Process Analyzer Market worth $9.3 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 21, 2023 /PRNewswire/ -- The global Process Analyzer Market is expected to grow from USD 7.8 billion in 2023 to USD 9.3 billion by 2028, registering a CAGR of 3.6% according to a new report by MarketsandMarkets™. The growth of the process analyzer market is propelled by rising demand for water and wastewater treatment, increasing use of process analyzers in drug safety, and fiscal policy measures by regional financial institutions to boost the process analyzer market.
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Process Analyzer Market Report Scope:
TOC Analyzer segment to hold the largest market share in the year 2022.
TOC analyzers are essential measurement components in a host of industries relying on process control and reporting of regulated organic discharge levels. Industries often use TOC analysis to protect vital systems from corrosion by monitoring the raw water feedstock and process water quality. The increasing demand for water and wastewater treatment in various countries and the wide use of TOC analyzers in water treatment for industrial and domestic use are expected to help the TOC analyzer segment maintain the largest share of the liquid analyzer market in 2022.
Oxygen Analyzer segment to record the highest CAGR during the forecast period.
An oxygen analyzer is one of the important gas analyzers utilized in a wide range of industries. Oxygen plays an important role in any combustion process, and the amount of oxygen in the process decides whether the combustion is rich or lean. These analyzers are also used for boiler combustion control, oxygen measurement in flammable gas mixtures, and environmental monitoring at reflow furnaces and globe boxes. The wide use of oxygen analyzers across industries is expected to help the oxygen analyzer segment record the highest CAGR during the forecast period.
Pharmaceuticals segment to record the highest CAGR during the forecast period.
The pharmaceutical industry is expected to exhibit the highest growth during the forecast period. This growth can be attributed to the stringent regulations regarding the quality of pharmaceutical products. Various gas and liquid analyzers have become indispensable for monitoring critical process parameters in the pharmaceutical industry.
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Asia Pacific is expected to grow at the highest CAGR in the Process Analyzer market from 2023 to 2028.
Asia Pacific accounted for the most significant global process analyzer industry share 2022. Process analyzer solutions are widely adopted in APAC owing to the large-scale manufacturing base in the region. Most key global companies from different industries have shifted their manufacturing units to Asia Pacific owing to low labor costs and easy availability of a skilled workforce. Key automotive, consumer electronics, pharmaceuticals, refining, and mining industries have a regional base.
Key players operating in the Process Analyzer Companies include ABB (Switzerland), Emerson Electric Co. (US), Siemens (Germany), Endress+Hauser Group Services AG (Switzerland), Yokogawa Electric Corporation (Japan), Mettler Toledo (US), Suez (US), Thermo Fisher Scientific, Inc. (US), Ametek: Inc. (US), Anton Paar GmbH (Austria) and Others in the Process Analyzer market.
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