The FTIR Gas Analyzer market to grow with an year on year growth of 8.2% in 2022 reaching a value of about US$ 1,267.9 Mn by 2022 end. The global market is expected to witness a promising value CAGR of 8.2% during the period of 2022 and 2029.
The COVID-19 pandemic has had a significant influence on the world economy at several levels, including the manufacturing industry. Supply and demand shortages are likely to result in a considerable decline in Y-O-Y growth in regions such as North America, East Asia, and Asia Pacific, where a lot of end users are affected.
U.S. is expected to create an absolute doller opportunity of US$ 163.0 Mn in the market. The United States also contains small to medium-sized manufacturers, and the country’s proximity to them for after-sales servicing makes it a major market for FTIR Gas Analyzer.
The global FTIR gas analyzer market is valued at US$ 1,267.9 Mn in 2022 and is expected to increase at a CAGR of 8.2% during the forecast period of 2022-2029. This growth is majorly driven by the increasing usage of FTIR gas analyzers in rapidly expanding end-use industries such as automotive, chemical, agriculture, oil & gas, and research & development, among others.
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Lucrative Growth Opportunities in North America & East Asia
Regions such as North America and East Asia are anticipated to hold a prominent FTIR gas analyzer market share in terms of value, finds FMI. Moreover, East Asian countries such as China are likely to offer greater opportunities for FTIR gas analyzer market, on the account of rapidly expanding chemical and automotive industries.
Some macro factors such as increasing contribution of the automotive sector towards GDP growth, value-added operation and production, research and development investment, growth of end-use industries, population, and presence of distributors, among others are also playing role in shaping market growth.
Rapidly Growing Chemical Industry Boosting Demand
The global market of FTIR gas analyzer has been segmented on the basis of portability, end use, equipment, and regions such as North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East & Africa. The FMI report also includes analysis of developing countries.
- Based on portability, FTIR gas analyzers are segmented as portable and rack mount. Portable FTIR gas analyzer is expected to hold a majority share, because of ease of application and accessibility.
- Based on end use, the market is segmented in automotive, chemical, agriculture, oil & gas, research & development, and others. Growing adoption by the oil & gas industry is expected to result in increased market share during the forecast period.
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FTIR Gas Analyzer Market: Vendor Insights
The report highlights some of the prominent market players that are holding significant shares of the FTIR gas analyser market. Some of the key players in the global FTIR gas analyzer market are Bruker, HORIBA, Ltd., MKS Instruments, Inc., ABB, Thermo Fisher Scientific Inc., Gasmet Technologies Oy, Protea Ltd., VASTHI ENGINEERS, Envea Altech Environment U.S.A, and Agilent Technologies, Inc.
FTIR Gas Analyzer Market By Category
By Portability Type :
- Rack Mount
- Portable
By End-Use :
- Automotive
- Chemical
- Agriculture
- Oil & Gas
- Research & Development
- Others
By Equipment Type :
- High Concentration Range (upto ppm level )
- Low Concentration Level (ppb and ppm level)
By Region :
- North America
- Latin America
- Europe
- Middle East & Africa
- East Asia
- South Asia
- Oceania
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About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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