Market Trends of Laser Transmitter Industry
This section covers the major market trends shaping the Laser Transmitter Market according to our research experts:
Oil and Gas Industry to Hold Significant Market Share
- The laser-level transmitters are specifically made for harsh environments and industrial applications. The laser transmitters provide continuous, non-contact level measurements for inventory management and process automation. The oil and gas industry is benefitting significantly from the distinct capabilities of laser-level size when these capabilities are tailored for industrial applications.
- According to the MoPNG (Ministry of Petroleum and Natural Gas) in October 2022, India is the second largest oil consumer. The oil consumption or demand is expected to rise to 450 MMT by 2040 from about 220MT in 2022.
- India is the world's fourth-largest oil importer, and the demand is expected to rise, driven by an increase in India's per capita energy consumption which currently stands at one-third of the global average according to MoPNG in October 2022. India, the second largest in Asia with 23 refineries, plans to increase from 251.2 MMTPA refining capacity to 400 MMTPA by 2030. These factors drive the demand for laser transmitters in the Oil and Gas Industry.
- According to the MoPNG (Ministry of Petroleum and Natural Gas), in India, the crude oil refinery capacity was approximately 250 Million metric tons annually in FY 2021. The economic growth in India is closely related to energy demand and increasing industrialization and automation. The demand for laser transmitters in oil and gas is rising due to the accurate measurement and high precision of laser transmitters suitable for high-demand oil and gas projects.
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Asia-Pacific to Witness a Significant Growth
- The chemical and petrochemical industry is a significant sector in the modern world. The operation of modern chemical and petrochemical plants would be challenging, if not impossible, without automation and computer control. Safe, efficient plant operation requires that thousands of process variables be controlled within specified limits.
- Maintaining optimized solutions in the chemical and petrochemical sector is imperative for companies working in the industry. Excessive or less of a chemical or petrochemical can have dire effects on the process that it is involved in. Therefore, companies in this industry ensure ease of operation with laser transmitters.
- The Indian chemical industry has become a worldwide player and earns foreign exchange with the Make in India, Make for World approach for the nation. In May 2022, according to the Indian Government, India's Petrochemical Industries is considered one of the fastest-growing industries in the Indian economy, with extremely high demand growth. India is projected to contribute more than 10% of the incremental global growth in Petrochemicals in the Asia-Pacific region in the following years.
- With the Make for World, Make in India approach, the Indian chemical industry has become a worldwide player and earns foreign exchange for the nation. Indian chemicals exports have registered growth of 106% in 2021-22, according to the Indian Government in May 2022.
- Laser Transmitter designs, shapes, and sizes differentiate from each other immensely. The demand for laser transmitters is significantly increasing because there are a lot of applications, and such systems can cope with a broad range of measurement tools needed to execute the entire process. To effectively transmit the laser over various options, numerous optics & mechanics are created to interact with a strong and reliable sense of reference effectively.
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