Portable Gas Detection Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023
Albany, NY -- (SBWIRE) -- 03/14/2018 -- With the players in the market striving to meet the consumer demands and stay ahead in the league, the competition in the global portable gas detection equipment market is likely to heat up in the years ahead, states Transparency Market Research (TMR) in a research report. The companies operating in the market are Thermo Fisher Scientific Inc., Detcon, Inc., RAE Systems Inc., Honeywell Analytics, Trolex Ltd., Crowcon Detection Instruments, Ltd., Mine Safety Appliances, Drägerwerk AG & Co. KGaA, and Industrial Scientific Corporation.
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The global market for portable gas detection equipment is anticipated to witness a 4.8% CAGR from 2015 to 2023. In 2014, the market was worth US$1,145.3 mn and is likely to rise to a valuation of US$1,737.3 mn by the end of 2023. On the basis of type, the market has been bifurcated into non-wearable as detection equipment and wearable gas detection equipment. Out of these two, the segment of wearable gas detection equipment is projected to rise swiftly over the course of the forecast period. These gas detection equipment can be worn by humans and is to work with. Region-wise, the demand for gas detection equipment was high in the industrial sector of Europe, North America, and Japan. The importance of the equipment in oil and portable gas end users and in the mining industry in these regions is also a core factor responsible for the growth of the market in these regions.
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One of the key driving components for the portable gas detection equipment market is the developing prevalence of wireless portable gas detection equipment. These portable gas locators are fit for recognizing gas breaks and explosives from safe separations, which settles on them the favored decision crosswise over oil and gas, mining, and industrial end users. The developing need for portable gas detection equipment, essentially in modern and building mechanization applications, is relied upon to help the interest for portable gas detection equipment in Asia Pacific in the coming years. Moreover, the utilization of portable gas detection equipment is relied upon to ascend in Middle East and Africa (MEA), where extensive mining and oil exploration exercises are completed. In addition, expanding mindfulness about workforce wellbeing in the MEA is likewise responsible for the speediest development rate of this district. In the GCC district and Africa, a noteworthy piece of the demand is expected to originate from the mining division in the coming years.
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The market for portable gas detection equipment is fundamentally determined by developing inclination for adaptable, portable equipment for gas leak exposure, particularly in restricted territories with constrained access. The extending uses of this equipment over the oil and gas, industrial, and mining end-use segments is another driving variable for the market. Furthermore, the appearance of wearable gas detection equipment is foreseen to offer colossal development potential to the worldwide portable gas detection equipment market in the coming years. Despite what might be expected, a factor blocking market development is low mindfulness about portable gas equipment, which gets firm rivalry from settled gas detection equipment that is now introduced in real areas.