According to a new study of Future Market Insights (FMI), the elemental analyzer sales closed in on 270 thousand units in 2018, and will record a Y-o-Y growth at 5.0% in 2019. Growth of the elemental analyzer market will continue to remain influenced by various factors, which range from adoption among institutes for ascertaining elemental concentrations, to introduction of novel products by vendors to deliver real-time, quick, and accurate results.
The study finds that more than 4 in 10 elemental analyzers sold worldwide are CHS analyzers, with sales in 2018 estimated at approximately 113 thousand units. One of the leading aspects underpinning CHS analyzer sales is the development of new compounds, such as silver vanadate, for use in permanent combustion tube packaging. Discovery and introduction of such materials has led to greater capacity and increased activity for analysis of sulfur and halogens. Additionally, these novel materials act as indicators to signal their depletion, which in turn has enhanced the functionality and efficiency of new CHS analyzers being developed.
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The study opines that benchtop currently remains top-selling modularity of elemental analyzer, over the course of the forecast period demand for portable/handheld elemental analyzer will gain higher traction among end-users. Applications of elemental analysis continue to widen, to not only engulf research and development, but also product inspection and quality control at various manufacturing sites. This has further resulted in the requirement for higher degree of measurement and analytical capabilities, along with easier and faster operations.
Elemental Analyzer Market Vendors Focusing on Value-added Service Offerings
The study finds that leading vendors in the elemental analyzer market are focusing on providing value-added services to end-users. These vendors are increasingly delivering additional software, in combination with elemental analyzers, for successfully integrating the results obtained from the analysis. This, coupled with growing focus of leading companies on data integration, will continue to provide an impetus to growth of the elemental analyzers market. In addition, key aspects such as collection of exploratory data for generating actionable insights, along with the software’s capability for running on multitude of workstations will continue to succor growth of the elemental analyzer market.
According to the study, elemental analyzers continue to seek extensive adoption among academic institutions, and the trend is expected to prevail in the near future. Academic institutes around the world are buying products apropos of elemental analysis to ascertain concentrations of elements in various matrices. Several institutes are entering into strategic collaboration with the research laboratories, which has eventually led to improvements in the research activities across fields, including metabolomics, medicine and proteomics. Additionally, governments across the globe are providing significant funds to academic institutes to acquire necessary equipment for an array of analysis.
Elemental Analyzer Sales Remain Robust in the Mining Industry
The study opines that elemental analyzer demand will remain comparatively robust in the mining sector, with sales estimated to accounting for nearly 30% volume share of the market in 2019. Elemental analyzers play a pivotal role in process control of flotation and grinding plants of the minerals processing operations. Demand for elemental analyzers in the mining industry will continue to grow as the requirement for high-availability, accurate elemental analysis remains for enabling improvements in the product quality.
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The study states that nature of the elemental analyzer market will continued to be moderately fragmented, with leading companies directing their focus toward development of innovative products compliant with specific manufacturing standards.