Tremendous Growth Opportunities, Gas Detection Equipment Market
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Stringent government legislations regarding the safety of workers and property and the rising gas exploration activities around the world are the prominent factors supporting the growth of the gas detection equipment market.
he soaring demand for energy has also accelerated the market growth as an increasing number customers worldwide have shown a preference for gas-powered equipment. However, the rising level of competition in the market is resulting in a decreased profit margin, thereby decreasing investments in this market. This factor acts as a major hindrance to the growth of the gas detection equipment market.
The global gas detection market is poised to expand from a value of US$3.4 bn in 2015 to reach US$5.6 bn by 2024, registering a 5.6% CAGR therein.
Portable Gas Detection Equipment Offer Host of Advantages over Fixed Detectors
On the basis of product, the global gas detection equipment market is dominated by the fixed gas detectors, which accounted for around 55.0% of the total revenue in 2015. The segment is expected to retain its lead position throughout the forecast period due to its increasing use in industrial set-ups requiring continuous monitoring. However, the portable gas detectors segment is expected to witness significant growth in the coming years owing to benefits such as flexibility and high quality presented by portable gas detectors.
By technology, single gas detection equipment held the major share of nearly 74.0% in the market in 2015 owing to its compact as well as lightweight design. On the basis of type of gas, equipment used for the detection of combustible gases held the leading share, accounting for a share of 46.0% in 2015. Based on end use, the industrial sector accounted for the dominant share owing to the presence of a large number of heavy operating areas such as chemicals and food and beverages. The oil and gas end-use segment held the second highest revenue share in 2015. The growing demand for energy worldwide, particularly for gas, has rendered oil and gas the major end-use industry for gas detection equipment
Rapid Industrial and Infrastructural Growth Presents Lucrative Options for APAC Market
North America held the major share in the global gas detection equipment market in 2015, which is approximately one-third of the total market based on revenue. The rising adoption of gas detection equipment, mainly in government organizations, has contributed toward the growth of the market in this region.
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