Press release
Gas Leak Detectors Market 2023 Global Significant Growth, Technological Advancement & Opportunities to 2033
With the growth of oil and gas industries as well as the chemical industry, the APAC gas leak detectors market is expected to register a CAGR of 5.8% over the forecast period to reach nearly US$ 1,700 Mn by the end of 2024. The APAC gas leak detectors market is projected to represent incremental opportunity of more than US$ 600 Mn between 2016 and 2024. Growing demand for gas leak detectors in automotive manufacturing plants, mining, iron and steel, etc. is expected to drive the market over the forecast period.
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One of the primary drivers behind the growth of the gas leak detectors market is the increasing awareness of workplace safety regulations and the need for effective gas leak detection systems. Governments and regulatory bodies have imposed stringent safety standards, particularly in industries such as oil and gas, chemical, and manufacturing, to protect workers and the environment from potential gas leaks. This has led to a greater adoption of gas leak detectors in industrial settings.
Companies
Honeywell International, Inc.
Emerson Electric Co.
Thermo Fisher Scientific Inc.
Drägerwerk AG & Co. KGaA
General Electric
MSA
United Technologies Corporation
Tyco International plc.
Industrial Scientific
New Cosmos Electric Co. Ltd.
Others
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Moreover, the growing concern about the environmental impact of gas leaks and the associated health hazards has fueled the demand for gas leak detectors. Gas leaks can lead to air pollution, contribute to climate change, and pose risks to human health. The need to detect and mitigate gas leaks, such as methane leaks from natural gas pipelines or refrigerant leaks from HVAC systems, has become a priority for organizations and individuals alike.
Additionally, the increasing demand for energy and the expanding use of natural gas as a cleaner fuel source have driven the market growth. Natural gas is widely used for heating, power generation, and industrial processes. The detection of gas leaks in natural gas infrastructure, including pipelines, storage facilities, and distribution networks, is crucial to prevent accidents, ensure operational efficiency, and reduce the loss of valuable resources.
Furthermore, advancements in technology and the development of innovative gas detection solutions have contributed to market expansion. Manufacturers are investing in research and development to create more sensitive, accurate, and reliable gas leak detectors. These detectors may employ technologies such as infrared sensors, electrochemical sensors, ultrasonic detection, or wireless connectivity for real-time monitoring and alerts. These advancements have enhanced the performance and usability of gas leak detectors, making them more accessible and efficient for a wide range of applications.
APAC Gas Leak Detectors Market Analysis and Forecast, by Application
Industrial segment is expected to dominate the APAC gas leak detectors market owing to high sales in oil & gas and chemical industries
Oil & gas and chemical industries need to maintain a high level of security and safety for workers due to the high amount of harmful gases involved in the operational processes. The industrial segment accounted for over 70% of the APAC gas leak detectors market in 2016.
However, owing to an increasing use of gas leak detectors in end use industries such as mining and automotive manufacturing, the industrial segment is anticipated to lose 40 BPS between 2016 and 2026. In the treatment of waste water and in iron and steel plants, the demand for gas leak detectors is expected to grow gaining 40 BPS between 2016 and 2024.
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Market segmentation
By Application
Industrial
Oil and gas
Chemical
Petrochemicals
Commercial
Hospitals
Hotels & Restaurants
Others
Residential
Others
By Technology
Electrochemical
Infrared
Semiconductor
Catalytic
Others
By Product Type
Fixed Detectors
Portable Detectors
By Country
China
India
Japan
ANZ
South Korea
Rest of APAC
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