According to the latest report by IMARC Group, titled "Gas Analyzer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global gas analyzer market size reached US$ 596.2 Million in 2022. Gas analyzers refer to measuring devices that are widely utilized to determine the quantitative or qualitative composition of a particular gas in the given mixture of gases. They are used to detect, analyze and display certain characteristics of the gases that may include the pressure, temperature and flow rate. Their deployment assists in enhancing the overall safety and efficiency of various processing, manufacturing and material research applications while ensuring environmental compliance. As a result, they are extensively employed in a vast array of diverse industry verticals, such as petrochemicals, pharmaceuticals, power generation, water treatment, and oil and gas.
Global Gas Analyzer Market Trends:
The global market is primarily driven by the escalating number of shale gas and tight oil exploration activities. This can be attributed to the increasing demand for energy and the rapid depletion rate of conventional energy sources. Gas analyzers are widely being deployed as an essential component in the oil and gas sector to detect leaks and prevent corrosion in the natural gas pipeline infrastructure, thereby providing a thrust to the market growth. This is further being strengthened by the implementation of stringent government legislations, along with the enforcement of occupational health and safety regulations, that mandate the use of gas analyzers in numerous industrial segments. The market is further driven by growing awareness amongst individuals regarding the risks and safety hazards posed by gas leaks and emissions. Moreover, the introduction of gas analyzers that are integrated with effective and advanced measurement technologies for emission monitoring and gas analysis is expected to create a positive outlook for the market. These innovative instruments are also being connected with smartphones and other wireless smart devices to offer remote-controlling and real-time monitoring facilities in an attempt to provide enhanced convenience to end users. On account of the aforementioned factors, the market is expected to exhibit a CAGR of 6.62% during 2023-2028.
- On the basis of the application, the market has been divided into oil and gas, power, chemicals, food and beverages, pharmaceuticals, and others. Among these, the oil and gas industry represents the leading application segment for gas analyzers, accounting for the majority of the total market share.
- On the geographical front, the market has been classified into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. At present, Asia Pacific holds the leading position in the market.
- On assessing the import and export scenario of the market, the report finds that China is the biggest importer, whereas Germany holds the majority of the export shares.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ABB Group, Emerson Electric Co, General Electric Company, Figaro Engineering Inc., and Thermo Fisher Scientific Inc.
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