Significant Growth Foreseen by Gas Leak Detector Market During 2020

Gas leak detectors are increasingly used in industries, residences and commercial zones to avoid mishaps form gas leakage. Such equipment can alert on both minor and severe gas leakage using advance reading technologies such as ultrasonic, infrared and electrochemical. In addition, they are capable of detecting air toxicity and presence of combustible gas in the air. There are two different types of gas leak detector available in the market; fixed and handheld. Industry associations and government regulation strongly advocate installation of such equipment in manufacturing units to ensure worker and workplace safety. Thus, installation of gas leak detector is mandatory in several industries as an “employee and personal safety instrument”. The global gas leak detectors market is expected to surpass US$ 3,143. Mn by 2020 end, expanding at 5.3% CAGR during the forecast period 2015 to 2020

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According to a new market report published by Persistence Market Research “Global Market Study on Gas Leak Detector Market - Asia Pacific to Witness Highest Growth by 2020”, The global gas leak detectors market accounted for US$ 2,312.2 Mn in 2014 and while exhibiting a CAGR of 5.3% over the forecast period. The Global Gas Leak Detector Market is expected to reach US$ 3143.67 Mn by the end of 2020, representing a CAGR of 5.29% through 2015 to 2020.

Key driving factors, identified in the global gas leak detectors market are stringent government safety norms, growing investment in oil & gas and chemical Industries and increasing commercial and residential infrastructure development. However, lower profit margin due to intense competition deferred investments in oil and gas might pose a challenge towards the growth of the global gas leak detector market. Some of the major trends identified in the global gas leak detector market are the use of internet of everything (IoT) and artificial neural network technology and gas leak detectors.

The global gas leak detector market report is categorically split under four sections namely: market analysis by region, applications, product type and technology. The report analyses the global gas leak detector market in terms of market value (US$ Mn) and volume (Million Units).

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From a regional perspective, North America, Latin America, Eastern Europe and Western Europe together contributed 50% of the global gas leak detector market value in the year 2014. Whilst Asia Pacific excluding Japan contributed total 35%, making it the largest geographical segment in the global gas leak detector market. The Middle East and Africa gas leak detector market are projected to grow at promising CAGR of 6.27% through the forecast period.

From the product type perspective, Portable type gas leak detectors accounted a leading share in the global gas leak detector market value in 2014, which is projected to remain dominant throughout the forecast period. The fixed type gas leak detector market is projected to exhibit CAGR of approximately 3.8% for the year 2015 to 2020.

On the basis of technology type, the electrochemical-based gas leak detector is the predominant segment with a total share of about 38%, whilst the ultrasonic, semiconductor and infrared based gas leak detector cumulatively accounted for 46.6% % in the global gas leak detector market value in 2014. When compared with other remaining technology segment the infrared based gas leak detectors is projected to grow at higher CAGR of 6.30% over the forecast period.

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This release was published on openPR.