The rising adoption of gas detectors across industries such
as oil & gas, mining, and the building is a key factor
propelling demand for gas detection equipment in the global
market.
Market Survey on Gas Detection Equipment Industry Covering
Sales Outlook, Up-to-date Key Trends, Production and Consumption
Statistics, Market Size and Forecast Including New and Replacement
Sales, Import and Export Analysis, Installed Base Analysis, Trade
Scenario Analysis, Company Share and Pricing Analysis
NEWARK, Del., July 15, 2024 /PRNewswire/ -- According to a
Future Market Insights (FMI), the global gas detection equipment
market size reached USD 3,613.7
Million in 2023. Over the forecast period, demand is
anticipated to rise at 6% CAGR. The total value is predicted
to increase from USD 3,801.1
Million in 2024 to USD 6,801.6
Million in 2034.
Gas leaks pose serious threats to both companies and nearby
communities, often resulting in oxygen starvation, explosions, and
loss of life. To mitigate these risks, companies prioritize safety
measures, including the adoption of commercial gas leak
detectors.
Gas detectors like early warning devices, are indispensable for
safety policies as these offer more time to remedy the situation or
prevent disasters from occurring. These are also capable of forming
an integral part of elaborate surveillance networks and security
measures.
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Dynamics!
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In the oil and gas sector, safety awareness is significant as it
operates with toxic and harmful gases. Governments worldwide have
made it mandatory for industries to undertake safety awareness
programs by enforcing new laws and regulations.
The risk of explosions can be decreased significantly by
utilizing gas detection equipment. These quickly locate gas leaks
and provide a chance for the operator to manage the issue. Gas
monitor detectors are witnessing innovations as government bodies
implement strict regulations for the safety of workers.
Key Takeaways from the Report:
- Global sales of gas detection equipment grew at a CAGR of
2.5% between 2019 and 2023.
- Tier 1 companies comprise leaders with a revenue of above
USD 100 Million capturing a
significant share of 13.8% to 19.6% globally.
- China's gas detection
equipment market size is projected to reach USD 884 Million by 2034.
- Sales of gas detection equipment in the United States are projected to soar at a
CAGR of around 4.6% during the assessment period.
- Based on product type, the fixed detector segment is forecast
to rise at a CAGR of 5.8% through 2034.
- Based on end-use, the oil and gas category are estimated to
witness a CAGR of 4.9% in the forecast period.
What are the Key Trends Shaping the Gas Detecting Equipment
Industry?
Industrial Gas Leakage Risks in Processes to Propel Demand
for Gas Detection Equipment
Highly hazardous substances, particularly poisonous and
flammable gasses, are being developed and utilized in a growing
number of applications and end-use sectors. Gas leaks are rather
inevitable and can be dangerous for adjacent residents, industrial
businesses, and their staff. This danger has historically been
demonstrated by instances when gas leaks have caused explosions,
oxygen shortages, and fatalities as a result.
Most firms' safety plans include early warning systems, such as
gas detectors, as a key component of minimizing the threat to
employees and equipment. These gas detection solutions could buy
companies more time to make a change or take precautionary
measures. They can also be used as a component of an extensive
monitoring and safety system that has capabilities like emergency
process shutdown and fire detection, among others. As a result,
there is a considerable need for gas leak-detecting systems which
will eventually lead to higher sales of gas-detection
equipment.
Growing Awareness About Safety in Oil & Gas Sector
Boosting Sales
Gas detection equipment is particularly necessary for toxic and
hazardous gasses, as they can cause disastrous outcomes if they
leak and combine with the surrounding air. As a result, governments
have made several laws and guidelines available, and each industry
is mandated to take part in a safety awareness program. In the oil
and gas business, where mistakes or a lack of awareness are not
tolerated, these programs increase crucial safety awareness.
These considerations are driving up the demand for gas detection
technology because it significantly reduces the risk of explosions
by spotting gas leaks quickly and providing enough time for the
operators to take control of the situation. Government intervention
and growing awareness in the oil and gas industry will therefore
continue to boost sales of safety products like gas detection
equipment during the forecast period.
