New York, NY -- (ReleaseWire) -- 05/11/2020 --According to a new market report published by Industry Probe titled 'Gas Detection Equipment Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027,' the global gas detection equipment market is expected to reach US$ 5,671.33 Mn by 2027 and expand at a CAGR of 4.9% from 2019 to 2027. The global gas detection equipment market was valued at US$ 3,753.52 Mn in 2018 and is expected to expand at a CAGR of 9% from 2019 to 2027. Fast growing economies such as China and India are expected to lead the growth of the gas detector equipment market in the region and ensure that Asia Pacific remains the fastest growing market during the forecast period. Europe, along with North America are mature markets with a very high penetration rate of the gas detection equipment market. Hence, they are expected to have a low growth rate, driven primarily by stringent policies and government regulations associated with worker and workplace safety.
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Growing technological advancements and new advance products introduced by gas detection devices companies are expected to see strong demand for the product from various industries and applications across the region. Increased safety standards and offshore explorations has increased the demand for gas detection equipment. This factor is expected to drive the demand for gas detection equipment worldwide. Increased awareness and stringent safety regulations to maintain highest possible workplace safety is driving the gas detection equipment market across the world. The global gas detection equipment market is anticipated to grow at a significant pace owing to increasing number of gas detector manufacturers and growing presence of distribution networks across different regions such as North America, Europe, Asia Pacific, Middle East & Africa, and South America which are anticipated to offer lucrative opportunities during the forecast period.
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In terms of product, portable gas detection equipment is expected to be the fastest growing segment during the forecast period. As compared to portable gas detection equipment, fixed gas detection requires high maintenance and high initial setup cost. This factor is expected to hamper the growth of fixed gas detection equipment during the forecast period. Under the gas type segment, combustible gas is expected to hold major market share and expected to maintain its market share during the forecast period. Under the technology segment, single-gas detectors have experienced significant growth in the gas detection equipment market as the number of gases emitted from a particular plant or facility are known and the respective gas detectors are then used to detect that particular gas from a specific part of the plant Under the end-use industry segment, oil & gas industry is expected to hold large market share due to the increase in regulations and policies associated with the safety of workers. In terms of distribution channel, the online distribution channel is expected to be the most attractive segment during the forecast period. In terms of region, Asia Pacific is expected to hold major market of the global gas detection equipment market, followed by North America and Europe. In Asia Pacific, China held the largest market for gas detection equipment followed by Japan in 2018. Growing presence of gas detection device manufacturers and distributors across the country is anticipated to enhance the overall market growth and demand for gas detection equipment in the Asia Pacific region.
The gas detection equipment market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences. The report includes the below mentioned pointers of major players operating in the gas detection equipment market:
- Competition Matrix
- Company Overview
- Market Share Analysis (2018)
- Product Innovation
- Business Strategies / Recent Developments
- Technological advancements
- Key mergers and acquisitions
- Expansion strategies
- Company Financials
Some of the major players covered under the scope include Riken Keiki Co., Ltd, Industrial Scientific Corporation, Drägerwerk AG & Co. KGaA, MSA SAFETY INCORPORATED, Honeywell International Inc, RAE Systems Inc., Emerson Electric Co, Sensor Electronics Corporation, Trolex Limited, and SENSIT Technologies.
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