The levels of competition prevailing in the global gas detection equipment market is notably high, with various players trying to offer differentiated offerings to stay ahead of the curve, notes Transparency Market Research (TMR). They are also trying to gain a better foothold in the market by offering a variety of services to meet emerging needs of their customers. Focusing on additional services is one of the significant strategies to gain customer loyalty and explore new markets. Prominent players operating in the global gas detection equipment market include ESP Safety Inc., KGaA, Drägerwerk AG & Co., Sensidyne, GE Measurement & Control Solution, Honeywell International Inc., Schauenburg Group, Trolex Ltd, Industrial Scientific Corporation, Siemens AG, RAE Systems Inc., MSA Safety Incorporated, Sensor Electronics, and Riken Keiki Co., Ltd.
The global gas detection equipment market stood at US$3.4 billion in 2015 and is projected to reach US$5.6 bn by 2024 end. The market is anticipated to garner a CAGR of 5.6% during the forecast period of 2016 to 2024.
The two major product types are fixed gas detector and portable gas detector. Of the two, fixed gas detection equipment leads and accounted for the major share in 2015. The segment is anticipated to retain its sway throughout the forecast period. This is attributed to their vast uptake in industrial set ups for the constant monitoring of toxic or combustible gas. However, the demand for portable gas detectors is fast gathering pace over the assessment period.
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Geographically, North America accounted for the leading market share in 2015 and the growth is fueled by the rising uptake in government institutions. However, Asia Pacific is projected to rise at an attractive pace, supported by burgeoning demand in gas exploration projects. The advent of a number of advanced gas detection technologies, notably drone mounted equipment, is also aiding in the expansion of the regional market.
Industrial Norms and Governmental Regulations on Workers’ Safety Bolstering Demand
The global gas detection equipment market is driven by the growing demand for ensuring the workers’ safety in various end-use industries in various parts of the world. The need for monitoring combustible gases and chemical agents in oil and gas industry is a key factor driving the demand for gas detection equipment. The implementation of industrial standards for maintaining the workers’ safety by in these industries is bolstering the demand for gas detection equipment. Furthermore, several governmental regulations and norms pertaining to precautionary measures for maintaining the health of workers and employees in manufacturing industries is stoking the demand for gas detection systems.
Declining Profit Margins Key Concern for Manufacturers
In addition, the deployment of gas detection technologies and systems in offshore gas facilities and plants in developed countries is a key factor boosting the market. The rapid strides taken by oil and gas exploration and production activities in various parts of the world is stoking the demand for gas detection systems. The substantially rising demand for energy worldwide bodes well for the oil and gas industries.
However, the notable decline in profit margins of some manufacturers on account of intense competition prevailing in the global market is a key concern adversely affecting the growth of the market. The investments in the market has also taken a backseat crippling the growth of the market. On the other hand, a rising shale gas exploration activities in a number of developing and developed nations is a crucial factor creating attractive prospects in the market. Furthermore, the demand for portable gas detection equipment gaining traction is also accentuating the growth of the market.