Gas Detection Equipment Market to Reach US$ 5,537.56 Mn by 2026, Due to Government Regulations and Environmental Safety and Security Standards, Noted TMR
As a result of these factors, the global gas detection equipment market is expected to register revenue of US$ 5,537.56 Mn during the forecast.
ALBANY, New York, Aug. 26, 2019 /PRNewswire/ -- As a result of growing fixed gas detection equipment the latest report by Transparency Market Research predicts that the global gas detection equipment market is expected to grow substantially in coming years. Moreover, stringent regulations by the governments of various countries like U.S. China, and India, the building and construction industry is implementing gas detection equipment in their projects. This is further expected to accelerate the growth of global gas detection equipment market in coming years.
- Market to Experience a Boost of 4.7% CAGR
Owing to rising adoption of gas detection equipment in industries such as chemical, food and beverages, building automation, and construction sector, the market is anticipated to witness a robust growth of 4.7% CAGR. The growth of the market is also the result of the rising awareness of safety parameters in various sectors during the projected time frame.
As a result of these factors, the global gas detection equipment market is expected to register revenue of US$ 5,537.56 Mn during the forecast. Looking at the exceptional potential, various new players are entering the market which is further expected to accelerate the growth of global gas detection equipment market.
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- Asia Pacific to Hold Largest Share in the Market
Geographically, Asia Pacific is expected to exhibit maximum potential for the players of global gas detection equipment market. The dominan ce of the region over various other geographical extents is the result of rising adoption of fire safety in workplace in countries like China and India. Moreover, growing number of distributors for the equipment in this region is further expected to boost the dominance of Asia Pacific in gas detection equipment market during the projected timeframe.
- Initiatives to Reduce Threats of Toxic Gas Leakage Drives the Market
Many industries such as mining, building and construction, and chemical have to work in an environment where a gas leakage can be catastrophic. Hence, they require a solution that can explicitly detect leakage of toxic or flammable gases. Owing to the demand for a solution that can help employees by alerting them about a gas leakage is projected to drive the growth of global gas detection equipment market during the estimated period.
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Moreover, various technological developments such as multi-gas detection system and IoT-enabled portable gas detectors are further expected to propel the growth of global gas detection equipment market.
Further, rising demand for gas detection equipment in pharmaceutical companies as they deal with various toxic gases, is also expected to accelerate the growth of global gas detection equipment market. Also application of gas detection equipment in high marine applications is fueling the growth of the market. This is a result of strict compliances related to the safety of the workers working on oil rigs or mines deep beneath the earth surface.
- Presence of Innumerable Players Present Tough Competition
The global gas detection equipment market has a highly competitive landscape at present. This is because of the presence of numerous players coupled with the entry of various new ones. The latter are attracting towards the market as the result of lucrative growth opportunities like better profit generation. Owing to this, the competition is believed to rise even further for the players of global gas detection equipment market.
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The study presented here is based on a report by Transparency Market Research (TMR), titled, "Gas Detection Equipment Market (Product Type - Fixed Gas System, Portable Gas System; Gas Type - Oxygen, Flammable, Toxic; Technology - Single Gas Detection, Multi Gas Detection; Industry Vertical- Oil and Gas, Chemicals and Specialty Chemicals, Mining, Water Treatment, Emergency Services, Semiconductors, Building Automation and Construction, Food and Beverages, Power Generation/Utilities) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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The global Gas Detection Equipment Market is segmented on the basis of:
- Product Type
- Fixed Gas System
- Portable Gas System
- Gas Type
- Oxygen
- Flammable
- Toxic
- Technology Type
- Single-gas Detection
- Multi-gas Detection
- End-use
- Oil & Gas
- Chemicals & Specialty Chemicals
- Mining
- Water Treatment
- Emergency Services
- Semiconductors
- Building Automation & Construction
- Food & Beverages
- Power Generation/Utilities
- Others
- Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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