New York, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Over the forecast period of 2023-2032, the Laser Gas Analyzer Market is expected to expand at a CAGR of 5.6% to reach a revenue of US$ 5 Billion by 2032.
Oil & gas exploration is booming, as is demand for laser-based gas analyzers, thanks to the ever-growing demand for energy. Furthermore, environmental regulations across countries are driving demand for laser-based gas analyzers because they are cheaper and require less maintenance than traditional techniques.
Laser gas analyzers are used in several industries to measure pollution levels at various control points, such as CO2, DeNOx, and others. The laser gas analyzer market is expected to be driven by the growing number of projects in coal-based power plants. Countries are keen to invest in upgrades and introduce new laser gas analyzers in order to reduce their carbon footprints. Similarly, growing stringency of regulations on NOx emissions from industries is driving demand for laser gas analyzer systems and services.
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Gas analyzer sensors are useful in a wide range of applications in the construction sector due to growing infrastructure needs. Other applications such as water treatment, healthcare, and food packaging are contributing to the expansion of the laser gas analyzer market. Technological advancements and inventions in laser gas analyzer equipment would be extremely beneficial for market players. Currently, oil & gas and chemical industries are largest end users of laser gas analyzers, as well as the fastest-growing.
Key Takeaways from Market Study
- By laser type, demand for tunable diode laser spectroscopy (TDLS) is expected to increase at a CAGR of 5.7% through 2032.
- By region, North America and East Asia are expected to be leaders with a combined market share of 59.2% by 2032.
- By mode, single mode laser gas analyzers will dominate the market with 52% market share by 2032.
- By end use, the food & beverage sector is expected to witness a CAGR of 5.8% over the decade.
“The market for laser gas analyzers is benefiting from rising demand from the energy, transmission lines, and transportation sectors,” says a Persistence Market Research analyst.
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Competitive Landscape
- ABB Ltd.
- Opsis AB
- Emerson Electric Co.
- HORIBA Ltd
- Servomex Group Limited
- KNESTEL Technology & Electronics GmbH
- Honeywell International Inc.
- Yokogawa Electric Corporation
- NEO Monitors AS
- Endress Hauser AG
- Fuji Electric Co. Ltd
- Siemens AG and more are key manufacturers of laser gas analyzers.
Market players are focusing on developing multi-mode portable products with increased lifespan to gain a competitive edge in this space.
Market Projections
Demand for laser gas analyzers is increasing as a result of the need to detect the quantity of gases in emissions. Potential disasters can be averted and plant safety can be improved. One of the major sectors where laser gas analyzer demand is the highest and has grown at a steady rate in recent decades is the power industry.
Governments have been focusing more on the cap on possible emissions from various industries. Globalization has accelerated the pace of industrialization, especially in developing economies. The sale of laser gas analyzers has been driven by the growing population in conjunction with the growth of industrialized cities.
The energy sector in developed regions, as well as steadily increasing greenhouse emissions such as methane and CO2, particularly in Asia Pacific, are expected to drive laser gas analyzers market growth over the forecast period.
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More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a new market research report on the global laser gas analyzer market that contains an industry analysis of 2017–2021 and an opportunity assessment for 2023–2032.
The report provides an in-depth analysis of the market through different segments, namely, laser type, process, mode, system type, end user, and region. The report also provides supply and demand trends along with an overview of the parent market.
For additional insights on how the global laser gas analyzer market will shape up over the decade, write to media@persistencemarketresearch.com
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