The global gas detection equipment market is highly competitive in nature with GE Measurement & Control Solution, RAE Systems Inc., Industrial Scientific Corporation, Siemens AG, Trolex Ltd, Drägerwerk AG & Co. KGaA, MSA Safety Incorporated, Honeywell International Inc., Sensidyne, LP, Riken Keiki Co., Ltd., ESP Safety Inc., Schauenburg Group, and Sensor Electronics as the prominent players.
Due to the highly competitive vendor landscape, major market players are developing new and innovative products to be ahead in the game. A case in point would be Crowcon Detection Instruments Ltd. In September 2015, the company launched a new portable multigas detector, which was aimed at providing advanced protection in harsh environments and offering easy one-button operation.
Various key vendors are also offering additional services along with gas detection equipment to expand their consumer base, finds Transparency Market Research (TMR). According to a TMR report, the global gas detection equipment market is projected to register a steady CAGR of 5.6% during the forecast period. The market is expected to reach US$5.6 bn by 2024 from its initial value of US$3.4 bn in 2015.
Workers’ Safety Primary Factor behind Increased Adoption of Gas Detection Equipment
Escalating gas exploration activities around the globe and soaring energy prices have increased the demand for gas-powered equipment. However, the primary factor driving the uptake of gas detection equipment is strict government laws regarding the safety of workers and manufacturing plants. The industries that manufacture or require gas for operations have to now mandatorily adhere to regulations and implementations regarding the installation of gas detectors. It is compulsory for all industries and plants to regularly check their gas detection systems for their efficacy and records of maintenance activities must be maintained and be easily accessible.
On the contrary, due to high competition level in the market, the profit margin is very low. This discourages investors from pooling in their funds in the industry, thereby limiting the growth of the gas detection equipment market.
Flexible Gas Detectors Enjoy Wider Consumer Base
Based on product, fixed gas detectors held a significant market share of over 55.0% in 2015 and this segment will continue holding its dominant position throughout the forecast period as well. However, fixed gas detectors might face a challenge from the portable gas detectors segment in the years to come due to advantages such as flexibility and high quality presented by the latter.
Single gas detection equipment accounted for a large market share in the technology segment of the market due to its lightweight and compact design. Based on type of gas, equipment used for the detection of combustible gases held the leading market share. Due to the presence of a large number of heavy operating areas such as food and beverages and chemicals, the industrial sector of the end use segment of the market held a dominant share. Based on type of gas, combustible gases accounted for a major share in the market, whereas, oxygen is expected to show a steady growth in the forecast period. On the basis of sensor technology, the electromechanical segment accounted for a large share in the global gas detection equipment market.
Portable Gas Detection Equipment to Witness Increased Demand in Middle East
The global gas detection equipment market is geographically segmented into Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. Of these, North America accounts for a large share in the global gas detection equipment market and is expected to lead throughout the forecast period due to the presence of highly mature industrial segments and increased awareness regarding worker safety.
Rising government regulations and growing awareness among industry workers have also led to the growth of the gas detection equipment market in Asia Pacific. Moreover, the demand for these equipments is high due to their portability and easy usage in underground applications. Economies in the Middle East that are rich in oil and gas reserves are increasing the demand for portable gas detection equipment.
This review is based on the findings of a TMR report titled ‘Gas Detection Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.’
Global Gas Detection Equipment Market, by Product Type
- Portable Gas Detector
- Fixed Gas Detector
Global Gas Detection Equipment Market, by Type of Gas Detection Technology
- Single Gas
- Multi Gas
Global Gas Detection Equipment Market, by Type of Gas
Global Gas Detection Equipment Market, by End-use Industry
- Oil and Gas
- Building Automation
Global Gas Detection Equipment Market, by Sensor Technology
- Metal Oxide
Global Gas Detection Equipment Market, by Geography
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of South America
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