Wellesley, Mass, Feb. 13, 2017 (GLOBE NEWSWIRE) -- Innovative designs, lower prices, and expanding application areas are driving growth in the global market for gas monitoring and sensing devices. BCC Research reveals in its new report that other drivers include new legislation affecting major user industries and growing interest Southern European, South American, and Asian interest in environmental awareness and work safety.
The global market for gas flow meters, sensors/monitors, and secondary flow instrumentation should grow from nearly $5.3 billion in 2016 to about $6.9 billion by 2021, demonstrating a five-year compound annual growth rate (CAGR) of 5.3%. Gas flow sensors/monitors, which dominated the market, should reach nearly $2.6 billion in 2016 and $3.4 billion in 2021, rising at a five-year CAGR of 6.1%. The gas flow meters segment is expected to reach nearly $2.1 billion and about $2.6 billion in 2016 and 2021, respectively, with a five-year CAGR of 4.5%.
North America and Europe each accounted for slightly under one-third of the global market for gas meters, sensors, monitors, and secondary instruments in both 2015 and 2016, while Asia accounted for less a quarter of the market. By 2021, Europe should become the leading market, with 37.0% of the global market.
In addition to the continuing weakness of the global economy, longer-term constraints on the market for gas monitoring and sensing devices include growing use of multi-parameter analyzers, longer-lasting products, maturing markets in Europe and North America.
"By applications, custody transfer accounted for the largest share of the market (23.2%) in 2015. The market for stack gas monitoring equipment, the second-largest application segment, is expected to overtake custody transfer, rising from 21.0% of the market in 2015 to 23.4% in 2021, while custody transfer’s share drops to 20.4%,” says BCC Research analyst Andrew McWilliams. "By product type, gas flow sensors and monitors should grow faster than the markets for either flow meters or secondary instrumentation."
Gas Sensors and Gas Metering: Applications and Markets (IAS012D) describes and analyzes developments in the markets for commercial gas meters and gas sensors/monitors since 2014. The report also examines the current status and future supply and demand issues for gas meters and sensors/monitors. Global market drivers and trends, with data from 2015, estimates for 2016, and projections of CAGRs through 2021 also are provided.
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