The key factor driving the Trace Oxygen Analyzer Market is surging demand in the chemical & petrochemical industries of South Asia and East Asia. The market for trace oxygen analyzer is expected to grow at 5.6% CAGR through the forecast period 2022-2032.
Global sales of trace oxygen analyzer are set to be valued at over US$ 1.19 Bn in 2022, with a stable long-term projection, according to latest insights by Future Market Insights (FMI). A new report estimates the market to expand at over 5.6% CAGR from 2022 to 2032.
According to Future Market Insights (FMI), increasing application of trace oxygen analyzers in various end use sectors for measuring oxygen content is boosting the demand growth especially in chemical & electronics sector where accurate amount of oxygen content is critical for output production has enhanced the scope for trace oxygen analyzer to target such industries.
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The trace oxygen analyzer market has experienced a slight but impactful decline in its demand in FY 2020 due to global pandemic COVID-19 outbreak. Various end-use sectors like chemical, industrial & automotive sector was highly impacted by the pandemic due to lockdown imposed by governments in various regions, distribution channel between manufacturer & consumer was disturbed as well.
However, in last quarter of 2020 the economies started to get back on the track and impact of COVID-19 is expected to not last more than 3-6 months.
Due to innovative product developments by prominent players and requirement for on-site oxygen analysis in end-use sector, portable trace oxygen analyzers are expected to boost the market for trace oxygen analyzer in forecast period.
Demand for accurate result in lesser period of time in the petrochemical & power generation sector has created a huge demand scope for the Zirconia Oxygen Analyzer. Thus market for the trace oxygen analyzer is expected to grow higher in upcoming period.
Increasing number of players are focusing on research and development related to trace oxygen analyzer. This is anticipated to contribute towards market growth in the years to come.
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Key Takeaways from Trace Oxygen Analyzer Market Study
- By application, the pharmaceutical & healthcare sectors are projected to hold more than 1/4th volume share of the global market in 2022 owing to robust demand for analyzing oxygen content.
- The portable trace oxygen analyzer segment is set to hold more than 2/3rd of the market share in terms of value by the end of forecast period.
- North America will remain a primary market, backed by rising demand from the chemical & petrochemical sectors. It is expected to account for over 26.6% of the demand registered in North America in 2022.
- By end use, portable segment of the trace oxygen analyzer market is set to surge at CAGR of approximately 5.9% over the coming decade.
- Globally new sales of trace oxygen analyzer is expected to reach 1.2 Bn in 2032.
Who is winning?
The trace oxygen analyzer market is highly consolidated with having key players accounting for around more than 70% of the market share. These players are likely to invest in new technology developments and expansion of their distribution networks in order to maintain their market presence.
Some of the key players in this industry include but are not limited to Teledyne Technologies Incorporated, AMETEK, Inc, HORIBA, Ltd., Yokogawa Electric Corporation, Emerson Electric Co., Michell Instruments, Advanced Micro Instruments Inc., Analytical Industries Inc., Ambetronics Engineers Pvt. Ltd., Alpha Omega Instruments Corp., Nova Analytical Systems, Orthodyne, Tiger Optics, LLC.
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