Portable Gas Detection Equipment Market 2022 | Current and Future Demand, Analysis, Growth and Forecast By 2032

The Portable Gas Detection Equipment Market revenues were estimated at US$ 1.6 Bn in 2021 and is anticipated to grow at a CAGR of 4.3% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 2.5 Bn. The United States is expected to have the highest market share of US$ 662.1 Mn by the end of 2032.

Increased shale gas production, as well as technical advances in extraction, are expected to drive market growth in the United States. Natural gas is becoming more popular as a transportation fuel due to growing petroleum prices and environmental concerns. As a result, the increasing number of natural gas filling stations is increasing the demand for natural gas detectors to prevent mishaps.

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Key Takeaways from the Market Study

● Global Portable Gas Detection Equipment Market is expected to reach a market size of US$ 1.7 Bn by 2022.

● The Non-Wearable segment, is expected to have the highest CAGR of 3.7% during the forecast period.

● United States to remain the most dominant market with absolute dollar growth opportunity of US$ 227 Mn during 2022 - 2032.

● The market in China is set to experience the highest CAGR of 4.8% during the 2022-2032 forecast period.

"During the projected period, the increase in the incidence of hazardous gas leakages in various industries, increased demand for gas detectors integrated with IoT and AI technologies and rising environmental concerns will help in raising the Portable Gas Detection Equipment market revenue." comments a Future Market Insights analyst.

Competitive Landscape

The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Portable Gas Detection Equipment Market are focused on R&D to produce innovative technological solutions.
• In April 2020, MSA introduced the TG5000 Gas Monitor, which in a range of light industrial applications, it detects oxygen, flammable, and hazardous gases. The TG5000 Monitor, with its large LCD and four relay outputs, may operate completely independently or be linked to a control system through a 4-20 mA output.
• In October 2020, Honeywell introduced a new gas detection system to assist semiconductor manufacturing plants and other businesses in monitoring job sites, protecting employees and assets, and reducing downtime. The Vertex Edge allows workers to quickly analyze gas readings, warnings, event logs, real-time trends, and overall system status. It also has a basic touchscreen with large display icons.

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More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the Portable Gas Detection Equipment Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.

The study reveals extensive growth in Portable Gas Detection Equipment Market across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

Market Segments Covered in Portable Gas Detection Equipment Market Analysis

By Product Type:
• Wearable Gas Detectors
• Non-wearable Gas Detectors
o Sniffer
o Others

By End-Use:
• Oil & Portable Gas
• Mining
• Industrial
• Building Automation
• Others

By Region:
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.