Breakthrough Sensor Innovations with Nanomaterials and Cutting-Edge Electrode Designs Spurring Electrochemical Instrument Sales: Fact.MR Report
ROCKVILLE, MD, UNITED STATES, July 11, 2024 /
EINPresswire.com/ -- According to a revised and detailed industry analysis by Fact.MR, revenue from the global
electrochemical instrument market is set to reach US$ 2.76 billion in 2024 and has been analyzed to ascend to US$ 4.01 billion by the end of 2034.
One of the key factors driving the growth of the market is rising research & development investments in the power and energy industry for battery systems. Technological advancements in electrochemical instruments are transforming several industries by boosting data processing capabilities, miniaturization, and sensor design. These advancements result in devices with greater sensitivity, selectivity, and reliability, satisfying the evolving demands of sectors such as materials research, environmental monitoring, and healthcare.
Improved sensor designs provide more precise analyte detection while shrinking for on-site testing allows for field-deployable, portable equipment. Improved data processing abilities provide faster and more accurate analysis, giving academics and business specialists actionable insights.
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Key Takeaways from Market Study
Global sales of electrochemical instruments are projected to increase at 3.8% CAGR from 2024 to 2034. The North American market is estimated at a value of US$ 703.4 million in 2024. East Asia is analyzed to account for 25.8% share of the global market by 2034.
Sales of electrochemical instruments in Japan are projected to reach US$ 303.8 million by the end of 2034. The market in the United States is set to reach US$ 313 million in 2024. The South Korea market is forecasted to expand at 5.4% CAGR through 2034. Based on product type, electrochemical meters are projected to hold 40% market share in 2024.
“Integration of electrochemical instruments with smartphones, tablets, and personal computers is a pivotal trend boosting sales. Electrochemical instruments are used extensively in research and development efforts aimed at improving battery efficiency, lifespan, and performance,” says a Fact.MR analyst.
Electrochemical Meters Playing Critical Role in Environmental Monitoring
Electrochemical meters are in increased demand compared to other products because they offer accurate, real-time readings of a wide variety of parameters and are becoming more significant in industries such as energy storage, environmental monitoring, and healthcare. Because electrochemical meters aid in determining soil contamination, air pollution, and water quality, they are crucial for environmental monitoring.
Since they help with diagnostics and track biomarkers, they are also important for the healthcare industry. As batteries and fuel cells are developed, electrochemical meters increasing in demand because of the growing usage of renewable energy sources and the need for efficient energy storage options.
Regional Analysis
The United States is set to hold 44.5% share of the North American market in 2024. Market growth in the country is being driven by increasing concerns over the availability of clean drinking water and the need to reduce soil, water, and air pollution caused by improper disposal of hazardous industrial waste. Increased industrialization is expected to boost the electrochemical instrument market growth in the country.
Key Companies Profiled
Horiba Ltd., Metrohm AG, Xylem, Inc., Thermo Fisher Scientific, Inc., Amel Electrochemistry, Dkk-Toa Corporation, Boqu Instrument Co. Ltd., Danaher Corporation, Endress+Hauser AG, Hanna Instruments, Inc., Mettler-Toledo International, Inc., Gamry Instruments, Yokogawa Electric Corporation.
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Competitive Landscape
To enhance their presence, key players in the electrochemical instrument industry are using a variety of strategies, including alliances, purchases, strategic partnerships, contracts, and regional expansions. Many organizations in top research centers have started drug discovery programs that open up enormous business prospects. Strategic cooperative initiatives are being used by businesses to grow their market share and profitability.
In February 2023, Thermo Fisher Scientific created water analysis systems for environmental, agricultural, and industrial testing available. Extensive process automation is offered by Thermo Scientific Gallery Aqua Master and Gallery Plus Aqua Master analyzers for high-throughput, simultaneous multiparameter wet chemistry testing using EPA-approved procedures and international standards.
In 2021, PendoTECH was bought by Mettler-Toledo International Inc. The latter’s line of pH meter and dissolved oxygen meter sensing instruments was strengthened by this acquisition.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the electrochemical instrument market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product type (electrochemical meters, titrators, ion chromatographs), technology (potentiometry, voltammetry, coulometry), and end use (environmental testing, biotechnology & pharmaceuticals, food & agriculture), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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