Gas Detection Equipment Market - Increasing Need to Ensure Workers’ Safety to Fuel Demand for Gas Detectors

According to a new research report by Transparency Market Research (TMR), the competition in the global gas detection equipment market is significantly high. With a number of players offering differentiated products on a continual basis, the competition within this market is likely to increase in the near future. ESP Safety Inc., GE Measurement & Control Solution, Drägerwerk AG & Co., Sensidyne, Honeywell International Inc., Trolex Ltd., Schauenburg Group, Industrial Scientific Corp., Siemens AG, MSA Safety Inc., Riken Keiki Co. Ltd., RAE Systems Inc., and Sensor Electronics are some of the key players in this market. These players are vying to providing additional services to their customers in order to gain an edge over their competitors. Over the coming years, they are likely to involve increasingly into strategic partnerships to reduce the competition within this market, states the research report.

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Currently, the global market for gas detection equipment is observing a significant surge. It was worth US$2.6 bn in 2017. Over the period from 2017 to 2024, the market is expected to rise at a CAGR of 5.7% and reach a value of US$3.8 bn by the end of the forecast period. Fixed gas detector and portable gas detector are the main types of gas detectors available across the world. Among the two, the demand for fixed gas detectors is higher and the trend is expected to remain so over the next few years, reports the research study. In terms of the geography, North America has been leading the worldwide market for gas detectors and it is driven by the increasing uptake of these detectors in government institutions. However, the market in Asia Pacific is anticipated to register its growth at a higher pace in the near future, thanks to the increasing uptake in gas exploration projects, reports the research study.

“The increasing demand for ensuring the safety of workers in various end-use industries in across the world is the main factor behind the rise of the global market for gas detection equipment,” says a TMR analyst. Gas detection equipment can identify the presence of harmful gases in the environment and raise an alarm to prevent accidents. Government bodies and industry associations have formulated regulations for workplace safety, which needs to be adhered by businesses to maintain a safe work environment.

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With the increasing need to monitor chemical agents and combustible gases in the oil and gas industry, the demand for gas detection equipment is increasing, which is another important factor that is boosting this market. For example, The Health and Safety Executive of Great Britain mandates gas detectors to be installed in dangerous work environments such as offshore oil and gas plants.

Technological advancements in gas detection equipment leading to increased product efficiency is stoking demand for newer equipment. This is aiding the gas detection equipment market. However, the declining profit margins of manufacturers may hamper the growth of this market in the near future, notes the market study. The influx of new companies and competitive prices offered by existing players have led to increased competition in the market. This has reduced profit margins of companies in the gas detection equipment market.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.