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.