Press release
Portable Gas Detection Equipment Market is likely to progress at 4.8% CAGR for the forecast period between 2017 and 2023
With increasing petroleum prices and environmental emission concerns the use of natural gas as an automobile fuel is on the rise. As such, the increasing number of natural gas filling stations is stoking demand for natural gas detector to prevent accidents.
On the flip side, high response time of gas detectors with change in gas concentration and intense competitive rivalry among market players is negatively impacting revenue of the portable gas detection equipment market.
Owing to a number of favorable factors, the global market for portable gas detection equipment market is likely to progress at 4.8% CAGR for the forecast period between 2017 and 2023.
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Oil & Portable Gas End-use Segment to Continue to Remain Lucrative
The portable gas detection equipment market is segmented in terms of basis of end use, type, and geography, In terms of end-use, mining, oil & portable gas, building automation, industrial, and others are the segments into which this market is divided. Out of these, oil & portable gas is anticipated to display the leading growth rate over the 2017-2023 forecast period.
The Middle East and Africa is anticipated to emerge as an attractive market for portable gas detection equipment. This is due to increasing measures to improve workplace safety in the booming oil and gas industry in the region.
Furthermore, increasing initiatives to replace old and obsolete portable gas detection equipment in the oil and gas industry vertical is also favoring the growth of this market. This is to prevent reoccurrence of large-scale disasters where several people lost their lives due to the inability of old gas detectors to detect gases.
Government regulations to bolster workplace safety and need to install advanced devices is boosting the demand for portable gas detection equipment in the mining sector. Mining operations are subject to fire hazards and explosions that can cause injury to personnel. As per the Bureau of Labor Statistics in the U.S., mining is the second-most dangerous occupation in the country.
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Building automation is predicted to emerge as a key end-use segment for portable gas detection equipment. Facility ventilation and air conditioning systems in modern buildings are increasingly being equipped with gas detector to prevent transmission of toxic gases from source areas into non-hazardous areas.
In terms of product type, wearable and non-wearable are the segments into which the portable gas detection equipment market is divided. Of the two, wearable gas detectors hold prominence and is likely to display leading growth in this market in the upcoming years.
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Statutes of Workplace Safety Make North America Dominant
On the basis of geography, North America contributed the leading revenue of US$369.9 mn in 2017 among other key regions in the global portable gas detection equipment market. The growth of this region is mainly because of stringent government regulations regarding workplace safety. Europe, Asia Pacific, Latin America, and the Middle East and Africa are other key regions for portable gas detection equipment.
Key names in the global portable gas detection equipment market include RAE Systems Inc., Mine Safety Appliances, Detcon Inc., Trolex Ltd., Crowcon Detection Instruments Ltd., Industrial Scientific Corporation, Honeywell Analytics, and Drägerwerk AG & Co. KGaA.
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