Gas Detection Equipment Market Lucrative Opportunity by 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.

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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.

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.

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.

North America held the major share in the global gas detection equipment market in 2015, which is approximately one-third of the total market based on revenue.

The rising adoption of gas detection equipment, mainly in government organizations, has contributed toward the growth of the market in this region.

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Asia Pacific is anticipated to witness significant growth in the gas detection equipment market due to high industrial growth and the increasing use of advanced technologies such as drones equipped with gas detectors across countries such as Singapore and Japan.

Due to the rising number of gas exploration projects in Asia Pacific, the region is slated to provide tremendous growth opportunities for the gas detection equipment market in the coming years.

TMR notes that the demand sources are comparatively higher in this region than that in developed regions such as North America and Europe and this will act as a major growth driver.

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This release was published on openPR.