The Process Analyzer Market refers to the industry that provides instruments and systems designed to measure and analyze the chemical, physical, and biological properties of materials and substances used in manufacturing processes. These devices are commonly used to ensure the quality and safety of products, as well as to optimize production efficiency.
The Process Analyzer Market size was valued at $7.7 billion in 2020, and is expected to reach $12.2 billion by 2030, registering a CAGR of 4.8% from 2021 to 2030.
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The major driving factor of the process analyzer market is rising demand for wastewater treatment facilities to tackle the problem of water & wastewater generated by municipal as well as industrial waste. In addition, growth of pharmaceutical and chemical industries has led to rise in demand for process analyzers. Furthermore, adoption of automation in manufacturing industries has led to installation of process analyzers in production facilities.
However, lack of skilled professional makes it difficult to monitor and operate the process analyzing system. Attributed to this, errors in detection, monitoring, and sampling can occur. In addition, high-end sensors and analyzing software lead to increased cost of the process analyzers.
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Furthermore, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to halt in the construction industry, which, in turn, hinders the growth of the for a very brief period. However, industries have gradually got back on track and vaccine discovery is expected to lead to recovery of the process analyzer market trend by mid-2021.
On the contrary, there is a lot of expansion of industries, especially in emerging countries, such as India, China, and Brazil, and other developing countries. This will be an opportunity for the process analyzer market growth during the forecast period. The process analyzer industry is segmented on the basis of analysis type, analyzing material state, end-user industry, and region. On the basis of type, the market is divided into online analysis, inline analysis, and atline analysis. Depending on analyzing material state, it is classified into under liquid and gas.
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