According to a recently published report by Research Nester on “Global Gas Leak Detector Market Outlook: Industry Insights & Opportunity Assessment 2019–2027” delivers detailed overview of the global gas leak detector market in terms of market segmentation by product type, by technology, by applications and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Government across various countries implementing different regulations for the safety of the workers and the workplace from gas leakage and promoting the usage of gas leakage detectors in industries, residencies and commercial zones to avoid mishaps due to gas leaks. The incidences of gas leaks leading to explosions has increased the need to adopt gas leak detectors across work intensive industries such as manufacturing, mining, and oil & gas. Increasing awareness pertaining to gas leak hazards and safety measures to be taken is estimated to boost the growth of the global gas leak detector market expanding at a CAGR of 6.5% over the period 2019-2027.
The global gas leak detector market is segmented by product type, technology, applications and region. By application, the industrial application segment is likely to observe maximum incremental $ opportunity value in 2027 as compared to previous year. The product type segment is divided into portable gas detectors and fixed gas detectors. The technology segment is sub-divided into electrochemical, infrared imaging, infrared point, ultrasonic, semiconductor and holographic. Further, the applications segment is divided into residential, commercial establishment and industrial application.
Rising alert related to Gas Leak Hazards and adoption of Safety Measures
The global gas leak detector market is thriving on the back of incidences of gas leaks leading to explosions across work intensive industries such as manufacturing, mining, and oil & gas.
Ever growing oil and gas industry- With an increase in oil and gas extraction activities, the threat of emission of several hazardous gases, which if leaked can be dangerous for the workers working in that particular area which gives birth to the need of proper gas leak detectors hence expanding the market growth.
America region is projected to observe substantial growth in terms of revenue in the next few years on the back of government’s mandate regulations to compel the adoption of CO gas leak detector. Further, awareness is being spread by National Fire Protection Association (NFPA) and Consumer Product Safety Commission (CPSC). Asia- Pacific is expected to grow at a significant rate on the back of growing need for gas leak detector in oil and gas industry and increasing infrastructure development. Europe and Middle East & Africa is expected to grow significantly on the back of ever-growing oil & gas industry.
Industry Players are Progressing towards Minimizing the Barriers faced by the Global Gas Leak Detector Market
Intense competition with low profit margins and lack of awareness among small and medium enterprises are expected to be the factors impeding the growth of gas leak detector market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global gas leak detector market which includes company profiling of City Technology Ltd, Honeywell International Incorporation, Mine Safety Appliances Company, Dragerwerk AG & Company, Testo AG, Industrial Scientific Corporation, ASEA Brown Boveri Ltd., Yokogawa Electric Corporation, California Analytical Instruments and Figaro Engineering Incorporation
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global gas leak detector market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.