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Process Analyzer Market

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Process Analyzer Market : Oil and Gas Industry to Remain at the Fore as Largest End User
Process Analyzer Market : Oil and Gas Industry
to Remain at the Fore as Largest End User
Involvement of a large number of players has rendered the vendor
landscape in the global process analyzermarket 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.
Around the world stringent regulations are in place, to ensure that food
and beverage production meet certain quality standard. Testing of food
and beverage has therefore become essential, which can be conducted
using process analyzers. Spurred by these factors and the rising shale
gas production are aiding the worldwide expansion of the process
analyzer market. The shale gas boon in the US has been marked as a
game changer for the US natural gas market. As process analyzers help
analyzing shale gas and in the processing of fine grained sedimentary
rocks contained in shale gas, their demand is expected to scale higher
in the country.
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