Increasing demand of technological advancement and growing application of process analyzer in the oil and gas, chemical, power generation and transmission sector is expected to have an encouraging influence on the market for process analyzer globally.
Albany, NY -- (SBWIRE) -- 05/22/2017 -- According to the latest study, the demand for process analyzers has scaled higher in the last few years, mainly due to their rising use across diverse industries. By end use, the majority share of the market is held by the oil and gas industry, finds a new study added to the mega-repository of Market Research Hub (MRH). The title of the study is "Process Analyzer Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016-2024" which provides a detailed inquiry about the current market status as well as future prospects that will shape the market growth trajectory in the coming years.
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The study findings predict that between 2016 and 2024, the process analyzer market will exhibit a CAGR of 9.1%. At this pace, the market will reach US$11.501 billion by the end of 2024, from US$5.29 billion in 2015. The report also includes a precise analysis of the prime factors behind the estimated growth and assessment of various drivers, restraints and challenges that are influencing the market at the global and regional level. Furthermore, the report includes the porter's five forces and value chain analysis to provide in-depth understandings about the market competitive scenario.
Process analyzers are engineering precision equipment used for continuous monitoring of parameters such as gas and liquid content during the manufacturing process. They are widely used to analyze and identify the physical, chemical, molecular, and elemental properties of a sample. The report also studies the several end-users involved in the process analyzers, such as Oil & Gas, Chemical & Petrochemical, Biotechnology, pharmaceutical, mining, food and beverages etc. As per the report findings, increasing demand of technological development and rising application of process analyzer in the oil and gas, chemical, power generation and transmission sector is anticipated to have an encouraging influence on the market for process analyzer globally. Among these, the demand for process analyzers is forecast to increase further in the food and beverage industry in the future years.
Apart from the above elements, the report segregates the global market on the basis of form factor into standard, portable and rack-mount. Among these, the standard process analyzers is the primary segment, followed by rack mount process analyzers. Geographically, the market has been analyzed in major regions including Europe, Middle East and Africa, North America, APAC and Latin America. Pharmaceutical sector across the globe, especially in developing countries such as India and China among others across the Asia Pacific is one of the most important factors anticipated to trigger the demand for different categories of process analyzer in coming few years.
Moreover, a section covering the competitive landscape has been discussed in the study. This competitive landscape is inclusive of the various business strategies adopted by these major players and their recent developments in the field of process analyzer market. Some of the important players operating in the market are ABB Ltd. (Switzerland), Emerson Electric Co.(The U.S), Endress+Hauser Management AG (Switzerland), SICK AG ( Germany), Siemens AG (Germany), Modcon Systems Ltd. (The U.K), Applied Analytics, Inc.(The U.S), Applied Instrument Technologies, Inc.( The U.S), INFICON, Inc.(Switzerland), AMETEK, Inc. (The U.S) and Yokogawa Electric Corporation (Japan).
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