Albany, NY -- (SBWire) -- 09/24/2018 --With immense thrust on research and development to introduce newer products to serve changing consumer demand, solid competition prevails in the global portable gas detection equipment market, states Transparency Market Research (TMR) in a new report. Savvy players are vying for partnerships and mergers and acquisitions to expand their outreach and to augment their technical expertise.

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Prominent vendors in the portable gas detection equipment market to name are Thermo Fisher Scientific Inc., RAE Systems Inc., Trolex Ltd., Mine Safety Appliances, Industrial Scientific Corporation, Detcon Inc., Honeywell analytics, Crowcon Detection Instruments Ltd., and Drägerwerk AG & Co. KGaA.

As per the TMR report, the global portable gas detection equipment market is predicted to expand at a CAGR of 4.8% between 2017 and 2023. Proliferating at this pace, the market's valuation of US$1,306.6 mn in 2017 will become worth US$1,737.3 mn. Wearable gas detection equipment based on type is predicted to display swift uptake in the upcoming years. This is mainly because they can be worn by humans while at work. Region-wise, North America, Europe, and Japan hold prominence in the portable gas detection equipment market due to an established industrial sector.

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Increasing regulations for occupational safety has led to a surging demand for gas detector equipment across a host of industry verticals such as industrial and manufacturing, mining, and oil and gas. In developed countries of North America and Europe, regulations are in place that monitor worker's safety especially in hazardous work environments. For example, Occupational Safety and Health Administration monitors safe and healthy work conditions across industries under the Health and Safety at Work Act in the U.S.

Last but not the least, increasing discharge of industrial gases such as carbon dioxide, ammonia, and chlorine dioxide that are hazardous to health is necessitating the deployment of gas detectors.

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Providing headwinds to the portable gas detection equipment market is high response time of gas detectors with change in gas concentration. However, with technological advances manufacturers are increasingly integrating sensors with smaller electrodes to reduce response time.

In addition, intense competitive rivalry among product manufacturers to introduce innovative products at comparatively low prices is affecting the overall market's growth, says a TMR analyst.