Portable as a Type of Gas Detection Equipment segment is expected to be valued at USD 341 Million in 2022
USA, July 15, 2022 /EINPresswire.com/ — According to a recently compiled Fact.MR report, sales of gas detection equipment will grow at a CAGR of 4.6%, in terms of volume, between the period 2017 and 2026. Technological innovation, which drives to the premiumization of products, is expected to open up opportunities for the market. Suppliers around the world are introducing innovative technologies, such as portable gas detection equipment, that make it easier to use and calibrate. Revenue from worldwide sales of gas detection equipment is expected to exceed US$1,900 million by the end of 2026.
Technological advancements, such as the Internet of Things (IoT) and Artificial Intelligence (AI), have influenced the development of intelligent gas detection equipment. There is a high demand for smart gas detection equipment due to its additional features that benefit customers, as well as the requirement for relatively low maintenance. Smart gas detectors offer the convenience of being operated through apps on tablets or smartphones, which include an alert notification feature that allows necessary action to be taken in time. Additionally, companies manufacturing gas detection equipment are introducing innovative concepts, with a focus on improving the sensitivity and efficiency of sensors in detecting harmful gases. High-sensitivity CO and smoke detectors give appropriate early warning, enabling rapid investigation, control and action before reflected damage. Key players in the global gas detection equipment market are also focusing on the integration of sensors capable of detecting multiple gases.
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5 Key Takeaways from Fact.MR’s Gas Detection Equipment Market Report for the Forecast Period 2017-2026 (in terms of volume)
• North America should establish itself as the most profitable market for gas detection equipment, closely followed by Europe. Sales of gas detection equipment in these regions are collectively poised to account for approximately half of the market by the end of 2026.
• Asia-Pacific ex-Japan (APEJ) is also expected to hold a large market share during the forecast period with sales showing the highest CAGR till 2026.
• Projected to account for more than half of the market share from 2017 to 2026, fixed gas detection equipment will spearhead the market, based on type. However, portable gas detection equipment is likely to experience the fastest market expansion.
• The oil and gas industry is expected to remain the dominant end user of gas detection equipment worldwide, with sales expected to exceed 340 million units by the end of 2026. Manufacturing, lagging behind the oil and gas industry in terms of sales, will continue to show relatively faster expansion in the market.
• Showing stable CAGRs through 2026, the mining industry and the government and military sector are also expected to remain the main end users of gas detection equipment.
A large number of insurance companies around the world offer rebates to industries that purchase protection systems. While looking for insurance savings, many homeowners as well as various industries are opting for gas detectors. Gas detection equipment manufacturers have therefore found the opportunity to collaborate with insurance companies to attract a wider target audience. Major companies supporting the expansion of the global gas detection equipment market include Honeywell International Inc., Emerson Electric Co., RKI Instruments, Inc., 3M Company, Halma plc, MSA Safety Incorporated, Dragerwerk AG & Co. KGaA, Fortive Corporation, United Technologies Corporation, General Electric Company, Thermo Fisher Scientific Inc., Trolex Ltd., Gastech Australia Pty Ltd, ESP SAFETY INC., Enmet LLC., Gas Measurement Instruments Limited., Analytical Technology Inc., Global Detection Systems Corp ., Sensidyne, LP , and Conspec Controls Inc.
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Key Segments Covered
By End User:-
• Petroleum gas
• Government and military
• North America
• Latin America
• East Asia
• South Asia and Oceania
• Middle East and Africa (MEA)
What is the consumption scenario of portable gas detection equipment type?
Growing initiatives to change the types of old and obsolete gas detection equipment across industries including oil & gas and mining are driving the progress of this market. Building automation is expected to emerge as a key end-use segment for the wearable product type. Portable gas detection equipment is estimated to be worth USD 341 million in 2022 and is expected to grow at a CAGR of 3.9% by the end of 2032.
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What is supporting player growth in the United States?
The demand for gas detection equipment in US-based industries is gaining momentum due to diseases caused by harmful gases such as carbon monoxide (CO) and sulfur dioxide (SO2). The US government has put in place mandatory regulations regarding the adoption of gas detection equipment to ensure the health and safety of employees and workers in various manufacturing industries. The US gas detection equipment market will continue to dominate the North America region, in terms of value and volume.
Robust investments in R&D activities, which spurred innovation, largely fueled the growth of manufacturing and oil and gas industries. This has further shaped the demand for protective products such as gas detection equipment in these industries for a wide range of applications. Manufacturing and oil and gas industries will prevail as the largest end users of gas detection equipment. However, the United States is expected to grow at a CAGR of 5.8% over the forecast period.
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