New York, NY -- (SBWIRE) -- 12/06/2017 -- According to the revised forecast presented in a recent market report published by Persistence Market Research titled "Gas Leak Detectors Market: Global Industry Analysis (2012 – 2016) and Forecast (2017 – 2025)," the global gas leak detectors market was valued at US$ 2689.1 Mn in 2016, and is expected to register a CAGR of 6.5% from 2017 to 2025. Growing usage of gas leak detectors in the oil & gas and chemical industry coupled with increasing infrastructure development are major factors fueling growth of the global gas leak detectors market.
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According to the report 'Gas Leak Detectors Market: Global Industry Analysis and Forecast 2015 – 2020' published in 2015 by PMR, revenue generated by global gas leak detectors market was estimated to reach US$ 2,429.2 Mn by 2015 from US$ 2,312.2 Mn in 2014. The CAGR of global gas leak detectors market during the period 2015 -2020 was 5.2%. Gas leak detectors are equipment that indicate the presence of gases in ambient air using technologies such as electrochemical, infrared and ultrasonic technology. These devices are used to detect toxic and combustible gases in order to maintain safety.
Segmentation Analysis & Forecast
Global gas leak detectors market is categorized on the basis of product type, application, technology and region. On the basis of product type, the market is segmented as portable and fixed. The portable segment is anticipated to register a CAGR of 6.5% during the forecast period. The application segment is segmented into residential, industrial, commercial and others. On the basis of technology, the market is segmented as electrochemical, semiconductor, ultrasonic, infrared and others. Electrochemical segment accounted for highest market share and was valued at US$ 994.6 Mn in 2016. Moreover, increasing infrastructure development globally is likely to contribute primarily to the growth of electrochemical segment in the market. Ultrasonic segment is predicted to register a healthy CAGR of 7.2% during the forecast period.
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Regional Analysis & Forecast
This report also covers drivers, restraints and trends driving each segment and offers analysis and insights regarding the potential of the gas leak detectors market in regions including North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. Among these regions, Asia Pacific accounted for the largest market share in 2016 on account of increasing usage of industrial gases and rapid infrastructure development. The Asia Pacific gas leak detectors market is projected to register a healthy CAGR of 7.2% during the forecast period.
Key competitors in the global gas leak detectors market profiled in the report include MSA Safety Inc., Honeywell International Inc., Tyco International PLC, Emerson Electric Co. and Draegerwerk AG & Co KGaA.