Yahoo Finance Laser-Based Gas Analyzers Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)
The laser-based gas analyzers market is expected to register a CAGR of 6% over the forecast period (2021 - 2026). The oil and gas sector is expected to be the major consumer of the laser-based gas analyzer.
New York, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Laser-Based Gas Analyzers Market - Growth, Trends, Covid-19 Impact, And Forecasts (2023 - 2028)" - https://www.reportlinker.com/p06417040/?utm_source=GNW
The demand for natural gas has been on the rise in developing countries, which may lead to an increased demand for laser-based gas analyzers.
Key Highlights
Increased regulations and legal fines are driving the companies to install more gas analyzers, in order to curb emissions.
Moreover, the laser-based analyzers provide real-time data, thus reducing the time required in the analysis of the gases. Furthermore, owing to the robust and modular properties, there is an increased demand from the healthcare sector.
Traditional gas analyzers needed to be calibrated very often, leading to inaccurate reading and continuous maintenance. Thus, laser-based are preferred in the chemical industry.
Laser Based Gas Analyzers Market Trends
Oil Companies are Looking for Real-time Monitoring Systems to Curb Methane Leaks
In recent years, oil rigs in the United States failed to curb the methane leakage from their oil rigs. Methane is considered to be more severe in causing global warming. The US government, under Obama, introduced stricter regulation in 2015 to curb methane emissions. In 2018, these regulations were later relaxed by the Trump administration, as the companies were unable to meet the requirements due to outdated nfrastructure.
The industry is struggling to find a breakthrough to curb methane emissions, and it is looking for more innovative ways to find an economical solution.
The companies are shelling out millions of dollars in legal fines due to methane emissions and are continually looking for alternatives. The laser-based gas analyzers are likely to be at the center of the new systems that are being developed, as they offered real-time data and are robust.
Asia-Pacific to Dominate the Market
According to the International Energy Agency, Asia-Pacific emerged as the highest importer and consumer of natural gas. China alone accounted for two-thirds of the global demand for natural gas. However, the region consumes most of the natural gas.
The transport is more susceptible to leakages, as the region is not joined by a high-pressure pipeline compared to the other areas. Thus, there is a constant requirement for monitoring during transportation.
Being the biggest importer of natural gas, China has become more proactive in addressing environmental concerns. In this regard, the country installed many systems, such as gas analyzers, to cut back on carbon dioxide discharges and other emissions.
Laser Based Gas Analyzers Market Competitor Analysis
The market is moderately fragmented, with the emergence of new startups, like Mirico, offering a broad range of innovative solutions. The market is witnessing intensifying competitive rivalry, which is expected to further rise over and beyond the forecast period. The major players dominating the market are ABB LTD, Honeywell International Inc, Siemens, and Emerson Electric Co.
March 2019 - Emerson released Rosemount CT4400 Continuous Gas Analyzer, which is a purpose-built quantum cascade laser (QCL) and tunable diode laser (TDL) analyzer, designed to help plants report emissions accurately in environmental monitoring applications, measuring standard components, such as nitric oxide (NO), nitrogen dioxide (NO2), sulfur dioxide (SO2), carbon monoxide (CO), carbon dioxide (CO2), and oxygen (O2).
March 2019 - ABB’s IoT solution turned a drone into a gas detection sensor. ABB’s analyzer uses patented cavity-enhanced absorption spectroscopy to detect methane with a sensitivity more than 1,000 times higher than conventional leak detection tools.
January 2019 - Yokogawa Electric Corporation launched its TDLS8100 probe type tunable diode laser spectrometer as part of its OpreXTM Analyzer family. The TDLS8100 is targeted at applications in the oil, petrochemical, power, iron and steel, and other industries that require the ability to directly measure oxygen or carbon monoxide gas concentration at high speeds.
Additional Benefits:
The market estimate (ME) sheet in Excel format
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