NEW YORK, May 12, 2021 /PRNewswire/ -- The global air and gas leak detectors market by product (fixed detector, portable detector, and detector tube) and geography (APAC, North America, Europe, MEA, and South America) has been added to Technavio's offering. The global air and gas leak detectors market is expected to grow by USD 353.76 million, at a CAGR of almost 3% during 2021-2025.
The COVID-19 pandemic reduced the demand for air and gas leak detectors in 2020. The imposition of lockdowns resulted in disruptions in economic activities as well as in the supply chain. However, countries across the world are initiating vaccination programs, which is to reduce the impact of COVID-19 on the public as well as economic activities in 2021. Therefore, the market is expected to recover and register healthy growth during the forecast period.
The market is driven by factors such as the increase in the number of industry safety performance standards, growing investments in shale E&P activities, and a rise in emphasis on ensuring the safety of workers across end-user industries.
Many governments across the world are mandating policies for the use of air and gas leak detectors. For instance, the UK government recently introduced some regulations that mandate all private homeowners to install CO alarms in rooms containing solid fuel appliances such as coal fire and wood-burning stoves. The mandate also requires the owners to ensure that all alarms are working properly at the start of every new tenancy. In addition, rising investments in the installation of gas pipelines, storage tanks, and LNG pipelines and the adoption of gas detection systems are expected to create significant opportunities for vendors during the forecast period.
Air and Gas Leak Detectors Market: Segmentation by Product
Based on the segmentation by product, the market generated maximum revenue in the fixed detector segment in 2020. The segment is driven by the increasing demand for fixed air and gas leak detectors from the chemical, petrochemical, textile, food, and biotechnology industries. Besides, air and gas leak detectors provide automatic responses and efficiently monitor levels of flammable and toxic gases for personnel safety. Such benefits are also contributing to the growth of the segment.
Air and Gas Leak Detectors Market: Segmentation by Geography
APAC held the largest market share in 2020 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the rising demand for air and gas leak detection in gas pipelines and production plants. In addition, the growth of oil and gas, chemical and petrochemical, and power generation industries is expected to fuel the growth of the air and gas leak detectors market in APAC during the forecast period.
One of the fortune 500 companies had used the detailed research report on the air and gas leak detectors market and had decided to increase their market share in the APAC region which offers the highest market opportunities during the forecast period.
Fixed detector - Market size and forecast 2020-2025
Portable detector - Market size and forecast 2020-2025
Detector tube - Market size and forecast 2020-2025
Market opportunity by Product
APAC - Market size and forecast 2020-2025
North America - Market size and forecast 2020-2025
Europe - Market size and forecast 2020-2025
MEA - Market size and forecast 2020-2025
South America - Market size and forecast 2020-2025
Key leading countries
Market opportunity by geography
Market positioning of vendors
Dragerwerk AG & Co. KGaA
Emerson Electric Co.
Honeywell International Inc.
Johnson Controls International Plc
MSA Safety Inc.
Schneider Electric SE
Yokogawa Electric Corp.
Scope of the report
Currency conversion rates for US$
List of abbreviations
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