Tunable Diode Laser Analyzer Market is segmented by application into chemical & pharmaceutical, oil & gas, metal & mining, cement, fertilizer, pulp & paper, power and semiconductor. Oil & gas industry dominates the tunable diode laser analyzer industry share, chemical & pharmaceutical will be the most attractive segment owing to its significant application for safety and efficiency of the process industry.
Tunable diode laser analyzer market applications are not limited to monitoring. Advanced features used for environment friendly solutions and optimization of costs are projected to provide better ROI on installation. The trending advancement for application in controlling purposes is expected to fuel the growth over the forecast timeframe. Availability of low cost technological solutions in the industry due to large number of competitors is foreseen to negatively affect the OEMs as well as the end-use industry. The technological advancement is majorly challenged by the higher lead times in the equipment which majorly impacts the effect of the qualitative efficiency of the process industry.
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The oil & gas industry held the largest tunable diode laser analyzer market share in 2015 owing to its multiple uses for measurement of different gases at different control points such as cracking unit, fluid catalytic, alkalination unit, reformer unit and coker unit for safety and optimized maintenance cost. The oil & gas industry is expected to continue its dominance over the forecast period on account of the presence of a considerable number of oil refineries across the globe.
Key participants in the tunable diode laser analyzer market include Yokogawa Electric Corp., Focused Photonics, ABB Ltd., Ametek, Spectrasensors, Servomex Ltd., Siemens AG, Sick Ag, Neo Monitors and Mettler Toledo International. Key players aim to cater technological solutions with minimum investment coupled with maximum generated returns as part of their key strategy. Other strategies adopted to propel growth may include collaboration, mergers, partnerships and business expansion.
Asia Pacific tunable diode laser analyzer market size is projected to be fueled by considering increasing industrialization in the region. Growth of industries, mainly cement, power, metal & mining, pulp and paper industries in the region, will provide basis for growth in the region. Increased commissioning of power plant projects and existing total of cement industries in China is expected to provide better opportunities for tunable diode laser analyzer industry expansion.
Tunable Diode Laser Analyzer Market was over USD 290 billion in 2015, is expected to grow at 11% CAGR and reach over USD 740 billion by 2024. Growth across segments such as power, oil & gas, metal and cement which require upgraded solution for emission analysis, monitoring and carbonization are expected to be the key drivers of the global tunable diode laser analyzer industry.
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