Published: Dec, 2016
Dominated by a small number of players, the global portable gas detection equipment market exhibits a consolidated structure, finds a report by Transparency market Research (TMR). These players, namely, Industrial Scientific Corp., Drägerwerk AG & Co. KgaA, and Honeywell Analytics, face a high degree of competition between them.
To sustain in this competitive environment, they are focusing aggressively on developing technical expertise, increasing brand awareness, and maintaining long-term customer relationships. Moving forward, a shift in their focus towards strategic alliances, mergers, and acquisition, in order to minimize the competition, can be observed.
According to TMR, the global market for portable gas detection equipment was worth US$1.1 bn in 2014. Expanding at a CAGR of 4.80% during the period from 2015 to 2023, the opportunity in this market is likely to increase to US$1.7 bn by the end of the period of forecast. Among products, non-wearable gas detectors and equipment are more in demand than its wearable counterparts. However, at a CAGR of 9.30%, the demand for the latter is expected to increase significantly over the forecast period.
Asia Pacific to Continue as Leading Regional Market due to Increasing Investments in End-use Industry
As per the research report, the global market for portable gas detection equipment is spread across Europe, the Middle East and Africa, North America, Latin America, and Asia Pacific. Asia Pacific has emerged as the leading contributor to this market and is expected to retain its position over the forecast period. The increasing investments in the chemical, power, petrochemical, steel, and the oil and portable gas industries in the countries, such as China and Japan, are likely to boost the market for portable gas detection equipment in this region in the near future. Apart from this, the surge in the uptake of safety standards and practices in the oil and portable gas and industrial sectors is also projected to influence this regional market substantially over the next few years.
Besides Asia Pacific, the Middle East and Africa is also anticipated to witness robust growth in the market for portable gas detection equipment during the forecast period. The rising numbers of petrochemical companies, leading to a remarkable growth of the petrochemical industry is anticipated to create massive demand for gas detectors and equipment in the Middle East and Africa in the near future. The increasing implementation of stringent government regulations concerning the environment is also projected to boost this market over the forthcoming years, states the report.
Increasing Concerns over Health and Safety of Workers to Fuel Demand
“The increasing concerns over health and safety of workers has led to an augmented demand for gas detectors and equipment across the world,” says the author of this study. The rising number of government regulations, specifically in developed economies, such as the U.S. and the U.K., mandating the usage of gas detection equipment in risky work environments for the safety of workers are boosting the global market substantially.
In addition, the advent of wireless gas detectors is likely to provide a thrust to this market in the forthcoming years. However, the price erosion may to disturb the growth trajectory of this market to some extent over the forecast period, notes the study.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Portable Gas Detection Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The portable gas detection equipment market is segmented as below:
By End User
- Oil & Portable Gas
- Building Automation
- Wearable Gas Detectors
- Non-wearable Gas Detectors
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Asia
- Rest of APAC
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
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