Gas Detection Equipment Market - Lucrative Industries Segment 2024

The global gas detection equipment market has been expanding at a steady pace over the past few years and is likely to exhibit a stable growth rate through the forecast period.

Stringent government legislations regarding the safety of workers and property and the rising gas exploration activities around the world are the prominent factors supporting the growth of the gas detection equipment market.

The soaring demand for energy has also accelerated the market growth as an increasing number customers worldwide have shown a preference for gas-powered equipment.

However, the rising level of competition in the market is resulting in a decreased profit margin, thereby decreasing investments in this market. This factor acts as a major hindrance to the growth of the gas detection equipment market.

The global gas detection market is poised to expand from a value of US$3.4 bn in 2015 to reach US$5.6 bn by 2024, registering a 5.6% CAGR therein.

Portable Gas Detection Equipment Offer Host of Advantages over Fixed Detectors

On the basis of product, the global gas detection equipment market is dominated by the fixed gas detectors, which accounted for around 55.0% of the total revenue in 2015.

The segment is expected to retain its lead position throughout the forecast period due to its increasing use in industrial set-ups requiring continuous monitoring.

Request A Sample Of This Report:
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=2023

However, the portable gas detectors segment is expected to witness significant growth in the coming years owing to benefits such as flexibility and high quality presented by portable gas detectors.

By technology, single gas detection equipment held the major share of nearly 74.0% in the market in 2015 owing to its compact as well as lightweight design. On the basis of type of gas, equipment used for the detection of combustible gases held the leading share, accounting for a share of 46.0% in 2015.

Based on end use, the industrial sector accounted for the dominant share owing to the presence of a large number of heavy operating areas such as chemicals and food and beverages.

The oil and gas end-use segment held the second highest revenue share in 2015. The growing demand for energy worldwide, particularly for gas, has rendered oil and gas the major end-use industry for gas detection equipment.

About TMR

TMR is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

Contact TMR

90 State Street, Suite 700
Albany, NY 12207
Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email:sales@transparencymarketresearch.com
Website:http://www.transparencymarketresearch.com

This release was published on openPR.