Tunable Diode Laser Analyzer Market is expected to reach US$ 935.33 Million by 2028 | The Insight Partners
According to our latest study on “Tunable Diode Laser Analyzer Market Forecast to 2028 — COVID-19 Impact and Global Analysis — by Measurement Type, Gas Analyzer Type, and Industry Application,” the market is expected to grow from US$ 590.89 million in 2021 to US$ 935.33 million by 2028; it is estimated to grow at a CAGR of 7.0% from 2022 to 2028.
The European Commission has proposed the implementation of a carbon tariff from 2026. The new proposed tax is part of the EU’s climate change policies, aiming to reduce greenhouse gas emissions by more than 50% by 2030. According to a new European Environment Agency (EEA) assessment, the European Union (EU) met its three main climate and energy goals in 2020 — a 20% reduction in emissions, a 20% increase in renewable energy use, and a 20% improvement in energy efficiency. Such stringent government policies and targets to reduce the carbon footprints forced many industrial verticals to adopt energy-efficient products and services, which is expected to bolster the demand for tunable diode laser analyzers in Europe and as a result contributing towards the growth of tunable diode laser analyzer market. Further, manufacturing industries in Europe are being compelled to embrace digital transformation solutions to make their business processes as efficient as possible. Moreover, they are adopting newer technological innovations due to a rapid increase in competition and evolving end-user requirements.
As per the Organization for Economic Co-operation and Development (OECD), Germany invests 2.88% of its GDP in innovation related to manufacturing processes, well above the OECD average of 2.4%. Thus, with the expansion of manufacturing industries in Europe, the demand for tunable diode laser analyzers is likely to surge in these industries. This factor is expected to positively fuel the tunable diode laser analyzer market. Furthermore, the energy sector in Europe is taking various measures to boost power transmission capacity, such as a smart grid. In December 2021, US$ 3.20 billion (€3 billion) was invested in Europe’s smart grid R&D to improve the power transmission capacity, which is likely to boost the demand for tunable diode laser analyzers in smart grids in Europe and in turn promoting the growth of tunable diode laser analyzer market.