According to the latest report by IMARC Group, titled “Gas Analyzer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global gas analyzer market size reached US$ 3.6 Billion in 2018. Gas analyzers are devices that aid in measuring the quantitative or qualitative composition of a particular gas in a given mixture of gases. The monitor on these instruments detects, analyzes and displays pieces of information such as pressure, flow rate and temperature of gases, including oxygen, methane, carbon dioxide and sulfur dioxide. They find extensive application across numerous industries, like oil and gas, petrochemicals, and pharmaceuticals. They are also utilized in environmental monitoring, power generation and water treatment.
Global Gas Analyzer Market Trends:
The rapid depletion rate of conventional energy resources has led to an increase in the number of shale gas and tight oil exploration activities. This, along with a thriving oil and gas industry, has led to escalating demand for gas analyzers across the globe. The market is further driven by growing awareness amongst consumers regarding the risks posed by gas leaks and emissions. Apart from this, the integration of gas analyzers with smartphones and other wireless devices for providing real-time monitoring, remote-control and backing up data logs, is expected to create a positive outlook for the market. Furthermore, manufacturers are also introducing gas analyzers embedded with effective and advanced measurement technologies for emission monitoring and gas analysis. This is considered an environment-friendly step, which further contributes significantly to product demand. Governments of several countries have implemented stringent safety regulations regarding gas emissions which are expected to bolster the sales of gas analyzers globally. On account of the aforementioned factors, the market is expected to reach a value of US$ 4.7 Billion in 2024, exhibiting a CAGR of 4.4% during 2019-2024.
- On the basis of the application, the market has been divided into oil and gas, power, chemicals, food and beverages, pharmaceuticals, and others. Amongst these, the oil and gas industry accounts for the majority of the overall market share.
- On the geographical front, Asia Pacific holds the leading position in the market. Other major regions in the market include North America, Europe, Middle East and Africa, and Latin America.
- Based on the import and export scenario of the market, China is the biggest importer whereas Germany holds the majority of the export shares.
- The competitive landscape of the market has also been analyzed with the detailed profiles of the key players operating in the market including ABB Group, Emerson Electric, General Electric, Figaro Engineering Inc. and Thermo Fishers Scientific.
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