NOVELTY - An analyzing and measuring apparatus comprises a gas extractor unit having gas and/or vapor permeable polymer membrane and a gas chamber; an infrared gas analyzer having quad detector with ultra narrow band optical infrared filters, infrared source controller and pyroelectric detector signal processor; a gas pump; and a calibrating mechanism for the infrared gas analyzer.    USE - Continuously analyzing and measuring the contents of gas and/or vapor components dissolved in an insulating fluid on a real time basis to evaluate the operation of the electrical devices, by analyzing on a real time basis a portion of extracted and isolated gases and/or vapor components, recycling the gases and/or vapor components back to the extractor, and periodically calibrating the infrared gas detection device (claimed).    ADVANTAGE - The process reduces or eliminates unplanned power outages of transformers and other equipment to improve the overall reliability of power grids and power transmission to end users, and allows early fault detections while providing continuous information regarding detected faults including alarms to end users such as substation personnel, thus enhancing safety and protecting the operating integrity of downstream equipment. It detects rapidly developing electrical faults on a real time basis and provides emergency information to users.    DETAILED DESCRIPTION - A gas and/or vapor analyzing and measuring apparatus comprises:    (a) a gas extractor unit (20) for separating the gases and/or vapor (22) from an insulating fluid (21) and comprising gas and/or vapor permeable polymer membrane (23) and a gas chamber with gas stream inlet and outlet;    (b) an infrared gas analyzer for determining the concentration of individual gas or vapor components;    (c) a gas pump (30) for recycling the gases and/or vapor to the gas extractor in a closed loop; and    (d) a calibrating mechanism for the infrared gas analyzer including valve for purging the gas and/or vapor components using air and resetting the collimated infrared source to zero.    The infrared gas analyzer comprises a collimated infrared source (10), a gas cell (12) with a gas inlet and outlet at both ends, a quad detector (13) having ultra narrow band optical infrared filters with a specified wavelength corresponding to the gas or vapor components, an infrared source controller (14) having a mechanism for continuously adjusting the output power level of the infrared energy source to a fixed value, and a pyroelectric detector signal processor.    DESCRIPTION OF DRAWING(S) - The figure shows apparatus for detecting volatile substances dissolved in insulating fluid.    Infrared source (10)    Gas cell (12)    Quad detector (13)    Infrared source controller (14)    Quad detector signal processor (15)    Gas extraction unit (20)    Insulating fluid (21)    Vapor (22)    Vapor permeable polymer membrane (23)    Gas pump (30)