According to a new market report published by Credence Research, Inc. “Global Gas Detection Equipment Market (By End-use Application (Commercial, Industrial (Manufacturing, Oil and Gas, Mining, Utilities, Automotive, and Others), and Residential), By Type (Fixed Gas Detection Equipment, Portable Gas Detection Equipment) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global gas detection equipment market is expected to expand at a CAGR of 6.2% from 2016 to 2023, reaching US$ 3.70 Bn by 2023.
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Gas detection equipment is a subset of a safety system used across multiple industries to detect the presence or leakage of gases in a confined area. Ideally, gas detection equipment is coupled with a control system to sound an alert for shutting down running operations. Thus, it is used to alert workforce regarding a potential risk of explosion or fire break due to possible gas leakage.
While the deployment of gas detection equipment was predominantly limited to industry verticals such as oil and gas, mining, and utilities (water and waste water treatment), the advancements in technology have expanded their use in commercial as well as residential applications. Need for safety at workplace remains the overriding factor driving market growth in these segments.
The global market for gas detection equipment is highly consolidated. The leading three gas detection manufacturers account for over 50% of the global market revenue. Dragerwerk AG & Co. KGaA, Honeywell Analytics, and Mine Safety Appliances (MSA) Company are identified as the leading gas detection equipment manufacturers worldwide.
Some of the promising and emerging players identified in the global gas detection equipment market include Industrial Scientific Corporation, RAE Systems Inc, GE Measurement & Control Solutions, Sensidyne, LP, Trolex Ltd., Siemens AG, BW Technologies Ltd, ENMET Corporation, Airtest Technologies Inc., Bacharach Inc, and Scott Safety among others. In order to sustain in this relatively matured market, players are increasingly focusing on expanding product portfolio and global presence through strategic partnerships and acquisitions.
- Growing preference for small portable/wireless gas detection equipment across all end-use applications
- Stringent government regulations promoting occupational health and personal safety
- Growing demand for natural gas detectors in residential applications
- Use of ultrasonic gas detectors in industrial applications