Process Analytical Equipment Market Outlook 2024

Process Analytical Equipment Market Outlook 2024

The global process analytical equipment market is projected to reach USD 4,261.3 million by 2029, reflecting a compound annual growth rate (CAGR) of 4.7% from 2024 to 2029. The expansion of the Process Analytical Equipment market is heavily dependent on several crucial factors, including smart instrumentation, predictive maintenance, innovative products, adequate infrastructure, and a technologically adept workforce. To maintain a competitive edge and broaden their customer base, vendors must adeptly attend to these factors.

The global process analytical equipment market is segmented by product type, including liquid analyzers, molecular spectroscopy, gas analyzers, and gas chromatography. In 2023, the liquid analyzers segment emerged as the dominant category, capturing a significant market share of 33.2%. The market value of the liquid analyzers segment in 2023 was USD 1,088.4 million, and it is anticipated to reach USD 1,267.0 million by 2029. The growth of the liquid analyzers segment in the process analytical equipment market is being propelled by the escalating demand for purified water. As the necessity for clean and safe water continues to increase, the significance of liquid analyzers in ensuring water quality and purity across various industries and applications becomes increasingly apparent. However, the molecular spectroscopy segment is expected to demonstrate the highest CAGR of 7.1% during the forecast period from 2024 to 2029.

The process analytical equipment market can be segmented by end user into petrochemical, oil & gas, pharmaceutical, water treatment, mining, and others. The petrochemical segment is anticipated to reach USD 1,308.0 million by 2029, reflecting a CAGR of 4.2% over the forecast period from 2024 to 2029. Safety holds paramount importance in the petrochemical industry. Gas analyzers play a critical role in safeguarding personnel by continuously monitoring and analyzing the composition of gases in the environment. By detecting and signaling the presence of hazardous gases, these analyzers contribute to accident prevention and the maintenance of a secure working environment.

Geographically, North America has established itself as the leading player in the process analytical equipment market in 2023, with Asia-Pacific and Europe closely following. The North America process analytical equipment market is shaped by diverse factors and trends that bolster its growth and dominance in specific segments. The resurgence of manufacturing in the United States has heightened the demand for liquid analyzers in the region. This resurgence is anticipated to propel the sales of various liquid analysis instruments in North America.

In 2023, ABB Ltd., Siemens AG, Yokogawa Electric Corporation, Emerson Electric Co., and Thermo Fisher Scientific Inc. emerged as the leading 5 competitors, collectively holding a 45% share of the global process analytical equipment market. Other notable players in the global process analytical equipment market include AMETEK, Inc., Bruker Corporation, Cambridge Sensotec Limited, Danaher Corporation, Endress+Hauser AG, Focused Photonics Inc., Galvanic Applied Sciences Inc., Honeywell International Inc., Horiba, Ltd., Metrohm AG, Mettler-Toledo International Inc., MKS Instruments, Inc., NEO Monitors AS, Process Insights, Inc., Process Instruments, Inc., Sick AG, Spectris plc, SPX Flow, Inc., Sysco Analytics Asia Pte. Ltd., Teledyne Technologies Incorporated, Watts Water Technologies, Inc., Xylem Inc., Schneider Electric SE, and others.

This study aims to analyze the global market for various segments of process analytical equipment, including:

Product Type: Liquid Analyzers (pH & ORP Analyzer, Conductivity Analyzer, Turbidity Analyzer, and Others), Molecular Spectroscopy (Infrared Spectrometer, Tunable Diode Laser Spectrometers, Raman Spectrometer, Mass Spectrometer, and Ultraviolet Spectrometer), Gas Analyzers (Zirconia Oxygen Analyzer, Non-Dispersive Infrared (NDIR) Gas Analyzer, Electrochemical Gas Analyzer, Paramagnetic Oxygen Analyzer, Flame Ionization Detector, Thermal Conductivity Analyzer, Chemiluminescence Analyzer, and Others), and Gas Chromatography.
End-User: Petrochemical, Oil & Gas, Pharmaceutical, Water Treatment, Mining, and Others.
Region: North America (USA, Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia Pacific), Latin America (Brazil and Rest of Latin America), Middle East, and Africa.