The Southeast Asia market for gas detection equipment is considered as highly competitive and fragmented in nature, thanks to the presence of a large number of players operating in it, states a new research report by Transparency Market Research. The rising focus of key players on innovations and new product development are estimated to enhance their market presence and encourage the growth of the overall market in the next few years. Some of the prominent players operating in the Southeast Asia gas detection equipment market are Dragerwerk AG & Co., Honeywell International, Inc., Riken Keiki Co., Ltd., and KGaA. The expansion of the product portfolio and the focus on offer value-added services to consumers are anticipated to generate promising growth opportunities for key players in the market. In addition, the favorable rules and regulations are estimated to accelerate the development of the market in the coming years.
As per the research study by Transparency Market Research, in 2016, the Southeast Asia market for gas detection equipment was worth US$86.5 mn and is estimated to reach a value of US$172.4 mn by the end of 2024.
Singapore to Attain Leading Position in Southeast Asia Gas Detection Equipment Market
From a geographical point of view, the Southeast Asia market for gas detection equipment has been classified into different nations in order to offer a clear understanding of the market. In 2016, the Singapore segment held a share of 51.8% of the overall market and is likely to witness robust growth over the forecast period. As per the research study, this segment is expected to remain in the topmost position in the next few years. The increasing rate of adoption of gas detection equipment and the rising adoption among consumers regarding the need to use these products are anticipated to encourage the growth of this segment in the coming years. Furthermore, Malaysia is expected to offer lucrative opportunities for key players in the market.
Some of the key applications of gas detection equipment market are mining, petrochemical, steel mill, material, construction, food and beverages, electronics, automobile, marine, utility services, medical, processing and making, security, environment detection, and government organizations. In the recent years, the petrochemical segment led the gas detection equipment market in Southeast Asia. The growing awareness concerning the hazards of gas leakage in petrochemical industries is one of the major factors anticipated to boost the demand for gas detection equipment in the next few years. Furthermore, the marine sector is likely to witness a progressive growth in the coming years, due to the stringent regulations imposed by government organizations.
Stringent Government Regulations to Encourage Market Growth
Governments, across Southeast Asia have imposed strict rules and regulations regarding the use of gas detection equipment in order to ensure workplace safety. This is expected to boost the demand for gas detection equipment in the next few years. In addition, the growing awareness regarding the advantages of using these products and the easy availability are estimated to encourage the growth of the Southeast Asia gas detection equipment market throughout the forecast period. Furthermore, the rising focus on health and safety of workers is another major factor anticipated to accelerate the growth of the market in the next few years.
On the other hand, with the entry of new players, the Southeast Asia market for gas detection equipment is likely to face a stiff competition in the next few years. As a result, a competitive pricing for gas detection equipment is expected, which is likely to restrict the growth of the overall market in the next few years. However, the rising focus on introduction of innovative and cost-effective products is expected to offer lucrative opportunities for key players in the market.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Gas Detection Equipment Market (Product Type - Fixed and Portable; Application - Mining, Steel Mill, Petro Chemical, Construction, Automobile, Material, Food & Beverage Processing & Making, Electronics, Marine, Utility Services, Government, Security, Medical, and Environment Detection) - South East Asia Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The Southeast Asia gas detection equipment market has been segmented as below:
Southeast Asia Gas Detection Equipment Market, by Product Type
Southeast Asia Gas Detection Equipment Market, by Application
- Steel Mill
- Petro Chemical
- Crude Oil
- Oil Refinery
- Food & Beverage Making & Processing
- Consumer Electronics
- Ship Builder
- Ship Owner
- Ship Chandler
- Utility Service
- Fire Fighting
- Border Control
- Hospital & Clinic
- Environment Detection
Southeast Asia Gas Detection Equipment Market, by Geography
- Rest of South East Asia
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