Process Analyzers Market size was over USD 7.68 billion in 2023 and is projected to exceed USD 12.47 billion by 2036, witnessing over 3.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of process analyzers is assessed at USD 7.91 billion. Major factors anticipated to drive the growth of the market are the increasing demand for water & wastewater treatment plants and the growing competition among major players in the market to provide technologically advanced and better-quality products. Furthermore, the need for process analyzers in oil and gas industries is also expected to drive the growth of the market in the upcoming years. Moreover, the precise periodical measurement of chemical and physical parameters of an industrial process facilitated by the equipment is also predicted to contribute to the market growth. Along with these, manufacturing of robust analyzers that can withstand harsh industrial environments and high temperatures is predicted to offer lucrative opportunities to the market growth in the future.
Growth Drivers
Challenges
Base Year |
2023 |
Forecast Year |
2024–2036 |
CAGR |
3.8% |
Base Year Market Size (2023) |
USD 7.68 billion |
Forecast Year Market Size (2036) |
USD 12.47 billion |
Regional Scope |
|
By type, the process analyzers market is segmented into pH/ORP analyzers, conductivity Analyzers, chlorine Analyzers, liquid density analyzers, MLSS analyzers, TOC analyzers, out of which the pH/ORP analyzers segment is expected to grow at a significant rate owing to the growing adoption of pH/ORP analyzers across oil and gas industries worldwide. Additionally, based on end-use industry, the pharmaceutical segment is expected to account for the largest market share during the forecast period. Process Analyzers are an integral part of pharma product manufacturing processes. The pharmaceutical industry has to maintain product quality and follow the rules and regulations for medicinal drugs, necessitating the wide use of process analyzers, especially during the pandemic times. These factors are assessed to give a boost to the growth of the market segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
Type |
|
End-use Industry |
|
The process analyzers market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. In the Asia Pacific, the use of process analyzers and solutions is expected to increase rapidly during the forecast period in countries such as China, India, and Japan. The Asia Pacific is expected to dominate majority revenue share by 2036, ascribing to large-scale advancements and technological innovations in the manufacturing industry. Furthermore, in 2030, the North American region is evaluated to hold the largest share in the market worldwide, followed by Europe and the Asia Pacific. This can be credited to the increasing technological advancements and growing adoption of process analyzers in oil and gas industries in the region. Apart from these, the growing application areas of process analyzers across different industry verticals such as pharmaceuticals, water and wastewater, power generation, and food and beverages, among others, is another major factor driving the growth of the process analyzer market in the region. According to Select USA Government Organization, the United States is the largest market for biopharmaceuticals, accounting for around a one-third share of the global market, and is the world leader in biopharmaceutical R&D.
Author Credits: Abhishek Verma
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