Yahoo Finance Global Electrochemical Instruments Market Size to Grow at a CAGR of 5.3% from 2021 to 2030
The global electrochemical instruments market has been anticipated to value USD 3,139.9 million in 2021 and it is projected to reach at a CAGR of 5.3% during the forecast period. •Profiles of the major key market players operating in the global electrochemical instruments market include: Thermo Fisher Scientific, Inc., Danaher Corporation, Horiba, Xylem Inc, Metrohm AG, Gamry Instruments, Amel Electrochemistry, Hanna Instruments Inc., Boqu Instrument Co., Ltd, ZAHNER-elektrik GmbH & Co. KG, and Others.
Pune, India, Oct. 25, 2021 (GLOBE NEWSWIRE) -- The global electrochemical instruments market has been anticipated to value USD 3,139.9 million in 2021 and it is projected to reach at a CAGR of 5.3% during the forecast period. Increasing demand for productivity in the laboratory and on-field measurements is expected to contribute to the growing demand for multiparameter instruments. These instruments can measure pH, ion concentration, dissolved oxygen, conductivity, oxidation-reduction potential (ORP), total dissolved solids (TDS), barometric pressure, turbidity, salinity, and temperature with a single meter.
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Furthermore, instruments are portable and reduce the equipment amount by displaying various parameters in a single display unit, which saves time in electrode transferring from one meter to other. These advantages are expected to boost the market growth. Industrial fields like water quality checking, disease control, environmental protection, biological agriculture, and scientific research have a high demand for measurement of various parameters, contributing to the electrochemical instruments market growth.
Chemical contamination in the water refers to presence of metals, pesticides, salts, nitrogen, and other toxins produced by bacteria. Biological contaminations or microbiological contents can be present in the water. Thus, safe water production is the main concern among water treatment companies for drinking water. Other water consumption applications include body care, cleaning of goods, and food processing facility, which require proper water treatment and quality checks for usage. These factors are expected to augment the demand for electrochemical instruments for quality check and monitor various water contents like chlorine, chlorine dioxide, pH, turbidity, UV transmission, and others.
With technological advancements like IoT and smart devices, online water testing is expected to provide an opportunity to test water contents like heavy metals, contaminants, and hydrocarbons on a real-time basis. This will also allow the use of portable and handheld devices with wireless technologies for water testing. Furthermore, connectivity of these devices with smartphones, tablets, and personal computers is another significant factor expected to market growth opportunities during the forecast period. Also, with the implementation of new and complex projects on power plants and water industry, water testing will be necessary with continuous monitoring of plants which can further provide opportunities for online water testing and hence contribute to the market growth.
Global Electrochemical Instrument Market, by Product
Based on product, the global electrochemical instrument market is segmented as ion chromatographs, potentiostats/galvanostats, titrators, electrochemical meters, and others. Electrochemical meters are divided into benchtop meters and handled meters. The titrators segment is the fastest-growing segment in the global electrochemical instruments market during the forecast period. The growing number of environmental legislations for monitoring industrial waste treatment in many countries is driving the demand for titrators in the market.
Global Electrochemical Instrument Market, by End User
Based on end user, the global electrochemical instruments market is segmented as the environmental testing industry, biotechnology and pharmaceutical industries, food and agriculture industries, academic research institutes, and others. The biotechnology and pharmaceutical industries segment are the fastest growing segment during the forecast period. Biotechnology and pharmaceuticals are growing at the fastest rate due to high demand for productivity and efficiency.
Pharmaceutical analysis using electrochemical instrumentation ensures drug safety in terms of content, quality, identity, purity, and stability. These instruments thus control, monitor, and improve drug manufacturing. Furthermore, regulations and compliance are supporting testing in the pharmaceutical industry. These factors are expected to boost the market growth during the forecast period.
Global Electrochemical Instrument Market, by Technology
Based on technology, the global electrochemical instrument market is segmented as potentiometry, voltammetry, coulometry, and others. The voltammetry segment is the fastest-growing segment in the global electrochemical instrument market during the forecast period. Voltammetry refers to a group of electroanalytical techniques used in analytical chemistry and various industrial operations.
Advantages of voltammeter include the ability to simultaneously determine kinetic and mechanistic parameters, a well-developed theory, and the ability to correctly predict the values of unknown parameters. These advantages are expected to augment the segment growth during the forecast period.
