Advancing Frontiers: Gas Detection Equipment Market on Path to...

Advancing Frontiers: Gas Detection Equipment Market on Path to $8.12 Billion by 2034

Posted 2024-04-30 17:56:07

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The need for Gas Detection Equipment is expected to expand rapidly, according to Fact.MR, a source of competitive information and market research. By the end of 2032, the market for gas detection equipment is predicted to have grown at a compound annual growth rate (CAGR) of 5.3% worldwide. Although gas detection equipment has an 11% market share, the global detection equipment market is anticipated to be worth USD 14 billion.

Manufacturers around the world are developing smart gas detection equipment by directing their focus toward implementation of innovative wireless technology, and robust integration of artificial intelligence (AI) and big data. Rapid adoption of smart gas detection equipment, which enable remote notifications, are likely to be a major factor contributing to expansion of the global gas detection equipment market in the near future.

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The increased focus on worker safety in a variety of end-use industries worldwide has prompted the introduction of different protective devices, including gas detection equipment. Gas detection technology has become necessary due to a number of industry standards, government norms, and legislation aimed at ensuring the health and safety of workers in manufacturing industries.

Global manufacturers are focusing on using cutting-edge wireless technology and integrating big data and artificial intelligence (AI) robustly in order to build smart gas detection equipment. In the near future, the worldwide gas detection equipment market is expected to grow significantly due in large part to the quick adoption of smart gas detection devices, which allow for remote notifications.

The gas detection industry is at different stages of growth globally. The need to comply with increasingly tough safety and environmental regulations is driving investment in toxic and combustible gas detectors among oil and gas, refining, petrochemical, and mining customers.

Industrial accidents, such as the 2010 catastrophic explosion of the Deepwater Horizon oilrig, continue to emphasize the need for better process measurements and safety warning systems. Moreover the Total’s Elgin platform gas leak that took place in March 2012 has raised serious concerns and is pushing Governments and regulatory bodies to propose stricter safety regulations. The occurrence of these incidents, across the globe, that involve hazards due to asphyxiation, explosions and threat to life are a constant reminder of the need for constant monitoring and detection solutions.

Key Segments Covered

By Type :-

Fixed
Portable

By End User :-

Oil & Gas
Mining
Government & Military
Manufacturing
Others

By Region :-

North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa (MEA)

Regional Analysis of Lab Automation Market

The demand for gas detection equipment in U.S based industries is gaining huge traction on the back of illness caused by harmful gases such as carbon monoxide (CO) and sulfur dioxide (SO2). The U.S government have implemented mandatory regulations regarding the adoption of gas detection equipment so as to ensure health and safety of employees and workers in various manufacturing industries. U.S based gas detection equipment market will continue to dominate the North America region, in terms of value and volume.

Robust investments in R&D activities, which have driven innovation, have extensively fueled the growth of manufacturing and oil & gas industries. This has further shaped the demand for protective products such as gas detection equipment in these industries for a wide range of applications. The manufacturing and oil & gas industries will prevail as the largest end-users of gas detection equipment. However, U.S is expected to grow at a CAGR of 5.8% over the forecast period.

In-depth Analysis on Competitive Landscape

The report sheds light on leading providers of gas detection equipment, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the gas detection equipment business has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as production sites & capacities, product portfolios, channel partners, prominent consumers and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the gas detection equipment market.

Competitive Landscape

Fact.MR has profiled the following key gas detection equipment manufacturers in its report are 3M Company, Analytical Technology Inc., Dragerwerk AG & Co. KgaA, Emerson Electric Co., Enmet LLC., ESP SAFETY INC., Fortive Corporation, Gas Measurement Instruments Limited., Gastech Australia Pty Ltd, General Electric Company, Global Detection Systems Corp., Halma plc, Honeywell International Inc., MSA Safety Incorporated, RKI Instruments, Inc., Thermo Fisher Scientific Inc., Trolex Ltd and United Technologies Corporation

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Segment Wise Analysis

The rising initiatives to change old and outdated type of gas detection equipment in all the industries including oil & gas and mining sector, which is favoring the progression of this market. Building automation is projected to appear as a key end-use segment for portable type of product. The portable gas detection equipment is estimated to be valued at USD 341 Mn in 2022 and is likely to grow at a CAGR of 3.9% by the end of 2032.

Oil & gas, manufacturing, and mining are several end use industries with high possibilities of gas leakage, which can result into several destruction to employees and workplace at their respective units. The use of gas detection equipment in oil & gas industries is expected to grow 1.8X, which results to reach the valuation at USD 944 Mn by the end of 2032.

In some serious cases, there is probability of employee’s deaths due to suffocation. In order to minimize or avoid such circumstances, numerous companies around the world are increasing the focus on integrating different safety measures like gas detection equipment. The mining as end users is expected to grow at a CAGR of 5.6% over the period of 2022-2032.