PUBLISHER: The Business Research Company | PRODUCT CODE: 1287969
PUBLISHER: The Business Research Company | PRODUCT CODE: 1287969
“Gas Detection Equipment Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on gas detection equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for gas detection equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The gas detection equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the gas detection equipment market are Honeywell International Inc, Teledyne Technologies Inc, Emerson Electric Co, Thermo Fisher Scientific Inc, Dragerwerk AG & Co KGaA, Trolex Ltd, Carrier Global Corporation, Industrial Scientific Corporation, Emerson Electric Co, Aerionics Inc, MSA Safety Incorporated, RKI Instruments Inc, Sensor Electronics Corporation, Interscan Corporation, Mil-Ram Technology Inc, Beijing SDL Technology Co. Ltd, Hanwei Electronics Group Corporation, RIKEN KEIKI CO LTD, Halma plc, Process Sensing Technologies Ltd, and Blackline Safety Corp.
The global gas detection equipment market is expected to grow from $4.02 billion in 2022 to $4.39 billion in 2023 at a compound annual growth rate (CAGR) of 9.36%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The gas detection equipment market is expected to reach $6.12 billion in 2027 at a CAGR of 8.66%.
The gas detector equipment market consists of sales of catalytic bead industrial gas detectors, non-dispersive infrared industrial gas sensors, and electrochemical industrial gas detectors. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Gas detection equipment is a device that detects potentially hazardous gases and emits warning signs when they detect elevated quantities of dangerous gas by sounding alarms or flashing lights. It is intended to identify explosive, flammable, and poisonous gases with as little delay as possible.
North America was the largest region in the gas detection equipment market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of gas detection equipment are fixed gas detectors and portable gas detectors. Fixed gas detectors are permanently deployed on-site and are used to continually monitor surroundings to detect an abnormal or harmful presence of gas in a given region and to advise the user of potential risks. Major technologies are semiconductor, infrared (IR), laser-based detection, catalytic, photoionization detector (PID), and others that are used in various end-uses such as medical, building automation and domestic appliances, environmental, petrochemical, automotive, industrial, and others.
Increased demand for natural gas and petroleum is expected to boost the growth of the gas detection equipment market going forward. Natural gas is a mixture of hydrocarbon-rich gases, whereas petroleum is a liquid mixture that may be utilized to make oil, diesel fuel, and a range of other products. As the world's population continues to grow, the demand for energy sources such as natural gas and petroleum is also expected to increase. This has led to an increase in exploration and production activities, which in turn has led to an increase in the use of gas detection equipment to ensure worker safety. Gas detection systems are used in the oil and gas industry to detect risks to workers at work and in the industrial environment. For instance, in April 2023, according to the report published by the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, in 2021, the oil consumption increased by 5.3 million barrels per day (b/d). Global liquid fuel consumption climbed by 1.4 million barrels per day in 2023 and is anticipated to increase by 1.8 million barrels per day in 2024. Therefore, increased demand for natural gas and petroleum is driving the growth of the gas detection equipment market.
Product innovations have emerged as the key trend gaining popularity in the gas detection equipment market. Major companies operating in the gas detection equipment market are developing innovative products to strengthen their position in the market. For instance, in September 2022, Drager, a German-based manufacturer of gas detection and analysis systems, launched the Draeger X-am 2800, a mobile gas detector to automatically shares real-time information on the chemicals that emergency responders are exposed to. The X-am 2800 is equipped with a newly built CatEX sensor that has been independently dropped tested at a height of >2m to ensure a strong and resilient construction, which is crucial in emergency rescue scenarios. With built-in Bluetooth connectivity, one can send live gas measurements and alarms to Drager's Gas Detection Connect cloud service in real-time. This gives users secure access to crucial data at any time and from any location via an internet browser.
In August 2021, Halma, a British-based safety equipment company, acquired Sensitron for $23.06 million (€21 million). With this acquisition, Hamla aimed to strengthen its product offerings in the gas detection market to offer its client a safer, cleaner, and healthier solution. Sensitron S.r.l. is an Italy-based gas detection company that manufactures gas detection systems.
The countries covered in the gas detection equipment market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The gas detection equipment market research report is one of a series of new reports from The Business Research Company that provides gas detection equipment market statistics, including gas detection equipment industry global market size, regional shares, competitors with a gas detection equipment market share, detailed gas detection equipment market segments, market trends and opportunities, and any further data you may need to thrive in the gas detection equipment industry. This gas detection equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.