LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the global test and measurement market over the next four years as several related markets, including liquid analytical instruments, electrical resistors, and frequency converters, will likely witness an increase in revenues.
Technavio market research analysts predict the global liquid analytical instrument market to grow steadily at a CAGR of about 6% during the forecast period. There has been a growing need to measure parameters, such as the amount of dissolved oxygen, conductivity and resistivity, turbidity, and pH/ORP of a liquid, that is applicable in almost all process industries, such as water and wastewater, oil and gas, chemical, power, biotechnology, and pharmaceuticals. This need has created a high demand for liquid analytical instruments, thus leading to the growth of this market.
The market is witnessing a growing demand for real-time data monitoring in several end-user industries. The water treatment industry requires liquid analytical instruments to improve overall process efficiencies. Several oil companies are trying to convert their existing fields into smart fields with the help of instruments that analyze processes and monitor the content of substance. Increased conversion of conventional oil and gas fields to digital ones will act as a key growth driver for various liquid analytical instruments during the forecast period.
It is also predicted that a growing demand from the power sector will drive the electrical resistor market until 2020. Increased electricity demand globally has increased the development of power infrastructure, and this significantly propels the demand for electrical resistors. Currently, the market is experiencing a growing shift in preference towards renewable energy sources for power generation. Thanks to this trend, vendors in this marketplace are developing new and efficient products to extend their product lines. With this, the global electrical resistor market is expected to grow steadily at a CAGR of more than 6% until 2020. In the future, electrical resistor companies will focus more on innovation and manufacture of electrical resistors that are compatible with components used in power generation from renewable energy sources.
Over the next four years, the global frequency converter market is expected to grow steadily at a CAGR of close to 9%. Frequency converters are used in unique industrial applications to match the frequency of power supply with the frequency of other electrical equipment. These converters are widely used in aerospace, oil and gas, power generation, traction, and process industries, and its growing application is expected to drive the market until 2020.
“The global frequency converter market is witnessing a significant role played by local players, leading to intense market competition. As per the market forecast, the North America region is expected to lead the frequency converter market in the next ten years. Growing power demand and new policies to achieve efficient energy supply in the US pose an attractive opportunity for the leading vendors. During the forecast period, vendors will concentrate more on this region to capture the potential market,” said Anju Ajaykumar, one of Technavio’s lead analysts for heavy industry research.
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Some of the key vendors for the global test and measurement market include ABB, Emerson Electric, and Endress+Hauser for liquid analytical instruments; Cressall, KOA, and Murata for earthling equipment; and Danfoss, GE, and Magnus Power for frequency converters.
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