Published By : 19 Oct 2016 | Published By : QYRESEARCH
The market for gas detection equipment is on the rise at a consistent pace since the past few years and is predicted to grow at a steady pace in the coming years. The growth of the market is attributed on the strict government legislations about the safety of property and workers and the increasing activities of gas exploration globally. The demand for energy has also fuelled the growth of this market owing to the fact that the rising count of customers globally have exhibited an inclination toward gas-powered equipment. On the other hand, factors such as the increasing competition level within this market has resulted in decreases profit margins, hence reducing investment within this market. This is a top roadblock in the growth of the global gas detection equipment market.
Fixed Gas Detectors to Remain at the Forefront till 2024
There are two main types of products present in this market, namely fixed gas detectors and portable gas detectors. Of these, in 2015, the market is led by fixed gas detectors and this segment held a share of approximately 55.0% on the basis of revenue. In addition, this segment is predicted to maintain its superiority all through 2024. On the other hand, the segment of portable gas detectors is predicted to experience high growth in forthcoming years owing to their advantages such as enhanced quality and flexibility.
Huge Utilization of Gas Detection Equipment in Industrial Sector to Boost Market Growth
Technology wise, the report segments the market into multi gas and single gas. Amongst these, single gas detection equipment led the market with a share of approximately 44.0% in 2015 due to their lightweight and compact design. By type of gas, equipment utilized for the detection of combustion gas led the market in 2015 and represented a share of 46.0%. On the basis of end use, the report segments the market into mining, oil and gas, building automation, industrial, and others. Of these, the industrial sector led the market due to the proliferation of numerous heavy operating areas including food and beverages and chemicals. However, the segment of oil and gas held the second position in the market in 2015, in terms of revenue.
Geographically, the North America gas detection equipment led the market in 2015 and approximately held a one-third share in the market, on the basis of revenue. On the other hand, Asia Pacific is predicted to experience an exponential rise in the market owing to huge industrial growth.