The process analyzer market is projected to grow from USD 6.8 billion in 2020 to USD 8.1 billion by 2025; it is expected to grow at a CAGR of 3.5% from 2020 to 2025. The growth of the process analyzer market is driven by rising demand for water and wastewater treatment, increase use of process analyzer in drug safety, and fiscal policy measures by regional financial institutions to boost process analyzer market during the COVID-19 crisis.
The oxygen analyzer is projected to grow at the highest CAGR from 2020 to 2025.
The oxygen analyzer segment is expected to hold the largest market share and record the highest CAGR during the forecast period. There has been a significant rise in the adoption of oxygen analyzers across various process industries, especially pharmaceutical and petrochemical, to determine the amount of oxygen in boilers, incinerators, and furnaces; such analyzers provide fast and accurate readings in high temperatures and corrosive atmospheres.
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The pharmaceuticals industry of the process analyzer market is projected to grow at the highest CAGR during the forecast period.
The pharmaceuticals industry is expected to account for the largest market share and highest CAGR during the forecast period. Process analyzers are an integral part of pharma product manufacturing processes. The pharmaceuticals industry has to maintain product quality and follow rules and regulations for medicinal drugs, necessitating the wide use of liquid analyzers, especially in pandemic times. These factors give an impetus to the growth of the process analyzer market in the pharmaceuticals industry.
The process analyzer market in APAC is projected to grow at the highest CAGR during the forecast period.
In APAC, the deployment of process analyzers and solutions is expected to increase rapidly during the forecast period in China, India, and Japan. The market in APAC is growing rapidly owing to the large-scale advancements and technological innovations in the manufacturing industry; this necessitates the use of process analyzer solutions. Most key global manufacturers from different industries have shifted their manufacturing units to APAC due to the low labor costs and easy availability of a skilled workforce.
Key Market Players
The process analyzer players have implemented various types of organic growth strategies, such as new product launches and product developments to strengthen their offerings in the market. The major players are ABB Ltd. (Switzerland), AMETEK Process Instruments (US), Applied Analytics, Inc. (US), Endress+Hauser AG (Switzerland), Emerson Electric Co. (US), Suez (France), Mettler-Toledo International Inc. (US), Siemens AG (Germany), Endress+Hauser AG (Switzerland), Thermo Fisher Scientific, Inc. (US), and Yokogawa Electric Corp. (Japan) were the major players in the process analyzer market.