Process Liquid Analyzer Market To Rise At A Moderate CAGR Of 5.9% | Says FMI
The global process liquid analyzer market is estimated to be worth around US$ 3.0 Bn in 2022. With rising adoption of process liquid analyzer across various industries such as oil & petrochemicals, water & wastewater treatment, and food & beverages, the overall demand is anticipated to rise at a moderate CAGR of 5.9% between 2022 and 2028, totaling a valuation of over US$ 4.22 Bn by 2028.
From an estimated value of just under US$ 2.4 Bn in 2018, this shows a decadal growth rate of 5.9% from 2022 to 2028.
In order to comply with these regulations, petroleum refineries will need to modernise their blending and operational practises, technologies, and infrastructure. The global process liquid analyser market is expected to experience favourable revenue growth as a result of this scenario.
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With an increasing focus on sustainability and the green revolution, coupled with concerns pertaining to the use of fossil fuels, governments across the world are teaming up with global industry bodies to prescribe regulations to reduce the harmful effects of refined petroleum fuels.
Rapid industrialization has led to widespread urbanisation, which has increased the demand for clean, potable water and wastewater treatment. To meet the growing population’s demands, the governments of emerging economies, particularly those in the Asia Pacific, are increasing infrastructure investments in water and wastewater treatment. As a direct result of these investments, Future Market Insights forecasts a lucrative opportunity for new revenue generation in the process liquid analyser market.
Increasing Demand for Process Liquid Analysers to be Witnessed from Key End-use Industries in the Coming Years
Process liquid analysers are widely used across industries such as food and beverages, healthcare and pharmaceuticals, chemicals, water and wastewater treatment, oil and petrochemicals, automotive, paper and pulp, and power generation. Consistent growth of end-use industries has led to a rising need for providing high quality output while adhering to the stringent governmental norms ruling various industrial processes.
An increasing demand for critical industrial components such as process liquid analysers can be observed in the wake of industrial advancements that call for enhanced operational efficiency and reduction in costs as well as industrial waste. According to FMI analysis, water and wastewater treatment is the largest end-use sector in the global process liquid analyser market, both in terms of revenue and demand generation.
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Revenue Pullers in the Process Liquid Analyser Market
While the need to enhance industrial operational efficiencies and ensure consistent integrity of industrial processes is driving the process liquid analyser market, there are certain factors that are restricting revenue growth. Process liquid analysers come with very low replacement rates, requiring the replacement of the product after a span of several years. Product longevity acts as a bane in subsequent replenishments, thereby restraining replacement revenue growth to some extent.
Then again, the initial setup costs associated with process liquid analysers could be very high, depending on the end-use application. Complex process liquid analysers used in some of the crucial industrial processes may require high capital investments. This factor is also expected to act as a hindrance to revenue growth of the global process liquid analyser market.
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FMI Projections and Forecasts of the Process Liquid Analyser Market
- The process liquid analyser market is estimated to generate incremental $ opportunity to the tune of about US$ 1.8 Bn in the next 10 years
- Process liquid analysers deploying NIR technology are slated to have the widest application
- TOC analysers to dominate the global market through 2028; pH & ORP analysers to witness fastest growth owing to increasing application across several end-use industries
- Process liquid analysers with digital displays to hold largest market share in the coming decade
- Demand from the water and wastewater treatment sector will witness fastest growth during the period 2022 – 2028; this is also the largest revenue generating end-use sector in the global market
- North America to remain dominant regional market for process liquid analysers through 2028; China and India to remain top regional markets in terms of demand for process liquid analysers.
Process Liquid Analyzer Market by Category
- NIR Based
- NMR Based
- ECD Sensor Based
- Laser Based
By Liquid Medium:
- Other Chemicals & Liquids
- pH & ORP (Oxidation-Reduction Potential) Analyzers
- Conductivity Analyzers
- MLSS (Mixed Liquor Suspended Solids) & Turbidity Analyzers
- Liquid Density Analyzers
- Chlorine Analyzers
- Dissolved Oxygen Analyzers
- Total Sulfur & Nitrogen Analyzers
- Oil in Water Analyzers
- TOC Analyzers
- Heavy Aromatics Analyzers
By End Use:
- Oil & Petrochemicals
- Water & Wastewater Treatment
- Food & Beverages
- Medical & Pharmaceutical