The global gas analyzer market is estimated to grow at a CAGR of nearly 5.0% during the forecast period. Rising investment in the oil and gas industry is contributing to the growth of the global gas analyzer market. Several countries have increased their focus towards investment in oil and gas projects owing to the increasing consumption of oil coupled with the growth in the aviation and automobile industry. As per the India Brand Equity Foundation (IBEF), in 2018, India had 4.5 thousand million barrels of proven oil reserves and produced 39.5 million tonnes. In India, the petroleum and natural gas sector attracted FDI amounted to $7.1 billion during the period, April 2000 and December 2019.
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In 2017, India maintained its position as the third-largest oil consumer across the globe with consumption of 4.69 mbpd (Thousand Barrels Per Day) of oil, compared to 4.56 mbpd in 2016. To meet the oil demand, the Government of India has adopted various policies, which include 100% FDI in multiple segments of the sector, such as refineries, natural gas, and petroleum products, among others. Owing to which, the country attracts both foreign and domestic investments coupled with the presence of Cairn India and Reliance Industries Ltd. (RIL). For instance, Oil and Natural Gas Corporation (ONGC) has planned to invest $2.73 billion on drilling oil and gas wells during the period 2018-19.
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Further, as per the US Energy Information Administration (EIA), the crude oil production in the US rose by 17% in 2018, which has set a record of approximately 11.0 million barrels per day. In 2018, the US also produced 4.3 million b/d of natural gas plant liquids (NGPLs), which is equivalent to 5.8 quadrillion British thermal units (Btu). The US production of NGPL has more than doubled since 2008 when the NGPLs market started to expand. Additionally, in 2018, the natural gas and crude oil production in Russia reached considerable levels, driven by the rising global demand. Russia exports most of its produced crude oil to China and European countries.
The rising production represents an increasing investment in oil and gas production activities, which in turn, is leading the demand for gas analyzers as an instrument to measure process variations and optimize the whole process. Gas analyzers are used for continuous monitoring of oxygen depleting gases, toxic and combustible gases, and emissions. They can measure the corrosive mixture of water vapors and gases which further supports to perform safe and efficient oil and gas operations. Therefore, gas analyzers have significant applications in the oil and gas operations, whether it is upstream or downstream. These analyzers are used to trace gas purity, perform contamination analysis, hydrocarbon analysis, and compositional analysis.
During the upstream oil and gas operations, several gases including nitrogen oxide and carbon dioxide are released from the oil and gas fields. These gases can be hazardous to both people and the environment. Thus, it is required to properly determine the form of gas and its contents. In addition, these are used to avoid corrosion in gas pipelines. Oxygen, carbon, and hydrogen gases can easily form toxic gases including hydrogen sulfide, which can result in corrosion of pipeline infrastructure. Therefore, gas analyzers are used to monitor contaminants such as hydrogen sulfide (H2S) and hydrogen and oxygen (H2O) for protection of natural gas pipelines from blockage and corrosion by hydrate formation. Monitoring contaminants are essential for process optimization and quality of gas. Hence, the rising investment in oil and gas production activities are primarily contributing to the growth of the global gas analyzer market.
Global Gas Analyzer Market- Segmentation
By Product Type
- Fixed
- Portable
By Technology
- Paramagnetic
- Electrochemical
- Zirconia
- Infrared
- Others
By End-User Industry
- Pharmaceutical
- Oil and Gas
- Energy and Utility
- Chemical
- Food and Beverage
- Water and Wastewater
- Others
