Portable Gas Detection Equipment to Reach US$ 1,737.3 Mn by 2023

According to a new market report published by Transparency Market Research entitled “Portable Gas Detection Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023,” the global portable gas detection equipment market had generated revenues of US$ 1,145.3 Mn in 2014; this is projected to expand at a CAGR of 4.8% during the forecast period (2015 – 2023) and reach US$ 1,737.3 Mn by 2023.

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The market for portable gas detection equipment is mainly driven by growing preference for flexible, portable equipment for gas leak detection, especially in confined areas with limited access. The expanding applications of this equipment across the mining, industrial, and oil & gas end-use sectors is another driving factor for the market. Moreover, the advent of wearable gas detection equipment is anticipated to offer huge growth potential to the global portable gas detection equipment market in the coming years. On the contrary, a factor hindering market growth is low awareness about portable gas equipment, which receives stiff competition from fixed gas detection equipment that is already installed in major locations.

By type, the portable gas detection equipment market has been segmented into wearable and non-wearable gas detection equipment. In 2014, the non-wearable gas detection equipment segment occupied a major share in the market. However, the wearable gas detection segment is anticipated to experience swift growth. These can be body worn, which not only increases their comfort but also increases their ease of work. In the non-wearable segment, sniffers account for the majority market share owing to their popularity and widespread use across both industrial and non-industrial sectors.

By end-use, the global portable gas detection equipment market was led by the industrial sector owing to high demand for gas detection equipment in Asia Pacific, North America, and Europe. The market’s size is substantial in the mining and oil & portable gas end-use sectors. In the coming years, the oil & gas segment is further expected to embrace gas detection technologies and thus it is anticipated to remain the fastest-growing end-use segment in the global portable gas detection equipment market. The impact of wearable gas detection is also expected to be significantly high in certain applications in these end-use sectors.

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Some of the key players in the global portable gas detection equipment market are Industrial Scientific Corporation, Drägerwerk AG & Co., KGaA, Drägerwerk AG & Co. KGaA, Mine Safety Appliances, Crowcon Detection Instruments, Ltd., Trolex Ltd., Honeywell Analytics, RAE Systems Inc., Detcon, Inc., and Thermo Fisher Scientific Inc.

Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations

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This release was published on openPR.