Product differentiation, higher customization to suit specific applications, as well as improved product quality will combat the price pressures observed in the maturing physical properties instrumentation markets. Emerging end-user industries such as biosciences, construction and agriculture industries are also likely to provide new revenue opportunities.
Frost & Sullivan finds that the World Physical Properties Instrumentation Markets earned revenues of $778.7 million in 2005 and estimates this to reach $1,060.8 million in 2012 due to sustained demand from traditional end-user industries and growing demand from pharmaceuticals as well as biotechnology and other emerging end-user industries, particularly in the Asia Pacific region.
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“Demand from laboratory and process industries for high-quality equipment is set to drive the physical properties instrumentation markets,” notes Frost & Sullivan Research Analyst Lakshman Koundinya. "Industries involved in research as well as quality control applications have become major end users of these products and a large spectrum of emerging end users is likely to offer a host of opportunities for these instruments."
Sustained demand from traditional end-user industries such as food and beverage and chemicals as well as growing demand for high-performance instruments from the pharmaceuticals and biotechnology industry, especially in Asia, is likely to propel the market. With increased foreign direct investments provided to develop the infrastructure of many industries, several industry participants envisage huge demand potential in China, India, Taiwan and other Southeast Asian countries.
However, due to the reduction of capital expenditure by certain key end users, market participants have been reducing prices to retain unit sales, thus leading to lesser revenues. Low product replacement rate and lack of significant regulations in applications that might provide opportunities for growth have made it harder for equipment manufacturers to grow.
“As the market is going through a mature phase, it is important for companies to diversify their products to cater to emerging end users and develop their products accordingly,” explains Koundinya. “Companies must proactively monitor the changing requirements of customers in various end-user groups, identify opportunities for technological innovation and refine strategies to meet growth objectives.”
While developing technologically advanced equipment is essential to increasing opportunities for growth, it is also highly critical that vendors offer instruments that are easier to use. User-friendly instruments customized for specific applications provide the most value to customers and help in customer retention.
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World Physical Properties Instrumentation Markets