US$ 3.5 Bn Gas analyzer market Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023 - IMARCGROUP
This is due to the increasing consumer awareness about the health hazards of the gas emissions and leakage, as well as various advancements being made in technology.
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According to the latest report by IMARC Group, titled “Gas Analyzer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global gas analyzer market reached a value of US$ 3.5 Billion in 2017. Gas analyzers are stationary or portable units which are used for measuring the concentration of a known gas in given mixture of gases. They are generally fitted with semiconductor gas sensors that are highly responsive and consume less power. Gas analyzers offer various advantages to the consumers such as safety, accuracy, efficiency and compliance with environment. At present, they are available in different types such as residual gas analyzer, infrared gas analyzer and orsat gas analyzer.
The growth of the global gas analyzer market can be attributed to the fact that the governments of various nations have introduced numerous strict health and safety regulations which have led to a rise in the consumer awareness regarding safety risks of gas leaks and emissions. Over the recent years, a notable rise in the advancements made in technologies such as integration with wireless devices for offering remote-control, real-time monitoring and backing up data logs has, in turn, contributed towards an augmented demand for gas analyzers across the globe. Apart from this, there has also been an expand in the explorations of tight oil and shale gas which has directly impacted the growth of the global gas analyzer market. However, gas analyzers exhibit a limitation in diagnosis as they cannot locate the fault precisely which is considered to be one of the primary factors hindering the growth of the market. Looking forward, the market value is projected to exceed US$ 4 Billion by 2023, expanding at a CAGR of more than 4% during 2018-2023.
Gas analyzers currently find applications across numerous sectors which include oil and gas, power, chemical, food and beverages, and pharmaceutical. Amongst these, oil and gas sector leads the market owing to the ability of gas analyzers to measure the corrosive mixture of gasses and water vapour.
On a geographical front, Asia-Pacific accounts for the majority of total share of the global gas analyzer market. This can be accredited to the expanding applications in building and construction sectors across the region. Asia-Pacific is followed by North America, Europe, Middle East and Africa and Latin America.
The import-export trends of the market have been covered, according to which China represents the largest importer, whereas, Germany represents the biggest exporter of gas analyzers across the globe.
The competitive landscape of the market has also been examined with some of the key players being ABB, Emersion Electric, General Electric, Figaro Engineering Inc. and Thermo Fishers Scientific.
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