Albany, NY -- (SBWIRE) -- 10/23/2017 -- Some of the prominent participants in the global gas detection equipment market are MSA Safety Incorporated, Riken Keiki Co., Ltd., Siemens AG, RAE Systems Inc., Industrial Scientific Corporation, Trolex Ltd, Honeywell International Inc., Schauenburg Group, GE Measurement & Control Solution, Drägerwerk AG & Co. KGaA, Sensidyne, LP, ESP Safety Inc., and Sensor Electronics.
A report by Transparency Market Research states that the global market for gas detection equipment is characterized by stiff competition. In order to beat competition, market players are coming up with differentiated products to appeal to a wide customer base. They are also offering additional services to customers along with gas detection equipment, to up customer loyalty..
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The report by TMR projects the global market for gas detection to expand at a 5.6% CAGR. Rising at this rate, the market is expected to become worth US$5.6 bn by 2024 from US$3.4 bn in 2015.
The different types of products purveyed in the market are portable gas detector and fixed gas detector. Of the two, the fixed gas detector accounted for a dominant share of around 55.0% in the market in 2015. The portable gas detectors are seeing surging popularity too.
From a geographical standpoint, North America leads the global gas detection equipment market with maximum revenue generated. The region is predicted to generate north of billion dollars by 2024. In terms of growth rate, however, Asia Pacific is slated to outpace all other regions with a solid 7.9% CAGR from 2016 to 2024.
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One of the major factors fuelling growth in the global market for gas detection equipment are efforts to bring about workers' safety. Both government bodies and industry associations, worldwide, are pushing for workers' safety by laying down strict norms and regulations pertaining to precautionary measures.
Take for example The Health and Safety Executive of Great Britain. They have made it mandatory to make use of gas detectors in work environments that are dangerous such as gas plants and offshore oil plants.
Again, the FE-02 policy of Manchester Mental Health and Social Care Trust (the U.K.) stipulates that all gas detection systems have to be checked regularly for their efficiency. It also states that all maintenance activities must be recorded, maintained, and be easily available.
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The Code of Federal Regulations in the U.S. is another example. Section 127.1203 says that waterfront facilities, which are transferring flammable liquefied hazardous gas (LHG), must deploy a minimum of two portable gas detectors or one fixed gas detector. The installed gas detectors must be able to show the current level of LHG transferred, and also if this level is below or above the level permitted.
Such regulations have proved immensely beneficial to the global market for gas detection equipment. Further, the rising uptake of gas detectors is also being brought about by the growing shale gas exploration and soaring demand for energy. On the other hand, lessened profit margin on account of stiff competition among companies is to some extent hindering the market.
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."