Increasing Consumer Adoption to Increase Demand for Apac Gas Leak Detectors Market During 2016-2024

Large number of potential mobile phone consumer in the globe are opting for power banks, also known as power battery packs is fairly plausible. Moreover, attraction of smartphone users towards the use of power banks is likely to remain contingent on their lifestyle. The study led by Persistence Market Research reveals that multimedia device & smartphone propagation delivers as a robust distribution network to the power battery packs products. The study reveals that the market for power battery pack globally have secured an estimated nearly US$ 6.5 Bn, in terms of value and anticipated to procure US$ 13.7 Bn by 2024-end, experiencing substantial growth in the revenues by reflecting single-digit CAGR.
The major findings of the report states that the customers are likely to remain more attractive to the power banks with large storage capacity. Further, the report reveals that an estimated 200 Mn units of the power banks with 5000 to 7500 mAh capacity were globally sold in the year 2016. Also, it is forecasted that demand for power banks in foreseeable period is likely to increase at high growth rate, leading market players to increase their product range for 7500 to 10000 mAh as well as more than 10000 mAh capability power banks. More than 10000 capacity power banks are likely to be sold at faster rate by the end of forecast period throughout the world.
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Segmental Analysis of Market
According to their prevalence nowadays, Lithium-ion (Li-ion) power banks are likely to retain its dominance throughout the forecast period, owing to high preference by consumers. Li-ion battery efficiency in transmitting power and charging is anticipated to keep influencing the growth of the global Li-ion power battery packs market. The report forecasts that by the end of forecast period every 2nd power bank, which will be traded will be armed with Li-ion battery. Further, Li-ion battery traction is likely to be contested with increasing inclination towards power banks with Lithium-polymer (Li-polymer). It is anticipated that by the end of forecast period, almost 500 Mn entities of Li-polymer power banks will be sold across the world.
For critical insights on the “Rapid adoption rate and growing preference for gas leak detectors will create lucrative market opportunities for manufacturers operating in the APEC region during the next eight years. Further, convenience of mobility coupled with ease of handling offered in latest gas leak detectors is expected to fuel their demand across various industrial domains” – PMR
Persistence Market Research (PMR) in its latest outlook titled “Gas Leak Detectors Market: APAC Industry Analysis and Forecast, 2016-2024,” projects that the gas leak detectors market in APAC is set to witness a pronounced growth, expanding at a CAGR of 5.9% in terms of value over the forecast period (2016-2024). The market is expected to be governed by trends such as development, adoption and use of advanced technologies such as Internet of Things (IoT) and artificial neural network technology, becoming more prevalent over the forecast period.
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Market Overview
PMR’s report delivers key insights on APAC gas leak detectors market, which is foreseen to reach US$ 1,647 Million by the end of 2024. The market growth will be primarily driven by the expansion of key end user industries such as oil & gas, chemicals and petrochemicals. In addition, increasing natural gas exploration activities and setting up of numerous oil refineries in the region is projected to drive the market during the assessment period. Gas leak detectors are being rapidly installed in residential and commercial vicinities, which is further anticipated to influence the growth of APAC gas leak detectors market in the near future. Also, healthy penetration of emergency systems in ASEAN countries and India is translating into higher demand for gas leak detectors.
Demand for Portable Gas Leak Detectors Expected to Gain Maximum Traction over 2024
Based on product type, portable gas leak detectors is expected to register the highest growth in terms of value, witnessing a 6.2% CAGR over the forecast period. The segment is set to gain around 130 basis points by the end of 2024.
On the basis of technology type, the electrochemical segment is projected to command for a significant value share of the market by closing end of the assessment period.
Due to a sturdy expansion of chemicals and petrochemical sectors, gas leak detectors will find broader application in such industries. Hence, the industrial application segment will grow steadily throughout the projected period.
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