The hydrocarbon tester market forecasted to register 6.3% CAGR during Forecast Period (2022-2032) and projected to reach US$ 240 Million by 2032. Hydrocarbon tester is the device which is used to determine and enhance the product quality of crude oil, diesel, fuel oil, jet fuel, gas oil, and petroleum products by analyzing the concentration of hydrocarbon compounds. The demand of the hydrocarbon tester is increasing due to the high amount of hydrocarbon impurities which is associated with the petroleum, diesel, crude oil, and other products during production.
Pollutants in these products can cause massive damage to the machines or the instruments which ultimately supports the high demand for hydrocarbon tester to analyze the hydrocarbon.
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Due to excessive usage of petroleum, diesel, crude oil and other products across the globe, the demand for hydrocarbon tester is rapidly increasing and contributing to the growth of the hydrocarbon tester market. Hydrocarbon testing and analysis is supporting the oil and gas organizations in identifying and analyzing concentrations of hydrocarbon compounds.
Hydrocarbon tester are also rapidly adopted in metallurgy and geothermal exploration which is boosting the growth of hydrocarbon tester market across the globe.
Stringent Standards Such as IP, ASTM, and ISO
Hydrocarbon testing market is highly regulated and there are certain standards which need to be followed while analyzing the sample. American Society of Testing and Materials (ASTM) is international standard organization that develops standards for a wide range of materials and products.
These standards are very essential for various end use companies such as petroleum refineries, aviation companies, and automotive, geological and chemical processing plants to examine and process fuel oils to ensure good quality.
For instance, As per ASTM D7675, there is a standard test method for determination of total hydrocarbons in Hydrogen by using Hydrocarbon tester. These stringent standards in various geographies are ultimately driving the growth of the hydrocarbon tester market.
Portable Hydrocarbon Testers are Gaining Traction
High demand for easy to use hydrocarbon tester is witnessed which is ultimately pushing the manufacturers to launch portable and easy to use hydrocarbon testers. Key strategy adopted by manufacturers is to introduce advance hydrocarbon testers with upgraded features.
Also, their prime focus on introducing hydrocarbon testers with high sensitivity. For instance, PetroSense Inc. one of the key manufacturers of hydrocarbon tester, has launched portable hydrocarbon tester which has high sensitivity, also analyzes accurate and fast quantitative data for petroleum hydrocarbon in vapor and the water.
This kind of up gradations from the manufacturers helps to the growth of the hydrocarbon tester market around the globe.
Adoption of Electric Vehicles Acting as a Restraint for the Market
The increasing adoption of electric vehicles is resulting in decline of sales of diesel and petrol based vehicles. This has significant negative impact on the market of hydrocarbon tester as the use of petrol and diesel engine is getting replaced by electric battery. The increasing adoption of electric vehicles is expected to be the potential challenge for hydrocarbon tester during the forecast period.
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Hydrocarbon Tester Market: Competition Landscape
Some of the prominent players in the Hydrocarbon Tester market are Emerson, Thermo Fisher Scientific, Teledyne Analytical Instruments, SICK AG, Agilent Technologies, Inc., MKS Instruments, PerkinElmer, J.U.M. Engineering GmbH, Galvanic, VIG Industries, Inc., Gow-Mac Instrument Co., Shimadzu Corporation, MOCON Inc., Buck Scientific.
Hydrocarbon Tester Market: Regional Overview
On the basis of the geography, the countries with the significant inventions in the field of fossil fuels and geo analysis such as Kuwait, China, and other Gulf countries are capturing the largest market share in the hydrocarbon tester market.
Due to the increase in production of the energy sources and need of refined products is driving the growth of the hydrocarbon tester market. As the fossil fuel production in these countries is more, demand for refinement of these products is more.
Thus, the potential growth opportunities are expected in the adoption of hydrocarbon tester in various industries.
Also, Saudi Arabia, Russia, and United States with the major production of fossil fuels are significantly contributing to the growth of the hydrocarbon tester market. Likely, in Europe, due to rise in the production of energy sources in the region, it is expected to witness the growth of hydrocarbon tester market during the forecast period.
Also, the Hydrocarbon tester market expected to rise at a high CAGR, due to several initiatives taken by the governments in APAC region.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on
- Hydrocarbon tester Market Segments
- Hydrocarbon tester Market Dynamics
- Hydrocarbon tester Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Technology
- Value Chain
- Market Drivers and Restraints
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Peru, Chile, Rest of LATAM)
- Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Eastern Europe, Rest of Europe)
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan ( Greater China, India, South Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, S. Africa, Rest of MEA)
Hydrocarbon Tester Market: Segmentation
The hydrocarbon tester market has been segmented on the basis of sample, end use, modularity, and region.
Segmentation on the Basis of Sample:
- Natural Gas (methane)
- LPG Testing and Inspection (LPG)
- Gasoline (naphtha, octane)
- Jet Fuel (kerosene)
- Diesel
- Fuel Oil
- Bitumen (asphalt)
- Crude Oil (petroleum)
- Others
Segmentation on the Basis of End Use:
- Chemical
- Petroleum Refineries
- Oil & Gas
- Coal industries
- Metallurgy
- Geology
Segmentation on the Basis of Modularity:
- Portable
- Bench top
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