Analytical Instrument Market in the US – Market Drivers and Forecasts from Technavio

Technavio publishes a new market research report on the analytical instrument market in the US from 2017-2021. (Photo: Business Wire)

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LONDON--()--Technavio analysts forecast the analytical instrument market in the US to grow at a CAGR of close to 4% during the forecast period, according to their latest report.

The research study covers the present scenario and growth prospects of the analytical instrument market in the US for 2017-2021. The market size has been calculated by estimating the demand for various analytical instruments in the US.

The analytical instrument market in the US witnessed slow growth during the economic recession of 2008-2009, mainly because of reduced investments in the pharmaceutical, oil and gas, food and beverage, and chemical industries. However, post-recession, the market is growing at a steady rate, driven by the growing industrial activities in the country. In addition, the increased support from government agencies in the form of various standards for the process industry is also expected to drive the growth of the analytical instrument market in the US during the forecast period.

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Technavio heavy industry analysts highlight the following four factors that are contributing to the growth of the analytical instrument market in the US:

  • Rise in demand for generic drugs
  • Stringent government regulations
  • Decline in price of PV systems
  • Increase in R&D expenditure

Rise in demand for generic drugs

Pharmaceutical drugs are chemical or biochemical substances used to prevent and treat diseases. The global generic drugs market is one of the major sub-markets of the global pharmaceutical market, and it will grow at a significant rate during the forecast period. The patent expiries of branded drugs and the growing prevalence of diseases increase the demand for generic drugs, contributing to the market's growth.

Anju Ajaykumar, a lead test and measurement analyst at Technavio, says, “The developments and innovations in the generic drugs market are increasing. Heavy expenditure on the R&D of these drugs by companies drives market growth. The market is also experiencing a dynamic shift toward the use of biosimilars.”

Stringent government regulations

Government regulations such as those set by the FDA, are followed stringently in Europe and the Americas unlike countries of APAC and GCC such as India, Saudi Arabia, and China. Europe and the Americas have formulated strict guidelines to be followed in the oil and gas industry to improve operational safety and reduce emissions. Leakage of harmful gases and toxic emissions can be detrimental to both employees and the surrounding environment.

There are many standards in place to monitor combustible gas performance, toxic gas performance, open path performance, and flame and gas system performance of gas detectors. The use of process control instruments help in verifying the proper functioning of these systems and their adherence to the regulations and can also help in the early detection of failures and improper functioning of systems,” adds Anju.

Decline in price of PV systems

Photovoltaics (PV) is one of the fastest growing markets in the world. The rapid deployment of renewable technologies can be attributed to support from various governments worldwide and technological improvements. Though the technology was introduced in the 1960s, the growth of PV began in the 2000s; since then, rapid improvements in the module, inverter, and battery technologies, coupled with the increase in the production of solar PVs, have resulted in a decline in the price of PV systems.

The major demand for solar PVs is expected to arise from the residential sector in the US. Prices of residential solar PV systems declined to more than half, from USD 6.13 per watt in 2010 to USD 3.01 per watt in 2016. The prices of commercial PV systems declined more than 50%, from USD 5.16 per watt to USD 1.87 per watt; in the utility tracker segment, prices declined from USD 4.4 per watt to USD 1.24 per watt during the same period.

Increase in R&D expenditure

Global spending on R&D has shown consistent growth in the last ten years. It went up from USD 522 billion in 1996 to USD 1.3 trillion in 2009. In 2014, an estimated USD 1.6 trillion was spent on R&D worldwide. The global economic recession of 2008 affected developed countries more than developing countries, because of which, emerging economies are expected to grow higher in terms of R&D expenditure over the forecast period. China is expected to emerge as a global leader in R&D by 2019, with plans to invest about 2.5% of its GDP in research, particularly in the areas of energy, water resources, and environmental protection.

Top vendors:

  • ABB
  • Agilent Technologies
  • Siemens
  • Thermo Fisher Scientific

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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the analytical instrument market in the US to grow at a CAGR of close to 4% during the forecast period, according to their latest report.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com