The sudden challenges created by the ongoing COVID-19 are captured effectively to exhibit the long term growth projections in the MRFR report on Process Analyzer Market Size. The growth sectors of the Process Analyzer Market Size are identified with precision for a better growth perspective.
The global process analyzer market, according to the latest report by Market Research Future (MRFR), is slated to acquire a significant market valuation expand at a CAGR of approximately 6% over the forecast period (2017-2023).
Process analyzers are fundamentally used to control the physical properties of substances involved in industrial processes. They are utilized to enable process optimization and compliance with other ecological regulations. These process analyzers assist in improving the safety and quality of the product as well while liquid process analyzers are used for monitoring the process of chemistry and aid in offering process optimization and control.
Drivers and Restraints
Major influential factors that are driving the growth of the global process analyzer market is the increasing demand for water & wastewater treatment plants and rising competition among major market players in the market to offer technologically advanced and superior-quality products. In additon to these factors, the demand for process analyzers in oil and gas industries is also expected to witness a substantial rise, consequently driving the growth of the global process analyzer market over the review period.
Segmental Analysis
The global process analyzer market is segmented on the basis of the service, type, and industry. On the basis of the type, the process analyzer market is segmented into conductivity analyzers, pH/ORP analyzers, near-infrared analyzers, dissolved oxygen analyzers, turbidity analyzers, chlorine analyzers, MLSS analyzers, liquid density analyzers, TOC analyzers, ammonia analyzers, aluminum analyzers, fluoride analyzers, and others. On the basis of the service, the market is bifurcated into pre-sales and post-sales. The pre-sales segment is further segmented into start-up & commissioning services, and technical support services. Whereas, the post-sales segment is further segmented into parts & spares services, preventive maintenance services, and on-site training services. On the basis of the industry, the global process analyzer market is segmented into oil & gas, pharmaceuticals, petrochemical, water & wastewater, food & beverages, power generation, semiconductor processing, metal & mining, pulp & paper, and others.
Regional Analysis
The global process analyzer market, on the basis of region, has been analyzed in Asia Pacific, Europe, North America, and Rest of the World. North America is poised to account for the maximum market share of the market, owing to the established manufacturing industry for process analyzers, along with the presence of major market players. Moreover, the presence of developed end-use industries which are fueling the demand for process analyzers, are expected to create favorable conditions for market growth over the review period. The constant technological advancements, along with investments towards research and development projects, are also expected to drive the market over the assessment period.
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