PAI/2024 is the latest edition of the PAI report series, providing worldwide product forecasts for 2022–2028 (by year). The product forecasts are shown by major end-user market segment and by geographic region. The report identifies the leading suppliers in each of the technology categories, including liquid analyzers, photometers/spectroscopy, oxygen, gas chromatography, mass spectrometers, moisture analyzers, advanced analyzers, and other continuous process analyzers.
In 2023, the process analytical instruments (PAI) market totaled $5.9 billion and is experiencing robust growth, fueled by new hydrocarbon processing projects, particularly in the Asia-Pacific region. Sustainability, carbon capture, and alternative fuels continue to be industry drivers for analyzer companies. Geopolitical uncertainties (e.g., Ukraine-Russia, Israel-Palestine, and South China Sea conflicts) have caused supply-chain disruptions, forcing companies to rethink their global strategies.
The impact of the retiring baby boom generation, which represents less than 10% of the workforce, is changing the dynamic of the industry. With about 2%–3% of the workforce retiring each year (and, presumably, most of those retiring are baby boomers), the industry is losing unprecedented knowledge and experience, some of which is not being replaced. Boomer characteristics, such as brand loyalty and change resistance, are being lost as well, which might be good news to innovative analyzer companies, particularly as the next generations (GenX and millennials) tend to favor high technology. It seems purchasers of process analytical instruments maintain a cautious approach for existing applications and workflows but are also embracing new technologies and next-generation tools, including AI-based soft sensors to help predict product quality–related parameters. The industry historically has been slow to adopt new technologies, but change is happening, and it is happening at an accelerated pace.
Our continuing goal is to illustrate and quantify the total market opportunity (total addressable market – TAM, serviceable addressable market, SAM, and serviceable obtainable market, SOM. In addition, TDA offers consulting services to clients with specific requirements on a private basis. Our top-down, strategic services include acquisition and divestiture support (i.e., due diligence), diversification measures and opportunity analyses, and strategy development.
The PAI/2024 Report (published April 2024) is available for purchase. Please contact Glenn Cudiamat, President & CEO, TDA (glenn@tdaresearch.com) for more information.