Frost and Sullivan (F&S) analysts evaluated the world process analytical instrumentation market as part of its test and measurement growth partnership services programme.
Areas covered by the study include process gas chromatographs, process spectrophotometers, process gas analysers and process liquid analysers.
F&S found that markets earned a collective $2.6bn (€1.8b) in 2009, and predicted the figure will reach $3.1bn (€2.2bn) in 2014.
“Presently, the focus in all process industries has shifted to improving process throughput and efficiency”,F&S industry analyst, Sivakumar Narayanaswamy.
“Process plant engineers achieve enhanced throughput and accuracy in processes with process analytical instruments. This is likely to drive the demand for process analytical instruments in the next couple of years."
The report claims that in direct response to the financial impact of the global recession, many end-user segments started to emphasise the need to boost process throughput and efficiency by reducing reporting delays.
As a result, says the report, process analytical instruments now offer more comprehensive, precise and accurate information faster than laboratory instruments.
Analysts forecast the market could be set for a period of consolidation, with competition among its key players set to increase, resulting in large corporations going head to head with niche market suppliers for business.
Narayanaswamy said this highlighted the need for businesses to think creatively when it came to investment decisions.
“Strategies to approach this highly competitive market should include investments in research and development,” he said.
“This would result in new product innovations that could offer greater accuracy and reliability, besides being price competitive.”