"Predictive maintenance strategies are gaining traction, with
modern systems utilizing deep learning and big data to provide
comprehensive views of asset risk and approaching failures. Gas
leak detection is integral to predictive maintenance strategies,
ensuring timely corrections or preventions," – opines Nikhil
Kaitwade, Associate Vice President at Future Market Insights
(FMI).
Competitive Landscape:
The gas detection equipment market is characterized by fierce
competition from a wide spectrum of competitors, ranging from
multinational corporations to niche businesses. Prominent firms in
the industry, renowned for extensive product lines and worldwide
presence, are Industrial Scientific Corporation, Honeywell
International Inc., MSA Safety Incorporated, and Drägerwerk AG
& Co. KGaA.
Together with these well-established behemoths, the sector also
benefits from the efforts of up-and-coming businesses and local
firms that fill certain geographic niches. These frequently
concentrate on providing affordable solutions like sewer gas
detection equipment.
Recent Developments:
- In January 2024, Teledyne
Technologies Incorporated, based in the United States, the new iTrans 2 fixed gas
detectors. The product delivers smart sensor capabilities.
- In March 2024, the
Environmental Defense Fund, headquartered in New York, initiated a novel satellite mission
to help scientists detect global methane emissions, especially from
the oil and gas industry.
Key Companies in Gas Detection Equipment
Industry:
- MSA Safety Incorporated
- Opgal
- Drägerwerk AG and Co. KGaA
- Teledyne Technologies Inc.
- Emerson Electric Co.
- Halma plc
- Honeywell International Inc.
- Danfoss A/S
- RIKEN KEIKI CO., LTD
- Sensidyne, LP
- Testo SE and Co KGaA
- Fortive Corporation
- Inficon Holding AG
- Trolex Ltd.
- ESP Safety Inc.
- Hanwei Electronics Group
- Halma plc
More Insights into the Gas Detection Equipment Market
Report:
In its latest report, Future Market Insights (FMI) offers an
unbiased analysis of the global gas detection equipment market,
providing historical data from 2019 to 2023 and forecast statistics
for the period 2024 to 2034. To understand the global market
potential, growth, and scope, the market is segmented based on
product type, gas type, connectivity, end-use, and region.
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Players!
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Which Sensor Technology is More Popular in the
Market?
Simple Measurement Procedure and Less Expensive Nature Making
Electrochemical Sensor Technology Popular
Based on sensor technology, the global gas detection equipment
industry is segmented into electrochemical, infrared, metal oxide,
catalytic, zirconia, and others. Among these, the electrochemical
technology segment is expected to lead the global market during the
forecast period, accounting for more than 36.7% share.
This can be attributed to the rising end-user preference for
electrochemical-based gas detection equipment due to their simple
measurement procedure, short response time, and cost-effective
nature.
On the other hand, IR and catalytic gas detection equipment are
also expected to grow at a significant pace over the next ten
years.
Gas Detection Equipment Market Segmentation Analysis:
By Product Type:
- Portable Detectors
- Single Gas Detectors
- Multi-Gas Detectors
- Fixed Detectors
- Single-Channel
- Multi-Channel
- Sampling Systems
- Transmitters
By Gas Type:
- CO2
- CO
- NO2
- SO2
- NH3
- Cl3
- CH4
- O2
- H2S
- H, and other gases
By Connectivity:
By End-use:
- Medical
- Water and Wastewater
- Mining and Metallurgy
- Oil and Gas
- Power Generation Plants
- Chemical and Petrochemical
- Food and Beverages
- Security and Defense
About Future Market Insights – Industrial Automation
Division:
The Industrial Automation division of Future Market
Insights offers a novel approach and innovative perspective in
analyzing the industrial automation market. Comprehensive coverage
of capital, portable, process, construction, industrial, and
special-purpose machinery across the manufacturing sector and
distinctive analysis of the installed base, consumables,
replacement, and USP-feature-application matrix make us a
pioneering voice in the industry. We are preferred associates with
established as well as budding industry stakeholders and channel
partners when it comes to sustaining, growing, and identifying new
revenue prospects.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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