Press release
GAS DETECTION EQUIPMENT MARKET (PRODUCT TYPE - FIXED AND PORTABLE TRENDS AND FORECAST 2016 - 2024;
Stringent regulations aimed at ascertaining workplace safety are driving the gas detection equipment market in Southeast Asia. In countries such as Singapore, Indonesia, and Malaysia wherein several large industries are domiciled have stringent laws implemented to keep workplace safety under strict vigil and ensure high standards of occupational health and safety especially across hazardous applications. Spurred by these factors, the uptake of gas detection equipment has considerably increased across Southeast Asia.The demand gas detection equipment market is rising on account of its application across diverse industries. Installing gas detection equipment can help petrochemical, marine, mining, electrical, and other industries keep check on emission of hazardous gas. Thus enabling them maintain a high standards of occupational health and safety. Besides this, deploying these devices also help in the reduction of turnaround time. However, the prevalence of fierce competition has compromised with the profit margin of the leading market players thereby negatively impacting the overall market. Nonetheless, FDI in this sector is forecast to increase, which will aid in the market’s expansion in the coming years.
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According to Transparency Market Research (TMR), the Southeast Asia gas detection equipment market is likely to reach US$172.4 mn in 2024, from its estimated valuation of US$86.5 mn in 2016.
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