Paramagnetic Gas Analyzer Systems Market
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The global paramagnetic gas analyzer systems market size was valued at USD 410.4 million in 2023 and is set to grow at CAGR of 5.6% by 2032. Growing need for emission monitoring systems in a range of industrial applications is fostering the industry landscape. Moreover, reliable gas monitoring systems are preferred by the industries in order to reduce their environmental impact and remain within the norms that further affect the business scenario.
Escalating demand to diminish carbon footprint along with encouraging regulatory measures by authorities aimed at boosting green business practices will further complement the business growth. For instance, the 2nd AZEC leaders meeting in Asia that happened in October 2024, resulted in the continuation with the Japan’s leadership upheld by the AZEC partner countries while stressing on the need to adopt mitigation strategies consisting of the renewable energy promotion, zero-emission power generation, and technology for carbon sequestration.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Paramagnetic Gas Analyzer Systems Market Size in 2023: | USD 410.4 Million |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2023 - 2032 CAGR: | 5.6 |
| 2023 Value Projection: | USD 665.7 Million |
| Historical Data for: | 2021-2023 |
| No of Pages: | 85 |
| Tables, Charts & Figures: | 28 |
| Segments Covered: | End-Use and Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The paramagnetic gas analyzer systems industry witnessed notable growth owing to the rise in concentration on enhancement of environmental standards as well as the necessity to control the air pollution within set parameters. For example, in May 2024, the European Union set in place first revolving rules to curb methane emissions from the energy industry. This is crucial in taking serious steps towards the implementation of its REPowerEU Plan and meeting the objectives of the European Green Deal. These systems are designed for all industries that are involved in processes which result in emissions of harmful gases in the atmosphere inorder to minimize the deleterious effect and also facilitate in adherence to the standards. Growing inclination to monitor harmful emissions and industries seeking comprehensive solutions to address environmental concerns and comply with evolving regulations, will accelerate the product deployment.
The oil & gas segment is anticipated to grow over USD 65 million by 2032. Paramagnetic gas analyzer systems have observed increased demand with substantial efforts made towards minimizing gaseous harmful emissions. These units are largely applied in hydrocarbon facilities since they measure corrosive gas mixtures and water vapors correctly to provide effective and safe operation. The discovery of new conventional and unconventional reserves has stimulated investment in new processing plants and growing need to upgrade existing facilities will augment the product deployment.
The ongoing expansion of chemical refinery facilities and the increasing need for instantaneous data analysis and monitoring have led to a surge in paramagnetic gas analyzer system adoption within the chemical and petrochemical sector. Moreover, rigorous emission regulations, combined with a greater emphasis on monitoring processes that emit harmful gases, are propelling the product installation.
The U.S. paramagnetic gas analyzer systems market is anticipated to grow over USD 155 million by 2032. Rising investments in sectors including metals, mining, and chemicals, and focus on reducing emissions, are positively influencing the market dynamics. For instance, in April 2024, four new standards seeking to reduce GHG and other emissions from fossil fuel powered plants were announced by the U.S. EPA. In addition, the heightened concern over air quality also prompted industries to continuously check atmospheric pollutants and comply with the designated air quality standards.
Major players operating across the paramagnetic gas analyzer systems industry have witnessed intense competition, technological innovations and regulatory compliance, and. Key manufacturers, including ABB, Siemens, HORIBA, SICK, Yokogawa Electric and Emerson Electric, aiming to develop cost-effective and reliable solutions. Industry leaders are modifying their research & development policies to include the accurate measurement of gas emission tools and the enforcement of stringent safeguards. These companies are opting different strategies in their product mix development integrating innovation and technology in a sustainable manner, thereby, aiming to expand their market reach and serve an extensive array of customer requirements.
Key industry players operating across industry include:
Market, By End Use
The above information has been provided for the following region and countries:
The U.S. market for paramagnetic gas analyzer systems is projected to surpass USD 155 million by 2032, driven by rising investments in sectors such as metals, mining, and chemicals, and a focus on reducing emissions.
Key industry players include ABB, Advanced Micro Instruments, Buhler Technologies, Emerson Electric, ENVEA, Fuji Electric, HORIBA, M&C TechGroup, Nova Analytical Systems, Process Sensing Technologies, Servomex, SICK, Siemens, Thermo Fisher Scientific, and Yokogawa Electric.
The oil & gas segment is anticipated to exceed USD 65 million by 2032, as hydrocarbon facilities widely deploy these units to accurately measure corrosive gas mixtures and water vapors, ensuring efficient and safe operations.
The global market for paramagnetic gas analyzer systems was reached USD 410.4 million in 2023 and is set to grow at a CAGR of over 5.6% from 2024 to 2032, driven by the growing need for emission monitoring systems across several industrial applications.