Future Market Insights (FMI) has forecast the global trace oxygen analyzer market to progress at a CAGR of 5.6% to reach US$ 2.1 Bn by 2032. Trace oxygen analyzers are very important especially in industries such as chemical & petrochemical and pharmaceutical & gas processing where accurate mixture of gases is required.
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North America is expected to hold leading share in the market as a result of rapid growing pharmaceutical sector in the region. Also, East Asia is expected to be 2nd largest market in the global trace oxygen analyzer market. North America & East Asia are expected to collectively hold 2/5th of revenue share in global trace oxygen analyser market.
Manufacturers operating in the global trace oxygen analyzer market are likely to invest resources in R&D activities to develop oxygen analyzers with enhanced functionalities and sensing technologies. As per the FMI analysis, growing demand for zirconia oxygen analyzers is expected to provide an impetus to the overall growth of the market.
Lucrative Growth Opportunities in South Asia
Regions such as East Asia and North America are expected to hold a prominent market share in terms of value. On the other hand, South Asia is likely to offer greater opportunities for stakeholders in trace oxygen analyser market, on the account of rapid expansion of chemical and power generation industries which significantly contribute to the GDP growth along with continued revolution of industries in countries such as India. Moreover, the regulations for environmental monitoring are increasing in South Asian countries, due to increasing pollution, especially in India. Therefore, the demand for trace oxygen analyzers is estimated to increase significantly during the forecast period.
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In recent years, the economic condition of South Asian countries has seen substantial improvement. In consequence, the analytical testing equipment manufacturing industry in South Asia is gaining significant and positive momentum, which is forecasted to increase the growth of the trace oxygen analyzer market in the region.
Chemical & Petrochemical and Pharmaceutical to Remain Key End-Use Industries
The global market of trace oxygen analyzer is segmented on the basis of product, portability, end-use, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa. The FMI report also includes analysis of developing countries.
- By product, the zirconia oxygen analyzer segment is expected to hold a prominent value share of the global trace oxygen analyzer market, owing to measurement accuracy and highly advanced specifications.
- On the basis of portability, the portable mode is expected to hold majority share of the global trace oxygen analyzer market value, due to surge in on-field applications and easy accessibility. For instance, Alpha Omega Instruments Corp., introduced a portable trace oxygen analyzer (Series 3520) with a highly accurate sensor, specifically designed for industrial plants and commercial applications.
- On the basis of end use, the pharmaceutical & healthcare segment is anticipated to be prominent in the trace oxygen analyzer market, due to increasing demand for trace oxygen analyzers in manufacturing plants and laboratory analysis for various applications. For example, trace oxygen analyzer are widely used in pharmaceutical plants to reduce the risk of mixing oxygen gas with other reactant gases.
Trace Oxygen Analyzer Market: Vendor Insights
The report highlights some of the prominent market players that hold a significant market share in the trace oxygen analyser market. Some of the key players in the global trace oxygen analyzer market include, Emerson Electric Co., AMETEK Inc., Yokogawa Electric Corporation, Teledyne Technologies Incorporated, Inc., HORIBA, Ltd., and Nova Analytical Systems.
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