The global gas detection market is poised to expand from a value of US$3.4 bn in 2015 to reach US$5.6 bn by 2024, registering a 5.6% CAGR therein.
Albany, NY -- (SBWIRE) -- 03/16/2018 -- The global gas detection equipment market has been expanding at a steady pace over the past few years and is likely to exhibit a stable growth rate through the forecast period.
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Stringent government legislations regarding the safety of workers and property and the rising gas exploration activities around the world are the prominent factors supporting the growth of the gas detection equipment market. The soaring demand for energy has also accelerated the market growth as an increasing number customers worldwide have shown a preference for gas-powered equipment. However, the rising level of competition in the market is resulting in a decreased profit margin, thereby decreasing investments in this market. This factor acts as a major hindrance to the growth of the gas detection equipment market.
Gas Detection Equipment Market: Scope and Methodology
This report on the global gas detection equipment market provides analysis both in terms of value and shipment for the period from 2014 to 2024, wherein 2015 is the base year and the years from 2016 to 2024 represent the forecast period. Data for 2014 has been included as historical information. The report covers all the prevalent trends and technologies playing a major role in the growth of the gas detection equipment market over the forecast period from 2016 to 2024. It also highlights the various drivers, restraints, and opportunities expected to influence the market's growth during the said period. The study provides a holistic perspective on market growth throughout the forecast period in terms of revenue and volume estimates (in US$ Mn and Million Units) across different geographies, which include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.
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Gas Detection Equipment Market: Trends and Opportunities
In majority of the industries worldwide, the key aspect in any type of safety plan for reducing risks to workers as well as plant is the use of warning devices particularly gas detectors. These devices help in providing additional time during which remedial or protective action can be taken. They are also used as a total, combined safety and monitoring system which further includes various other safety aspects such as fire detection and emergency shutdown. North America dominates the overall gas detection equipment market globally, due to the presence of highly mature industrial segments in this region and high awareness for worker safety. In Asia Pacific, rising awareness and growing implications/government regulations have led to the increasing demand for gas safety equipment across industries. Furthermore, the oil & gas rich economies in the Middle East are also witnessing significant adoption of portable gas detectors since the portability facilitates easy usage in underground applications.
Gas Detection Equipment Market: Segmentation
This research report provides in-depth analysis of the global gas detection equipment market on the basis of product type, type of gas detection technology, type of gas, end-use industry and sensor technology. The gas detection equipment market based on product type includes fixed gas detector and portable gas detector. On the basis of type of gas detection technology, the market is segmented into single gas and multi gas. On the basis of type of gas, the market is segmented into combustible, toxic, oxygen, and dedicated. On the basis of end-use industry, the market is segmented into oil and gas, mining, industrial, building, automation and others. By sensor technology, the gas detection equipment market is classified into electrochemical, infrared, metal oxide, catalytic, zirconia, and others.
In terms of geographical regions, the report segments the global gas detection equipment market into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America; the regions are analyzed in terms of revenue generation and shipment. The report provides cross-sectional analysis of the global gas detection equipment market in terms of market estimates and forecasts for all segments across different geographic regions.
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Gas Detection Equipment Market: Competitive Landscape
The report also includes competitive profiling of major players engaged in the manufacturing of gas detection equipment. The major business strategies adopted by these players, their market positioning, and their recent developments have also been identified in the research report. This report also provides market positioning analysis of the major players in the gas detection equipment market based on their 2015 revenues. Some of the major players profiled in the report include Riken Keiki Co. Ltd., Industrial Scientific Corporation, Drägerwerk AG & Co. KGaA, Mine Safety Appliances, Siemens AG, Trolex Ltd., Honeywell Analytics, RAE Systems Inc., Sensidyne, LP, GE Measurement & Control Solutions, ESP Safety Inc., Schauenburg International GmbH and Sensor Electronic.
The global market for gas detection equipment market has been segmented as follows.
Gas Detection Equipment Market: By Product Type
Portable Gas Detector
Fixed Gas Detector
Gas Detection Equipment Market: By Type of Gas Detection Technology
Gas Detection Equipment Market: By Type of Gas
Gas Detection Equipment Market: By End-use Industry
Oil and Gas
Gas Detection Equipment Market: By Sensor Technology
Gas Detection Equipment Market: By Region
Rest of Europe
Rest of APAC
Middle East & Africa
Rest of Middle East & Africa
Rest of South America
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