Gas Detection Equipment Market
Global gas detection equipment market is expected to grow with a CAGR of 4.7% from 2019 to 2027 and expected to reach the market size of US$ 5.56 bn in 2027
ALBANY , NY, US, October 19, 2021 /EINPresswire.com/ — Increasing awareness towards the worker safety in manufacturing units including medical, oil & gas, mining, refining and other industries is expected to boost the market growth. The product has the ability to identify the presence of harmful gases in the environment and raise an alarm to prevent accidents. Increasing investment in research and development activities by key companies will lead to an increased product efficiency is stoking demand for newer equipment. Different government bodies and industry associations have formulated regulations that need to adhere to maintain a safe work environment.
The global gas detection market is fragmented in nature with the presence of many small and medium manufacturers. This is leading to reduced profits of established players thereby resulting in decline in investments. The growth of gas detection equipment market is thus impacted.
Mining, oil and gas, and constructions are some of the industries where a gas leakage can wreak havoc at the manufacturing facility. It leads into damage of workplace and can suffocate the workers to death. To reduce this risk, businesses are incorporating various safety measures that can come in handy during such emergency. However, the best protection for the workers is to have an early warning and real-time alerting solution. These solutions can notify the workers about the gas leakage, as soon as, it happens. This provides crucial time to the workers to either control and stop the leakage, or vacate the area. These security measures are also a crucial factor responsible for the consistent growth of global gas detection equipment market.
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Asia Pacific Is the Largest Market
In terms of region, Asia Pacific accounted for the major share in the global gas detection equipment market. Growing industrialization in India and China is a key factor of this market growth. Furthermore, growing safety regulations, and stringent policies by the government to ensure the safety of the workers is also boosting the prominence of Asia Pacific in the global gas detection equipment market from 2019 to 2027.
Major players operating in the global gas detection equipment market are Dragerwerk AG & Co., ESP Safety Inc., Troloex Ltd., Industrial Scientific Corp., MSA Safety Inc., Sensidyne, RAE Systems Inc., GE Measurement & Control Solution, Schauenburg Group, Honeywell International Inc., Siemens AG, Riken Keiki Co. Ltd., SE Electronics.,
Increasing Product Adoption Rate Will Drive Gas Detection Equipment Demand
Companies are changing their safety norms to ensure the safety of their employees. This pursuit of safety is stimulating major adoption of several safety equipment. This factor is driving the adoption rate of gas detection equipment at global level. However, the demand for gas detection equipment has significantly spiked in recent years, especially in industries, where workers have to work in confined and hazardous spaces. This adoption is the major factor that is anticipated to boost the growth of global gas detection equipment market from 2019 to 2027.
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Strict Government Regulation Will Boosts the Growth
Major factor driving the market growth is stringent regulations formulated by the governments of countries like the U.S. China, India, and the U.K. Furthermore, the growth of the market is also attributed to growing developments in mining, and oil & gas industries which require advanced gas detection equipment for the safety of the workers.
Single Gas Detection Technology Accounted For a Major Market Share
Global gas detection equipment market has been segmented on the bases of product type, technology, type of gas, end-use, sensor technology, and geography. Product type segment has been bifurcated into portable gas detector and fixed gas detector. Fixed gas detector segment accounted for the largest market share in 2018. However, portable gas detector segment is expected to grow with a higher pace in coming years.
The end-use segment is categorized into oil and gas, mining, industrial, building automation, and others are the segments into which the gas detection equipment market is classified. Out of these, industrial is the leading end-use segment of the gas detection equipment market. The sensor technology is segmented into electrochemical, metal oxide, infrared, catalytic, zirconia, and others. Of them, electrochemical is the leading segment in the overall market; the electrochemical segment is anticipated to hold on to its lead position in 2018.
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TMR Research
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