PUNE, India, October 10, 2017 /PRNewswire/ --
According to the new market research report "TOC Analyzer Market by offering (Hardware, Software, and Services), Type (Online and Portable), Technology, Application (High-Purity Water, Wastewater treatment, Surface Water), Industry, and Geography - Global Forecast to 2023", published by MarketsandMarkets™ , the market is expected to grow from USD 828.1 Million in 2016 and is expected to reach USD 1,286.4 Million by 2023, at a CAGR of 6.3% during the forecast period.
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The growth of this market can be attributed to the rising demand for water and wastewater treatment. In the recent past, the water and wastewater treatment practice is among the most important environmental conservation processes, which are being encouraged globally. Total Organic Carbon (TOC) analyzers are used in wastewater treatment plants to monitor industrial and municipality effluents to adhere to the regulation and standards laid by the legislative authorities in the respected countries, and at various points throughout the treatment process for preventative control.
The hardware segment held the largest share of TOC analyzer market in 2016
The TOC analyzer market based on offerings is led by the hardware segment in terms of size. There exist a high demand for hardware as they are the main sources through which the data related to TOC levels in samples is obtained. The data extracted by the hardware components enables effective predictive and preventive maintenance programs to avoid costly downtime. The TOC analyzer hardware components have applications in the fields including water and wastewater management in various industries and environments.
The market for online TOC analyzers likely to grow at a higher CAGR during the forecast period
On the basis of monitoring, the TOC analyzer market for online TOC analyzers is expected to witness the highest growth rate during the forecast period. In the recent past, many companies have been attracted toward converting from laboratory TOC analysis to automated water release using on-line TOC analyzers to improve quality and lower the costs of producing purified water. Online TOC analyzers facilitate real-time identification and understanding of critical TOC parameters present in the water samples. Online analyzers are also better for recurring or routine TOC testing requirements.
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Europe expected to hold the largest size of the TOC analyzer market during the forecast period
Europe held the largest size of the TOC analyzer market in 2016, followed by North America and APAC. The presence of prominent market players, along with the strengthening government regulations for environment conservation and industrial water and wastewater treatment in countries such in Germany and the UK are factors driving the growth of TOC analyzer market in this region. TOC analyzer market in APAC is expected to grow at the highest rate during the forecast period.
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The major players operating in this market include General Electric Company (US), Shimadzu Corporation (Japan), Mettler-Toledo International Inc. (Canada), Hach Company (US), LAR Process Analysers AG. (Germany), Teledyne Tekemar Company Inc. (US), Xylem, Inc. (US), Endress+Hauser Management AG (Germany), ELTRA GmbH (Germany), Metrohm AG (Switzerland), Elementar Analysensysteme GmbH (Germany), and Skalar Analytical B.V. (Netherlands).
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