Gas Detection Equipment Industry Analysis 2021: COVID-19 Impact Leading Players, Current Trends, Market Challenges, Growth Drivers and Business Opportunities
Global Gas Detection
Equipment Market.
Industry Insight
As per the market research
study by Market Research Future (MRFR), in the past years, the global Gas
Detection Equipment Market was esteemed at an average level. The market is
predicted to achieve a substantial value till the end of 2025, registering an exponential
CAGR in the years (2019 -2025). The report study has analyzed the revenue
impact of COVID-19 pandemic on the sales revenue of market leaders, market
operators, and disrupters, which is reflected in this analysis.
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Top Impacting Factors
The global market of gas detection equipment is
witnessing exceptional growth owing to mounting awareness towards worker safety
in manufacturing units such as oil & gas, medical, mining, refining, and
other industries are anticipated to boost the market growth. The gas detection
equipment can identify the prevalence of harmful gases in the environment and raise
the alarm to prevent accidents. This feature has surged the demand for the
equipment, thus affected its market to a great extent. By this, the study
depicts that the market could witness a high valuation in the forecast period.
The study further identifies that factors such as
escalating investment in research and development activities by giant and top
companies will lead to improved product efficiency, which could stoke the
demand for newer equipment. Even various government bodies and industry associations
have formulated regulations that need to adhere to maintain a safe work
environment. These measures have also been causative to the growth of the
market for the forecast period.
Moving forward, another factor, such as a growing
preference for wireless detectors, is also considered as one of the key
motivating factors of the portable gas detection equipment market. With this,
wireless gas detectors are beneficial to measure gas concentrations in hard to
reach the environment, accomplished of detecting toxic gases, and most notably
are easily installed at relatively low prices. It can detect a host of gases
such as carbon dioxide, oxygen, and sulfur dioxide. These factors make wireless
gas detectors suitable for remote sensing of flammable and poisonous gases in
hazardous environments. Thus, due to these factors, the global market of gas
detection equipment is also on the verge of observing high-end valuation in the
future time frame.
Segmentation of Market: Gas Detection Equipment
The global gas detection
equipment market is further segmented and studied among products, technology,
and end-use.
Among the product segment, the global market has
included a fixed gas system and a portable gas system.
Among the technology segment, the global market
has been divided into single-gas detection and multi-gas detection.
Among the end-use segment, the global market has
included commercial, household, and industrial sectors. Among these, the
industrial sector has been segregated into chemicals & specialty chemicals,
oil & gas, semiconductors, mining, water treatment, and others.
Regional Framework
Geologically, the global gas detection equipment
market has been studied among the
major regions- Europe, North America, Asia-Pacific, and the rest of the world.
Out of these regions,
Asia-Pacific is approximate to occupy the largest market share during the
estimated period, owing to the swelling number of Greenfield projects in the
region. The countries in the Asia Pacific such as China, India, and the
Philippines, are hopeful of doubling the consumption of gases to reduce the
import dependence, which is one of the key factors boosting the growth of the
region in the gas detection equipment market.
Also, some stringent regulations of government for
workplace safety in several countries of the region are the crucial factor
behind the lead position of North America. In fact, North America's portable
gas detection equipment market is also projected to grab a significant share in
terms of revenue in the market, owing to the mounting demand for this equipment
in the oil & gas industry and improved infrastructural developments in
countries. Also, mounting production of shale gas coupled with technological
advancements in extraction is a factor expected to boost the escalation of the
market in the US.
The Middle East & Africa region is also lined
up to account for moderate revenue share in the global portable gas detection
equipment market in support of rising measures required for a safer workplace.
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Top Market Contenders
The top market players in the
global gas detection equipment market are listed as Industrial Scientific (US),
RKI Instruments, Inc. (RKI) (US), MSA (US), Drägerwerk AG & Co. KGaA
(Germany), Honeywell International (US), Siemens AG (Germany), Emerson Electric
Co. (US), General Electric Company (US), and Sensor Electronics (US).
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