the food and beverage industry, a process analyzers has emerged as an essential device for performing quality checks on manufactured products.