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Apac Gas Leak Detectors Market : Technological Advancements, Evolving Industry Trends and Insights
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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.
The industrial segment is expected to create total incremental opportunity of nearly US$ 500 Mn between 2016 and 2024. The segment is projected to reach market value of nearly US$ 1,300 Mn by 2024 end, registering a CAGR of 5.8%.
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The commercial and establishment segment is anticipated to witness a CAGR of 5.8% and is expected to create total incremental opportunity of nearly US$ 30 Mn between 2016 and 2024. The segment is likely to represent a share of 4.1% of the total incremental opportunity created between 2016 and 2024.
The residential segment, registering a CAGR of 5.9%, is projected to create total incremental opportunity of nearly US$ 10 Mn between 2016 and 2024, representing a share of 1.5% of the total incremental opportunity created between 2016 and 2024.
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The industrial segment of the APAC gas leak detectors market is expected to be a relatively attractive segment in terms of value share and incremental opportunity over the forecast period owing to high utilization of gas detectors in oil and gas as well as in chemical industries. The others segment comprising waste water treatment, iron and steel, mining, etc. is estimated to record a CAGR of 6.2% due to high awareness among workers, and government standards and organizations such as Coal Mine Safety Bureau and China Coal Research Institute. The commercial and establishment segment is mainly driven by the demand for gas leak detectors in hospitals or laboratories and in the basement of shopping malls, movie theatres, etc.
Manufacturers are focused on the development of gas leak detectors with advanced features such as wireless connectivity to a central office, data logging and recording, full tracking capabilities, and streamlined compliance reporting. Advanced portable gas leak detectors are finding increasing application as personal protective devices in various industries and also for mobile testing of widespread manufacturing plants. This is mainly due to the ability of these detectors to detect multiple gases and store data for analysis.
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