Global Gas Detection Equipment Market: Snapshot
The global market for gas detection equipment is gaining from mandates in place for workplace safety especially in the industrial sector. Gas detection equipment can identify the presence of harmful gases in the environment and raise an alarm to prevent accidents. Government bodies and industry associations have formulated regulations that businesses need to adhere to maintain a safe work environment.
Apart from this, technological advancements leading to increased product efficiency is stoking demand for newer equipment. This bodes well for gas detection equipment market.
However, entry of new players and competitive prices offered by them has forced established players to offer competitive prices. This is leading to reduced profits of established players thereby resulting in decline in investments. The growth of gas detection equipment market is thus impacted. Considering a host of factors, the global market for gas detection equipment is likely to clock a CAGR of 5.7% between 2017 and 2024.
Fixed Gas Detection Product Type to Continue to Remain at Fore
The gas detection equipment market is segmented depending upon product type, technology, type of gas, end-use, sensor technology, and geography. By product type, portable gas detector and fixed gas detector are the segments into which the gas detection equipment market is segmented. Of the two, fixed gas detector segment holds the leading share in the overall gas detection equipment market. However, the portable detector segment is anticipated to surpass in terms of growth rate between 2017 and 2024.
By type of gas detection technology, single gas and multi gas are the segments into which the gas detection equipment market is divided. Between them, single gas detection technology segment holds dominance in the overall market.
Depending upon type of gas, combustible, oxygen, toxic, and dedicated are the segments into which the gas detection equipment market is segmented. Of them, the segment of combustible currently leads the gas detection equipment market; the segment is anticipated to be worth US$1,574.5 mn by 2024.
On the basis of end-use, oil and gas, mining, industrial, building automation, and others are the segments into which the gas detection equipment market is classified. Out of these, industrial is the leading end-use segment of the gas detection equipment market; the industrial end-use segment is anticipated to be worth US$1,128.1 mn by 2024.
By sensor technology, the various segments into which the gas detection equipment market is segmented are electrochemical, metal oxide, infrared, catalytic, zirconia, and others. Of them, electrochemical is the leading segment in the overall market; the electrochemical segment is anticipated to hold on to its lead position to be worth US$1,352.8 mn by 2024.
Increasing Implementation of Workplace Safety Mandates to make Asia Pacific Significant Market
Geography-wise, the global gas detection equipment market is divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. North America, among them, holds supremacy in the gas detection equipment market. Stringent government regulations for workplace safety in several countries of the region is the primary factor behind the lead position of North America. However, over the forecast period between 2017 and 2024, Asia Pacific is anticipated to display the leading CAGR in the gas detection equipment market.
Key companies operating in the gas detection equipment market are Drägerwerk AG & Co., ESP Safety Inc., Troloex Ltd., Industrial Scientific Corp. MSA Safety Inc., Sensidyne, RAE Systems Inc., GE Measurement & Control Solution, Schauenburg Group, Honeywell International Inc., Siemens AG, Riken Keiki Co. Ltd., and SE Electronics.
Global Gas Detection Equipment Market: Overview
The market study on the global gas detection equipment market examines growth trends and competitive structure of the said market for the forecast period between 2017 and 2024 wherein 2016 is the base year and 2015 values are given for historical information.
The study provides a holistic analysis of growth of the gas detection equipment market, wherein revenue estimates are provided in US$ Mn and volume estimates in thousand units. Included in the study is a cross-sectional examination of the global gas detection equipment market wherein revenue and market size projections of key segments across major geographic regions is a key feature.
Global Gas Detection Equipment Market: Report Highlights
The report covers prevalent trends and technologies that play a major role in the growth of gas detection equipment market over the aforementioned forecast period. It also examines vital market indicators such as drivers, challenges, and opportunities that are likely to have a bearing on the gas detection market through 2024.
The research report provides in-depth analysis of the global gas detection equipment market on the basis of product type, technology, end-use, sensor technology, and geography.
The report also includes a competitive profile of key players in gas detection equipment market. Insights into their winning strategies, market positioning, and recent developments have also been presented in this research report. It also provides an analysis of market positioning of key players in the gas detection equipment market based on the competitive hierarchy in the recent past.
Lastly, the report presents detailed value chain analysis to throw light on demand supply dynamics in the das detection equipment market.
Global Gas Detection Equipment Market: Research Methodology
The report is a result of meticulous primary and secondary research phase. In-depth secondary research helped analysts gauge overall market size, top industry players, top products, industry associations, etc. To execute the primary research phase, analysts formulated a detailed discussion guide to conduct interviews with industry experts and opinion leaders. This was followed by identifying and developing a list of industry players and industry experts. Data gathered for analysis of gas detection equipment market was validated using triangulation method, wherein secondary, primary, and in-house expert analysis contributed to the final data. Data scrutiny involved using MS Excel with the objective to understand the industry in a qualitative and quantitative manner. Finally, growth insights and information were collated in the required format.
Market estimates for the overall gas detection equipment market provided in this study are based on revenue contribution of each and every segment within different category over the 2017-2023 forecast period. The application analysis of the gas detection equipment market has been provided employing bottom-up and top-down approach for each regional market, which has been aggregated to present overall growth scenario.