An apparatus includes a pipe through which a multiphase fluid flows, with a transparent window structure formed in the pipe. A collimated light source emits light through the transparent window structure into the pipe having a wavelength at which a component of a desired phase of the multiphase fluid is absorptive. A photodetector is positioned such that the emitted light passes through the multiphase fluid in the pipe to impinge upon the photodetector. The photodetector has an actual dynamic range for collimated light detection. Processing circuitry is configured to continuously adjust a power of the collimated light source dependent upon an output level of the photodetector so as to cause measurement of the emitted light over an effective dynamic range greater than the actual dynamic range, and determine a property of the multiphase fluid as a function of the power of the collimated light source.