Market for Analytical Instruments in Chemical and Petrochemical Industries to Jump to $3.5 Billion by 2026
Growth of 3.6% expected due to margin pressure on chemical and petrochemical plants, says Frost & Sullivan
SANTA CLARA, Calif., Nov. 2, 2020 /PRNewswire/ -- Frost & Sullivan's recent analysis, Market for Analytical Instruments in the Chemical and Petrochemical Industries, Forecast to 2026, finds that the need for emission monitoring applications and margin pressure are key factors pushing the demand for analytical instruments in the chemical and petrochemical industry. The market is estimated to reach $3.56 billion by 2026 from $2.78 billion in 2019, up 3.6%. However, the COVID-19 pandemic outbreak has adversely impacted the market for analytical instruments. There is a sharp decline in the chemical and petrochemical industries due to the shutdown of refineries and new project abandonment.
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"Digital analytics in the chemical and petrochemical segments will enable machine-to-machine communication, resulting in automated solutions," said Janani Balasundar, Measurement & Instrumentation Research Analyst at Frost & Sullivan. "Vendors can generate demand for analyzers by improving operational efficiency through automated runs to help deduce mistakes early in the analytical process, thus helping companies struggling with pressures on pricing and margins."
Balasundar added: "From a regional perspective, Asia-Pacific (APAC) has the largest market share for global aliphatic hydrocarbons in the petrochemical industry. Similarly, North America will witness considerable growth in the chemicals and petrochemicals market due to the presence of significant manufacturing industries. Europe, however, will have slow growth in the chemical and petrochemical segments due to strict environmental regulations."
To tap into the growth prospects presented by analytical instruments in the chemical and petrochemical industries, market participants need to focus on:
- Offering digital services to customers to utilize analytical equipment effectively.
- Providing services to eliminate the efforts of frequently maintaining analyzers, which is a constant challenge for customers.
- Adopting laser analyzers, such as quantum cascade lasers and tunable diode lasers (TDLs), which are high in demand.
- Working closely with regulatory authorities to support customers in meeting their regulatory challenges.
Market for Analytical Instruments in the Chemical and Petrochemical Industries, Forecast to 2026 is the latest addition to Frost & Sullivan's Measurement & Instrumentation research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
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Market for Analytical Instruments in the Chemical and Petrochemical Industries, Forecast to 2026
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SOURCE Frost & Sullivan
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