Gas Leak Detector Market: Current Trends, Share & Latest Innovation in Industry

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.

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The Main Key Players in The Gas Leak Detector Market Are: 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.

Growth Factors:
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.

Regional Analysis:
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.

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This release was published on openPR.