Process analyzer market worth US$ 4.9 billion by 2020
According to a new market research report, ‘Process Analyzer Market Segments, Types, & Geography – Global trends and Forecasts’, the market is expected to grow at a compound annual growth rate (CAGR) of 5.6% to 2020, reaching US$ 4.9 billion in value by the end of the decade.
The process analyzer market was worth US$ 3.3 billion in 2013. The need for a mechanism to enable early detection of the presence of hazardous chemicals in air/water, as well as addressing concerns in regards to emission control and energy conservation have led to an increase in demand. Other key drivers include the requirement for extremely low-level trace component measurement, water and wastewater treatment.
Some restraints for industry growth include initial high costs, restricted growth in developed countries and a fragmented market with too many specialist suppliers that may inhibit the market growth.
Some of the major companies in the global market are: Siemens AG, ABB Ltd., Emerson process Management, Thermo Fisher Scientific, and Yokogawa Electric Corporation.
The full report can be accessed via the MarketsandMarkets website.
Edited from various sources by Emma McAleavey.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/22052014/process_analyzers_markets580/
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