Wilmington, Delaware, United States, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global ultrasonic gas leak detector market is projected to flourish at a CAGR of 8.3% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 45.2 billion is anticipated for the market in 2031. As of 2023, the market for ultrasonic gas leak detectors is expected to close at US$ billion.
The growth of the ultrasonic gas leak detector is driven by increasing demand for gas leak detectors in various industries, owing to the increased awareness about gas safety and the increasing prevalence of gas leaks.
Environmental concerns and regulatory compliance drive the adoption of gas leak detection systems that help prevent environmental hazards as leaks can lead to environmental pollution and health risks. Ultrasonic gas leak detectors aid in preventing emissions of harmful gases into the environment.
Growing technological advancements in sensor technology, data analysis, and connectivity are driving the development of more accurate and reliable ultrasonic gas leak detectors, expected to boost the market demand during the forecast period.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 22.3 Mn | |
| Estimated Value | US$ 45.2 Mn | |
| Growth Rate - CAGR | 8.3% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 164 Pages | |
| Market Segmentation | By Type, Gas Detector, Application, End-use Industry | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | ABB, Amprobe, Drägerwerk AG & Co. KGaA, Emerson Electric Co., Honeywell International Inc., Johnson Controls, Mine Safety Appliances (MSA), Mitchell Instrument Company, PCE Deutschland GmbH, SONOTEC GmbH, UE Systems Inc., Yokogawa Electric Corporation, Others Key Players | |
Key Takeaways from the Market Study
- As of 2022, the ultrasonic gas leak detector market was valued at US$ 22.3 billion
- The fixed gas leak detector segment remains prominent in terms of type, accumulating a high revenue share during the forecast period
- Based on the gas detector, the organic/ natural segment accounts for the highest market share
- Based on the end-use industry, the industrial segment is projected to dominate the industry during the forecast period, Ultrasonic gas leak detectors help detect gas leaks at an early stage, which is essential in industrial settings
Ultrasonic Gas Leak Detector: Key Trends and Opportunistic Frontiers
- The demand for ultrasonic gas leak detectors is high in emerging industries like renewable energy, battery storage, and hydrogen fuel cells to ensure safety during the handling of new types of gases.
- Increased technical innovation and advancements in sensor technology, data analysis, and connectivity are driving the development of more accurate and reliable ultrasonic gas leak detectors.
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Ultrasonic Gas Leak Detector Market – Regional Analysis
- Asia Pacific is the prominent market in ultrasonic gas leak detectors. Rapid industrialization and urbanization, leading to increased demand for gas detection solutions in industries like manufacturing, chemicals, mining, healthcare, oil & gas, and energy, present significant opportunities for the target market in the forecast period. Increasing awareness of worker safety along with a focus on improving safety standards, drives the adoption of advanced technologies such as ultrasonic gas leak detectors.
- North America accounts for a high market share in the ultrasonic gas leak detector market owing to its presence in the industrial and manufacturing sectors, including oil and gas, chemical processing, and power generation. The increasing focus on industrial safety, combined with technological advancements, contributes to the demand for ultrasonic gas leak detectors in the region.
Competitive Landscape
The ultrasonic gas leak detector market is fragmented, with the presence of several ultrasonic gas leak detector companies. The leading players in the ultrasonic gas leak detector market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global ultrasonic gas leak detector market report:
- ABB
- Amprobe
- Drägerwerk AG & Co. KGaA
- Emerson Electric Co.
- Honeywell International Inc.
- Johnson Controls
- Mine Safety Appliances (MSA)
- Mitchell Instrument Company
- PCE Deutschland GmbH
- SONOTEC GmbH
- UE Systems Inc.
- Yokogawa Electric Corporation
- Others Key Players
Key Developments in Ultrasonic Gas Leak Detector Market
- Emerson has been focusing on expanding its portfolio of ultrasonic gas leak detectors with improved sensitivity and advanced data analytics capabilities. The company has been working on integrating its detectors with Industrial Internet of Things (IIoT) platforms for remote monitoring and data analysis.
- Honeywell has been investing in the development of next-generation ultrasonic gas leak detectors with enhanced accuracy and broader detection capabilities. The company has been collaborating with other technology providers to integrate its detectors into broader safety and monitoring systems.
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Ultrasonic Gas Leak Detector Market –Key Segments
Type
- Fixed Gas Leak Detector
- Portable Gas Leak Detector
Gas Detector
- Oxygen
- Hydrogen
- Methane
- Carbon Dioxide
- Carbon Monoxide
- Ammonia
- Others (Ethane, Nitric Oxide, etc.)
Application
- Pressure and Vacuum System Leak Detection
- Exhaust System Leaks
- Tanks Leak Testing
- Pipe Leak Testing
- Others (Natural Gas Supply Lines, Steam Trap Inspection, etc.)
End-use Industry
- Residential
- Commercial
- Industrial
- Automotive
- Oil & Gas
- Chemical
- Food & Beverage
- Power & Utility
- Pharmaceutical
- Metal & Mining
- Paper and Pulp
- Others (Healthcare, Aerospace & Defense, etc.)
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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