Gas Detection Equipment Market 2021: COVID-19 Impact Analysis, Share, Size, Trends, Industry Growth and Segment Forecasts To 2023
Industry Insight
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.
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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.
Regional Framework
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.
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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).
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