Global Electrochemical Instrument Market, by Region
Based on region, the electrochemical instrument market is segmented into Europe, North America, Asia Pacific, the Middle East and Africa, and South America. North America is the fastest growing region in the electrochemical instruments market. The rising concerns over the clean drinking water and the reduction of the water, soil and air pollution generated by the disposal of the harmful industrial waste are driving the North America electrochemical instrument market growth. Rapid economic growth and industrialization are also expected to boost the demand for the electrochemical instruments in this region.
In U.S., the supply of clean and purified water is a great concern to the government. To promote awareness about clean and safe drinking water, the government has strengthened their legislations such as Clean Water Act (CWA) and Safe Drinking Water Act (SDWA). The implementation of these acts has enhanced the demand for the monitoring and quality control over the water treatment process.
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Some Noted Developments Considered in the Report:
March 2021 - Mettler-Toledo International Inc. completely acquired PendoTECH. It is a US-based manufacturer and distributor of single-use sensors, transmitters, control systems, and software for measuring, monitoring, and data collection, primarily in bioprocess applications. This acquisition enhanced the company's product portfolio of sensing instruments for the pH meter and dissolved oxygen meter.
October 2020 - Yokogawa Electric Corporation released a new environmental monitoring system, OpreX, for the pharmaceutical and medical device industries. This new product has a data collection and recording system which records and manages environment data such as temperature, humidity, and room differential pressure in pharmaceutical and medical device manufacturing, testing, and storage areas.
January 2020 - Yokogawa Electric Corporation has developed the new AQ6377 optical spectrum analyzer to measure the optical spectra of laser light in the 1.9–5.5 μm wavelength range with high accuracy, wide dynamic range, and high resolution. The AQ6377 can enhance optical devices in the 5-μm band and accelerate their use in environmental measurement and other fields.
September 2019 - Yokogawa Electric Corporation completely acquired RAP International Ltd., a UK-based company. RAP International Ltd. has a specialization in providing digitized solutions that support risk assessment, management of the permit to work (PtW) process, and governance of control of work (CoW) for all plant maintenance activities. With this acquisition, Yokogawa Electric Corporation enhanced its industrial automation service in Europe region.
COVID-19 Impact on Global Electrochemical Instruments Market
The QMI team has closely monitored the impact of COVID-19 on the global electrochemical instruments market, and it is observed that the demand for the global electrochemical instruments market has increased during the pandemic.
To control the pandemic, many nations across the world have enforced strict lockdown norms, which have hindered business activities.
COVID-19's global impact on companies remains uncertain as some have turned this challenge into an impactful opportunity and have started including testing and diagnostic equipment in their line of product, positively impacting the company’s sales. The inclusion of electrochemical biosensors in the fields of biomedical, environmental, and industrial analysis and the increased availability of portable electrochemical instruments is one of the factors that have a positive impact on this market.
Major Findings of the Global Electrochemical Instruments Market Report Include:
An in-depth global electrochemical instruments analysis by the aforementioned segments, along with an analysis of trend-based insights and factors.
Profiles of the major key market players operating in the global electrochemical instruments market include: Thermo Fisher Scientific, Inc., Danaher Corporation, Horiba, Xylem Inc, Metrohm AG, Gamry Instruments, Amel Electrochemistry, Hanna Instruments Inc., Boqu Instrument Co., Ltd, ZAHNER-elektrik GmbH & Co. KG, and Others.
Key impact factor analysis across regions includes analysis, along with drivers, restraints, opportunities, and challenges that are prevailing in the global electrochemical instruments market.
Impact of COVID-19 on the global electrochemical instruments market.
Browse key industry insights spread across 155 pages with 85 market data tables and 41 figures & charts from the report, “Global Electrochemical Instruments Market, by Product (Electrochemical Meters , Titrators, Potentiostats/Galvanostats, Ion Chromatographs, and Others ), End User (Environmental Testing Agency , Biotechnology and Pharmaceutical Industries, Food and Agriculture Industries, Academic Research and Institutes, and Others), Technology (Potentiometry, Voltammetry, Coulometry, and Others), Region (North America, Europe, Asia Pacific, Middle East, and Africa, South America) — Industry Trends and Forecast to 2030” in-depth analysis along with the table of contents (ToC).
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