ALBANY, New York, October 12, 2016 /PRNewswire/ --
The global gas detection equipment market has been expanding at a steady pace over the past few years and is likely to exhibit a stable growth rate through the forecast period.
Stringent government legislations regarding the safety of workers and property and the rising gas exploration activities around the world are the prominent factors supporting the growth of the gas detection equipment market. The soaring demand for energy has also accelerated the market growth as an increasing number customers worldwide have shown a preference for gas-powered equipment. However, the rising level of competition in the market is resulting in a decreased profit margin, thereby decreasing investments in this market. This factor acts as a major hindrance to the growth of the gas detection equipment market.
The global gas detection market is poised to expand from a value of US$3.4 bn in 2015 to reach US$5.6 bn by 2024, registering a 5.6% CAGR therein.
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Portable Gas Detectors Gaining Popularity over Fixed Detectors
On the basis of product type, fixed gas detectors held the leading share of around 55.0% in the overall market. However, portable gas detectors have been gaining popularity in the recent past and are likely to exhibit a strong CAGR of 6.4% during the forecast period.
By type of technology, while single-gas detection dominated the market, multi-gas detection is likely to expand at a CAGR higher than that registered by other technologies. On the basis of type of gas, combustible gases accounted for the major share in the gas detection equipment market and oxygen is slated to exhibit strong growth. The electromechanical segment held the dominant share by sensor technology in 2015, while the industrial sector is the leading end-use segment.
On the geographical front, North America is the lead segment and the revenue generated by this regional gas detection equipment market is estimated to cross the billion-dollar mark by 2024. Registering a 7.9% CAGR during the course of the forecast period, Asia Pacific is projected to emerge as the fastest growing segment.
Growing Need to Maintain Workers' Safety Driving Adoption of Gas Detection Equipment
A rise in initiatives to support workers' safety is one of the key factors driving the gas detection equipment market. "Government institutions as well as industry associations around the world have been laying down norms and regulations focused on maintaining a safe working environment," the author of the report states. Precautions to be taken by all enterprises to protect their employees also form a part of these regulations.
The Health and Safety Executive of Great Britain, for instance, has made it mandatory to install gas detectors in dangerous work environments such as offshore oil and gas plants. The FE-02 policy of Manchester Mental Health and Social Care Trust (the U.K.) states that all gas detection systems must be routinely checked for their efficiency and records of the maintenance activities must be maintained and easily accessible.
Another example would be The Code of Federal Regulations of the United States of America. Section 127.1203 states that waterfront facilities, which are transferring flammable liquefied hazardous gas (LHG), must install at least two portable gas detectors or one fixed gas detector. Gas detectors installed must be able to display the current level of LHG transferred, and whether this level is above or below the permissible level.
Regulations such as these have proved to be a great boon to the global gas detection equipment market. The increasing adoption of gas detectors thanks to the growing operations of shale gas exploration and soaring demand for energy also acts as a key contributor to the market. On the flip side, reduced profit margin as a result of high competition among players restricts the expansion of the gas detection equipment market.
The leading players in the gas detection equipment market include Riken Keiki Co., Ltd., Industrial Scientific Corporation, MSA Safety Incorporated, Siemens AG, Trolex Ltd, Honeywell International Inc., Drägerwerk AG & Co. KGaA, RAE Systems Inc., Sensidyne, LP, GE Measurement & Control Solution, ESP Safety Inc., Schauenburg Group, and Sensor Electronics.
Transparency Market Research finds that the global gas detection equipment market is highly competitive in nature. Market players are developing new and innovative products to differentiate themselves from the competition. With additional services offered to customers along with gas detection equipment, customer loyalty is expected to increase in the near future.
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Gas Detection Equipment Market: By Product Type
- Portable Gas Detector
- Fixed Gas Detector
Gas Detection Equipment Market: By Type of Gas Detection Technology
- Single Gas
- Multi Gas
Gas Detection Equipment Market: By Type of Gas
Gas Detection Equipment Market: By End-use Industry
- Oil and Gas
- Building Automation
Gas Detection Equipment Market: By Sensor Technology
- Metal Oxide
Gas Detection Equipment Market: By Region
- North America
- Asia Pacific (APAC)
- Middle East & Africa
- Latin America
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