The global gas detection equipment market is characterized by stiff competition that players are trying to beat through developing differentiated products. Market players are also coming up with additional services for customers so as to gain their loyalty and achieve a wide customer base, states Transparency Market Research (TMR) in its latest report. Some of the leading participants in the global gas detection equipment market are: Riken Keiki Co., Ltd., Sensor Electronics, MSA Safety Incorporated, RAE Systems Inc., Siemens AG, Industrial Scientific Corporation, Trolex Ltd, Schauenburg Group, Honeywell International Inc., GE Measurement & Control Solution, Sensidyne, LP, Drägerwerk AG & Co. KGaA, and ESP Safety Inc.
According to TMR, the global gas detection equipment market will be worth US$5.6 bn by 2024. The market will expand at a 5.6% CAGR between 2016 and 2024. On the basis of product type, fixed gas detector led in the market in 2015 and accounted for 55% of the total market. The fixed gas segment will continue to lead through 2024 on account of the rising use of these detectors in industrial setups, which require monitoring continuously. However, the popularity of portable gas detectors is also increasing.
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High Industrial Growth and Rise in Use of Advanced Technologies to Drive Asia Pacific Market for Gas Detection Equipment
On the basis of geography, North America is leading and is expected to continue to do so throughout the forecast period. However, Asia Pacific is anticipated to expand at the fastest pace of 7.9% CAGR between 2016 and 2024. High industrial growth and growing use of advanced technologies such as drones which are equipped with gas detectors in countries such as Japan and Singapore will contribute to the growth of the Asia Pacific gas detection equipment market. Growing number of gas exploration projects in Asia Pacific will also fuel the growth opportunities within the market.
On the basis of technology, single gas detection equipment segment accounted for 74% in 2015. Single gas detection equipment is leading on account of its compact and lightweight design. By type of gas, the combustible gases segment led in 2015, accounting for 46% of the total market. On the basis of end use, the industrial sector has been leading due to the presence of many heavy operating areas such as food and beverages sector and chemical industry. The oil and gas segment was the second leading end use segment and is driven by the high demand for energy.
Strict Regulations Regarding Precautionary Measures for Workers' Safety to Remain Major Driver
The lead author of this report states that "the prime factor driving the growth of the global gas detection equipment market is the increasing efforts taken by industry associations and government bodies all over the world, towards workers' safety." Strict norms and regulations relating to precautionary measures to safeguard workers' life have been laid worldwide. Some of these include, the FE-02 policy of Manchester mental health and social care trust which requires all gas detection systems to be checked regularly and the health and safety executive of Great Britain which makes it mandatory to make use of gas detectors in work place that involve offshore oil plants or gas plants.
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Reduced Profit Margin for Manufacturers to be an Issue
The global gas detection equipment market is also receiving an impetus from the increasing Shale gas exploration activities. The increasing population and thus the high demand for energy will also be an important factor that will help the market to grow. On the other hand, reduced profit margin by market players in order to sustain the stiff competition may hinder the market to some extent.
This review is based on the findings of a TMR report, titled, “Gas Detection Equipment Market (Product Type - Fixed Gas Detector and Portable Gas Detector; Technology - Single Gas and Multi Gas; Type of Gas - Combustible, Toxic, Oxygen, and Dedicated; End-use Industry - Oil and Gas, Mining, Industrial, Building, and Automation; Sensor Technology - Electrochemical, Infrared, Metal Oxide, Catalytic, and Zirconia) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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