Transparency Market Research (TMR) observes, the global tunable diode laser analyzer market is highly fragmented due to presence of number of companies operating in the market. Some of the key players operating in the global tunable diode laser analyzer market are Neo monitors, Honeywell International Inc., Emerson Electric Co., Servomex, and ABB Ltd. Increasing number of mergers, collaborations, and acquisitions is predicted to accelerate growth and consolidation of the market in the next few years.
A report estimates, the global tunable diode laser analyzer market is expected to attain value of US$992.0 Mn by the end of 2027 with a CAGR of 10.30% over the forecast period of 2019 to 2027 from valuation of US$373.6 Mn in 2017. Based on the type, in 2017, in situ type measurement accounted for largest share in the revenue of about 67.4% in the global market. Based on application, oil and gas segment is expected to dominate the market with 25% of shares in the same year and is expected to remain dominant over the forecast period. Based on region, in the same year, Asia Pacific dominated the global market by accounting for 37.0% shares in the global market.
Growing Concerns over Environment to Propel Growth
The global tunable diode laser analyzer market is expected to witness growth with healthy rate from last few years. Growing investments in the research and development (R&D) activities coupled with growing focus on the advanced features of tunable diode laser analyzers and focus on improvement of products are fuelling growth of the global market. Growing adoption of modern services are expected to support growth of the market.
Additionally, government and numerous private organizations ensuring safety of environment have mandatories the installation of gas detectors in industries and manufacturing plants. In addition, ability of seamless detection, low maintenance cost, and improved stability of equipment are boosting growth of the tunable diode laser analyzer market.
To understand how our report can bring difference to your business strategy, Ask for a brochure
Furthermore, multiple organizations are engaged in development of new products in its portfolio. For instance, in January 2019, Yokogawa Electric Corporation has developed the TDLS8100 probe type tunable diode laser spectrometer that can be used in petrochemical, oil, iron, steel, power, and other industries to measure carbon monoxide and oxygen gas concentration at high speed.
Strong Presence of Mature and Alternative Technologies to Restrain Growth
Despite this, the availability of alternative technologies is restraining growth of the global tunable laser analyzer market. Nonetheless, the price of tunable diode laser analyzer is likely to reduce over the upcoming years which is expected to offer growth opportunities for key players in the coming few years.