Flame detector market for pharmaceutical industry is expected to grow at highest CAGR during forecast period
Northrook, IL -- (SBWIRE) -- 08/10/2020 -- According to the new market research report on the "Flame Detector Market with COVID-19 Impact, by Product (Single UC, Single IR, Dual UV/IR, Triple IR, Multi IR), Industry (Oil & Gas, Energy & Power, Chemicals, Aerospace & Defense, Logistics) and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Flame Detector Market size is expected to grow from USD 1.6 billion in 2020 to USD 2.0 billion by 2026; it is expected to grow at a CAGR of 4.2% from 2020 to 2026. The key factors driving the growth of the market include policies, regulations, and government initiatives, rising adoption of wireless technology in flame detection systems, and increasing human property loss due to fire breakouts.
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Product-wise, single UV segment captured largest market size of overall flame detector market in 2019
The single UV segment is expected to account for the largest share of the global flame detector market in 2020. The growth of the segment can be attributed to the demand for flame detectors in oil & gas, chemicals, and energy & power industries. These detectors are best suited for locations in which hydrogen and hydrocarbon gases are used. Single UV detectors are mainly used for indoor applications across various industries especially in oil & gas, transportation, manufacturing, mining, and energy & power utilities, where there is a huge potential and use of indoor flame detectors. This is one of the reasons for their largest market size in 2019 and the trend is expected to continue throughout the forecast period.
Industry-wise, pharmaceuticals segment to grow at highest rate from 2020 to 2026
Pharmaceuticals industry is expected to capture the highest CAGR in the flame detector market during the forecast period. The high growth rate is driven by the need to safeguard human lives and properties, as well as avoid production halt in the vertical. The recent COVID-19 pandemic has resulted in heavy investments in the pharmaceuticals industry. Pharmaceutical buildings have a huge demand for flame detection and suppression products. This is because this sector requires the most critical services of flame detectors such as designing and installation, servicing and maintenance, and safety services. The pharmaceuticals industry comprises a number of labs and manufacturing facilities, which carry out chemical reactions and experiments for the research, development, and manufacturing of medicines and other healthcare-related products. These facilities house highly professional doctors and research personnel whose safety is the top priority of pharmaceutical companies. The experimentation and testing have unprecedented results, which may lead to a fire breakout. Thus, flame detectors are implemented in these facilities to detect any fire breakout in the minimum time span and carry out necessary activities to control the fire.
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APAC to record highest CAGR from 2020 to 2026
APAC is expected to be the fastest-growing flame detector market during the forecast period. Growing urbanization has increased construction activities, which are contributing significantly to the growth of the flame detector market in this region. China and Japan being the frontier markets for flame detectors in the APAC region, the steady growth of industries in these countries post the COVID-19 pandemic is expected to fuel the high growth rate in this region. China is projected to lead the flame detector market in APAC during the forecast period, followed by Japan and South Korea. The demand for flame detectors is expected to increase with technological and economic advancements. Moreover, the growing urbanization in this region has increased manufacturing activities, contributing significantly to the growth of the flame detector market. Governments in this region have laid down fire safety norms, and the flame detector market is expected to grow with the execution of these policies.
Major players involved in the flame detector market include Halma (UK), Honeywell (US), Johnson Controls (Ireland), Siemens (Germany), United Technologies (US), Emerson Electric (US), Hochiki (Japan), MSA (US), Robert Bosch (Germany), Micropack Engineering (Scotland), Minimax Viking (Germany), Spectrex (US).
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