Gas Leak Detector Market Will Reach US$ 3143.67 Mn by the end of 2020, Globally
New York, NY -- (SBWIRE) -- 09/19/2017 -- Gas leak detectors are increasingly used in industries, residences and commercial zones to avoid mishaps form gas leakage. Such equipment can alert on both minor and severe gas leakage using advance reading technologies such as ultrasonic, infrared and electrochemical. In addition, they are capable of detecting air toxicity and presence of combustible gas in the air. There are two different types of gas leak detector available in the market; fixed and handheld. Industry associations and government regulation strongly advocate installation of such equipment in manufacturing units to ensure worker and workplace safety. Thus, installation of gas leak detector is mandatory in several industries as an "employee and personal safety instrument". The global gas leak detectors market is expected to surpass US$ 3,143. Mn by 2020 end, expanding at 5.3% CAGR during the forecast period 2015 to 2020
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Key Market Dynamics
PMR indicated that the demand for gas leak detector is expected to gain traction owing to increasing residential and commercial infrastructure development, especially in the emerging economies of the world. In addition, factors such as growing investments in chemical and oil & gas industry and stringent safety regulation passed by governments worldwide are expected to support the overall market growth during the forecast period. On the other hand, intense competition, low-profit margins and irregularities in payment cycles in the oil and gas industry may inhibit the market growth.
Key trends observed in the market for gas leak detector include incorporation of artificial neural network technology and inclusion internet of things (IoT) to upgrade gas leak detection technology.
The global gas leak detector market is categorized into applications, technology and product type.
By application, the market is segmented into residential, commercial establishment and industrial application. In 2014, the industrial application was the largest segment, followed commercial and residential segments respectively.
On the basis of product type, the market is bifurcated into portable gas leak detectors and fixed gas leak detector. In addition, the prior is expected to remain the dominant segment over the forecast period. Meanwhile, the fixed gas leak detector segment is anticipated to expand at a CAGR of close to 4% during the same period.
By technology, the market is segmented into infrared imaging, semiconductor, electrochemical and ultrasonic. In 2014, the infrared, semiconductor, ultrasonic segments collectively accounted for over 46% of the global market value. While electrochemical segment had the single largest share, contributing for 38% of the global market value. In addition, the demand for gas leak detectors based on infrared technology is expected to be high during the forecast period.
On the basis of region, the global gas leak detector market is segmented into North America, Asia Pacific excluding Japan (APEJ), Western Europe, Eastern Europe, Japan and the Middle East & Africa. In 2014, the Americas, Western Europe, and East Europe collectively contributed nearly 50% of the overall market value. While APEJ accounted for a contribution for 35% of the global market value, making it the most dominant single market for gas leak detectors. In addition, the markets in the Middle East and Africa combined is expected to expand at a CAGR of over 6% over the forecast period.
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Key Market Participants
Key participants identified in the global gas leak detector market include Honeywell International Inc, Drägerwerk AG & Co KgaA, MSA Safety Inc, Emerson Electric Company, and TycoInternational plc.