Oil & gas industrial applications contributed to approximately 25% of the overall TDLA market revenue in 2015 and are anticipated to witness a steady growth over the coming years. Such growth can be accredited to the growing demand for the detection of complex hydrocarbon gases and water across upstream, downstream, and midstream process flows across refineries and petrochemical industries.
The demand for TDLAs in the mining & metal industry was estimated to reach over USD 130 million by 2024, growing at a CAGR of nearly 8% over the next six years. The increasing regulations and safety norms regarding harmful emissions near mining sites are expected to drive the demand for such equipment.
In 2015, The Asia Pacific tunable diode laser analyzer market accounted for over 25% of the overall market share and is expected to witness a substantial growth over the next eight years. The developing economies of the region, such as India, China, and Japan, are anticipated to offer broad growth avenues for the regional industry growth, owing to the increasing industrialization and modernization of processes in industries including power generation and oil & gas, eventually leading to a surge in the adoption of TDLAs.
Technological and product innovations drive such a highly dynamic industry. Prominent market players include Siemens AG, ABB Ltd., Yokogawa Electric Corporation, and Endress+Hauser. Vendors are focusing on expanding their presence through inorganic growth strategies such as mergers and acquisition for portfolio enhancement and regional expansion. Moreover, manufacturers are increasingly offering after-sales support and services for their TDLA equipment through its entire lifecycle, from installation to calibration and preventive maintenance repair of the equipment.
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