The global process analysers (liquid and gas) market is expected to reach US$4.98 billion by 2020, at an estimated CAGR of 5.50% between 2015 and 2020, according to a new MarketsandMarkets report. The major factors contributing to the growth of this market include the increasing usage of a wide range of analysers in various process industries to monitor various hazardous liquids and gases. The gas chromatography market is estimated to grow to US$3.90 billion, whereas the spectroscopy market is projected to reach US$22.04 billion by 2020, at a CAGR of 8.60% and 8.72%, respectively, during the forecast period. The growth in the gas chromatography market can be attributed to the increasing adoption of this technology in the petrochemical industries for oil extraction and refinery-related activities. On the other hand, the growth of the spectroscopy market is majorly driven by the adoption of various spectroscopy techniques such as molecular, atomic and mass spectrometry in the process industries.
The process analysers, gas chromatography and spectroscopy markets for the pharmaceutical industry held the largest share of the global process (liquid and gas) analysers, gas chromatography and spectroscopy markets in 2014, and this trend is expected to continue during the forecast period. This growth is majorly driven by the stringent drug regulations framed by the international regulatory bodies such as the US Food and Drug Administration, World Health Organisation and European Medicines Agency for the manufacturing, processing and distribution of pharmaceutical products.
The global process analysers, gas chromatography and spectroscopy markets in the Americas held the largest share in 2014; however, the markets in APAC are expected to exhibit the highest growth rate during the forecast period. The major factors contributing to the growth of these markets include high investments by major players in various process industries. The markets in the Americas and Europe are already mature; hence, the well-established players are focusing on APAC to market their products and services. With the increasing investments in the process industries, the demand for liquid and gas analysers, gas chromatographs and spectrographs is also increasing.
Adapted from press release by Rosalie Starling
Read the article online at: https://www.hydrocarbonengineering.com/refining/07092016/gas-chromatography-process-analyser-and-spectroscopy-market-forecast-4032/