In 2022, it is anticipated that the global process liquid analyzer market will be worth about US$3.0 billion. The overall demand is expected to increase at a moderate CAGR of 5.9% between 2022 and 2028, reaching a valuation of over US$ 4.22 Billion by 2028 due to the growing adoption of process liquid analyzer across numerous industries, including oil & petrochemicals, water & wastewater treatment, and food & beverages.
This suggests a 5.9% decadal growth rate from 2022 to 2028 from an estimated value of slightly less than US$ 2.4 billion in 2018.
In order to meet these criteria, petroleum refineries will need to modernise their blending and operational practises, technology, and infrastructure. The global market for process liquid analyzers is predicted to have significant revenue growth as a result of this circumstance.
Governments all over the world are working with international industry organisations to enact laws that would lessen the negative effects of refined petroleum fuels due to a growing emphasis on sustainability and the “green revolution,” as well as concerns over the use of fossil fuels.
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Widespread urbanisation brought on by quick industrialization has raised demand for potable water and wastewater treatment. The governments of emerging economies, particularly those in the Asia Pacific, are increasing infrastructure investments in water and wastewater treatment to meet the demands of the expanding population. Future Market Insights predicts that these investments will create a sizable 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.
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.
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