ALBANY, New York, March 16, 2017 /PRNewswire/ --
The global Southeast Asia gas detection equipment market is highly competitive. The prevailing competitive trends are likely to get fiercer in the future as players focus on innovation and product differentiation to strengthen their position. Among the leading enterprises, Honeywell International, Inc., Dragerwerk AG & Co., and KGaA, Riken Keiki Co., Ltd. held the dominant share of 83.3% in the market in 2015, finds Transparency Market Research (TMR) in a new report. These companies are majorly gaining from their strong distribution network across Southeast Asia. In addition, these companies maintain a diverse product portfolio to cater to the dynamic consumer demand. As they offer value-added services besides gas detection equipment, consumer loyalty is expected to increase in the coming years.
Besides fierce competition, the market players witness considerable threat from the entry of new players. Favorable regulations are encouraging smaller players to venture into the gas detection equipment market in Southeast Asia. They also bring advance technologies, expertise, and research and development investments. Furthermore, they adopt advance manufacturing processes thus improving the overall efficiency of gas detection equipment.
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This, coupled with various other factors, will boost the gas detection equipment market at a CAGR of 9.0% between 2016 and 2024 in Southeast Asia. The regional market at this pace will reach US$172.4 mn by the end of 2024, from an estimated valuation of US$86.5 mn in 2016. By type, the fixed gas detection equipment segment held the dominant share of 52.2% in the overall market in 2016. However, during the course of the forecast period, the demand for portable variants will be higher. Country-wise, Singapore held dominance with a share of 50.8% in the Southeast Asia gas detection equipment market in 2015.
Favorable Government Policies Aid Market's Expansion
Government and industry associations across Southeast Asia have consciously implemented regulations to ascertain improved workplace safety. Besides this, the countries across Southeast Asia have stringent regulations in place to address occupational health and safety concerns across hazardous industries. Besides ensuring worker's health and safety, these regulations will prove chief drivers of the gas detection equipment market in Southeast Asia.
Also industries are exhibiting high demand for enhanced monitoring and reducing operational costs and safety concerns. Due to the growing emphasis on health and safety regulations, the demand for monitoring across industries is expected to rise further. This according to TMR will give significant impetus to the Southeast Asia gas detection equipment market.
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Besides helping them incur lesser operational expenditure, installing gas detection equipment can also help industries reduce downtime during turnaround operations. Spurred by these factors, the Southeast Asia gas detection equipment market will exhibit higher momentum in the coming years.
Fierce Competition is Likely to Hinder Growth
On the downside, the gas detection equipment market in Southeast Asia is experiencing fierce competition due to the entry of new players. Given the scenario, market players are compelled to observe competitive pricing. Lower pricing has crunched the profit margin of leading players, thereby leading to decline in investments.
Contrary to this, foreign direct investment (FDI) in green initiatives has surged in the last few years. This is forecast to help the market continue treading a positive trajectory through the course of the forecast period. Gas detection equipment is included in Greenfield projects, which attract considerable FDI. Since these projects represent nearly two-thirds of overall projects conducted in Asia Pacific and Southeast Asia, rising investment in the same will create lucrative opportunities for the gas detection equipment market in the near future.
This review is based on a report, 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 report segments the Southeast Asia gas detection equipment market as:
Gas Detection Equipment Market, by Product Type
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
In addition, the report provides analysis of the gas detection equipment market with respect to the following country segments:
- Rest of South East Asia
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SOURCE Transparency Market Research