Pune, India, May 2020, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Gas Detection Equipment Market.
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.
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.
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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.
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).