Gas Leak Detector Market Analysis | Key Players are City Technoloy, Honeywell, Mine Safety Appliances, Dragerwerk AG & Corporation.

A gas leak detector is a device that is used for detecting the presence of gasses in the surrounding, which further acts as a safety system. This system is equipped with an alarm to alert the operators in the area where the leakage is occurring, which in turn helps the operators to alert all the workers to leave that area immediately. This type of device is important, as there are many gases that can be harmful to organic life.

Market Drivers:

Stringent government rules and regulations towards increasing safety in the oil and gas industries is one of the major factors driving growth of the global gas leak detectors market. For instance, Pipeline Safety Improvement Act of 2002 was passed with the aim to improve the integrity and safety of pipelines in the natural gas transmission industry. The act mandates significant changes and new requirements in the procedures used by the natural gas industries, thereby ensuring safety and integrity of its pipelines. Furthermore, increasing integration of advanced technologies in the gas leak detector such as Internet of Things (IoT), sensors, and artificial intelligence (AI) by key players in the market will further increase adoption of gas leak detector in oil and gas, and chemical industries. The benefits of advanced gas leak detector systems are longer lifecycles, enhanced reliability, easy maintenance, and cost-effectiveness among others, which will in turn help in driving growth of the gas leak detector market over the forecast period. For instance, in June 2018, Honeywell International, Inc. launched Searchzone Sonik. It is new connected gas detector that uses ultrasonic waves to detect leak. This system includes the piezoelectric sensor, which is unaffected by bad weather conditions and background noise, to provide instantaneous and reliable leak detection of high-pressure gas leaks. This gas detector is easy to install, commission, and maintains through an app when paired with an intrinsically safe Android smart phone with Bluetooth connectivity. Hence, all these factors will help in fuelling growth of the gas leak detector in the near future.

The factor hindering growth of the market is high cost of gas leak detector and lack of awareness among small and medium enterprises, negatively affecting demand for the gas leak detector in such enterprises. For instance, according to the Coherent Market Insights, the price of SENSIT HXG-2d combustible gas leak detector was US$ 419 per piece and SENSIT GoldG2 EX/TOX 2-Gas Combustible gas leak detector was US$ 1,372 per piece.

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North America is expected to exhibit largest market share in the global gas leak detector market over the forecast period

North America accounted for the largest market share in 2017 in the global gas leak detector market over the forecast period (2018-2026), owing to rising consumption of crude oil and natural gas, which will inadvertently increase the number of oil and gas manufacturing companies. For instance, according to the Enerdata (global energy statistical yearbook) analysis, in the U.S., the consumption of crude oil in 2016 was 549 mt (million tons) and it increased to 580 mt (million tons) in 2017. Similarly, in 20l5, the consumption of natural gas was 767 bcm (billion cubic metres) and it increased to 773 bcm (billion cubic metres) in 2016. Therefore, rising number of oil and gas manufacturing companies will lead to increasing demand for gas leak detector system for increasing the safety of employees working in those companies. Furthermore, increasing number of gas pipeline projects is another factor fueling growth of the gas leak detector market in this region. For instance, in the press release of July 2017, TansCanada Corporation announced its plans to spend US$ 160 million to increase capacity of the natural gas pipeline. The project will add compression and associated facilities to transport an additional 80 million cubic feet of natural gas per day. Thus, rising number of projects will increase the demand for gas leak detectors, as it helps in monitoring the condition of pipeline and in preventing leakage of gas from the pipeline.

Key Players

Major players operating in the global gas leak detector market include City Technology Ltd., Honeywell International Inc., Mine Safety Appliances Co., Dragerwerk AG & Corporation., Testo AG, ABB Ltd, Industrial Scientific Corporation, Figaro Engineering Inc., Yokogawa Electric Corporation, and Hitech Instruments Ltd.

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This release was published on openPR.