Gas Detection Equipment Demand to Ride on Industrial Standards, Along with Governmental Norms and Regulations, Finds Fact.MR
Over 980 Mn units of gas detection equipment are pegged to be sold across the globe by 2026-end.
04/06/2020 -- According to a recently collated Fact.MR report, sales of gas detection equipment will increase at a CAGR of 4.6%, in terms of volume, through 2026. Innovation in technology, which leads to product premiumization, is expected to pave opportunities for the market. Vendors across the globe are introducing innovative technologies, such as portable gas detection equipment, which facilitate utilization and calibration. Revenues from worldwide sales of gas detection equipment are likely to exceed US$ 1,900 Mn by 2026-end.
Advancements in technology, such as the internet of things (IoT) and artificial intelligence (AI), have influenced the development of smart gas detection equipment. There is high demand for smart gas detection equipment on the back of their additional features beneficial for customers, along with the requirement for relatively lower maintenance. Smart gas detectors offer the convenience of being operated through applications in tablets or smartphones, which includes an alert notification feature that enables taking necessary action on time. In addition, companies manufacturing gas detection equipment are introducing innovative concepts, with the focus on enhancing the sensitivity and efficiency of sensors in the detection of harmful gases. High sensitivity CO and smoke detectors give appropriate early warning, thereby enabling prompt investigation, control, and action prior to thoughtful damage. Leading players in the global gas detection equipment market are also concentrating on integration of sensors that are capable of detecting multiple gases.
Key Takeaways from Fact.MR’s Report on Gas Detection Equipment Market
- North America is likely to prevail as the most remunerative market for gas detection equipment, closely trailed by Europe. Gas detection equipment sales in these regions are collectively poised to account for roughly half share of the market by 2026-end.
- Asia-Pacific excluding Japan (APEJ) is also expected to hold a major market share during the forecast period, with sales exhibiting the highest CAGR through 2026.
- Forecast to account for more than half share of the market during 2017 to 2026, fixed gas detection equipment will spearhead the market, on the basis of type. However, portable gas detection equipment are likely to witness the fastest expansion in the market.
- Oil & gas industry is anticipated to remain dominant end-user of gas detection equipment across the globe, with sales forecast to exceed 340 Mn units by 2026-end. The manufacturing industry, trailing oil & gas industry in terms of sales, will continue to exhibit a relatively faster expansion in the market.
- Exhibiting steady CAGRs through 2026, mining industry and government & military sector are also expected to remain major end-users of gas detection equipment.
A large number of insurance companies across the globe are providing discounts to industries purchasing protective systems. While seeking insurance savings, several house owners as well as various industries opt for gas detectors. Gas detection equipment manufacturers have therefore found the opportunity to collaborate with insurance companies for attracting a larger target audience pool. Key companies sustaining expansion of the global gas detection equipment market include Honeywell International Inc., Emerson Electric Co., RKI Instruments, Inc., 3M Company, Halma plc, MSA Safety Incorporated, Dragerwerk AG & Co. KGaA, Fortive Corporation, United Technologies Corporation, General Electric Company, Thermo Fisher Scientific Inc., Trolex Ltd., Gastech Australia Pty Ltd, ESP SAFETY INC., Enmet LLC., Gas Measurement Instruments Limited., Analytical Technology Inc., Global Detection Systems Corp., Sensidyne, LP, and Conspec Controls Inc.
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