The market is majorly driven by the increase in the shale gas production in the U.S. and growing demand for water & wastewater treatment. In addition, increasing usage of process liquid and gas analyzers in the emerging markets such as China and India and the rising adoption of spectroscopy instruments in the applied markets provide significant growth opportunities for the global process analyzers (liquid & gas).

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The gas chromatography is projected to grow from USD 2.32 Billion in 2014 to USD 3.90 Billion by 2020, at a CAGR of 8.60% between 2015 and 2020. The major factors contributing to the growth of this market include the increasing adoption of gas chromatography techniques in various process industries such as food & beverages, petrochemical, and pharmaceutical to identify hazardous gases.

The global process spectroscopy market is expected to grow from USD 13.01 Billion in 2014 to USD 22.04 Billion by 2020, at a CAGR of 8.72% between 2015 and 2020. This market is majorly driven by the increased focus on drug safety regulations, where spectroscopy techniques enable the detection of metals in drug samples.

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The pharmaceutical, petrochemical, food & beverages, water & wastewater, and oil & gas industries are some of the key application areas for process analyzers, gas chromatography, and spectroscopy. The process analyzers, gas chromatography, and process spectroscopy market for the pharmaceutical industry held the highest share in 2014, followed by the markets for the petrochemical, food & beverages, and water & wastewater industries. The major factors contributing to the growth of these markets for the pharmaceutical industry include stringent drug safety directions set forth by the international regulation bodies such as U.S. Food and Drug Administration, World Health Organization, and European Medicines Agency for manufacturing and processing pharmaceutical products.