The global gas analyzers market to grow at a CAGR of 3.88% during the period 2018-2022.
Global Gas Analyzers Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is oil price fluctuations and subsequent increase in gas-based applications. The demand for clean energy fuel and natural gas is increasing rapidly across the world. Natural gas-fired power plants are growing due to the mass production of natural gas. Many countries in North America and Europe are increasing their share of natural gas in power generation with, several APAC countries adopting natural gas-fired power plants. Emerging economies such as China and India are increasing their natural gas demand due to their increasing power requirement and the need to reduce carbon emission.
Gas analyzers find applications in the upstream, midstream, and downstream sectors of the oil and gas industry. These are used in tracing gas purity, perform contamination analysis, compositional analysis, and hydrocarbon analysis. In the oil and gas upstream sector, during exploration, several gases such as carbon dioxide, sulfur oxide, and nitrogen oxide are released from the oil and gas fields, which can be hazardous to both infrastructure and people working in the vicinity.
The latest trend gaining momentum in the market is emerging sensor technology. The increasing R&D and the growing demand for efficient sensors are driving rapid changes in the sensor technology. The conventional sensors were slow and bulky, whereas, the smart sensors are easy to maintain with minimum downtime. Smart sensors provide updated information on their status and provide system data. Additionally, smart sensors are capable of reducing repair cost and minimizing replacement time. The demand for the smart sensor is increasing due to the reduction in price coupled with the ability to produce real-time data. Technological advancments are resulting in the development of low-powered and IoT-connected sensors.