New York, United States , May 15, 2023 (GLOBE NEWSWIRE) -- The Global Gas Detection Equipment Market Size is to grow from USD 4.25 billion in 2022 to USD 13.87 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.56% during the projected period. The rising adoption of gas sensors in various applications in several industries such as industrial, oil & gas, automotive, medical, aerospace & defence, chemical, building automation, domestic appliances, environmental, and others are expected to boost the demand for the gas detection equipment market during the forecast period.
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Gas detectors, as an essential component of a safety system, assess or measure the depletion of combustible gases, hazardous gases, and oxygen in a given space. Such detectors frequently generate a warning signal and are utilized in limited areas or situations where prolonged exposure to such gas may result in hazardous exposure or a fire hazard. These detection devices are commonly used in a variety of settings, including industrial plants, refineries, pharmaceutical manufacturing facilities, fumigation facilities, paper pulp mills, ship and airplane construction facilities, hazmat operations, wastewater treatment centers, automobiles, air-quality testing labs, and residential buildings. Increased industrial standards, as well as regulatory norms and legislation, have fueled demand for gas detection systems in manufacturing businesses in order to protect workers' safety and health. In addition, the increasing use of smart gas detection equipment that allows for remote monitoring is likely to be a major driver of the global gas detection equipment market during the forecast period.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Gas Detection Equipment Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Portable Gas Detector and Fixed Gas Detector), By Technology (Infrared, Semiconductor, Laser-based Detection, Catalytic, Photoionization Detector, Others), By End-Use (Industrial, Oil & Gas, Automotive, Medical, Aerospace & Defence, Chemical, Building Automation, Domestic Appliances, Environmental, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here
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The oil & gas segment accounted the largest market share of more than 38.7% over the forecast period.
On the basis of end-use, the global gas detection equipment market is segmented into industrial, oil & gas, automotive, medical, aerospace & defence, chemical, building automation, domestic appliances, environmental, and others. Among these, oil & gas are dominating the market with the largest market share of 38.7% over the forecast period. The growing natural gas and petroleum markets have created potential hazards during production, such as exposure to noxious and flammable gases during extraction and gas leaks.
The semiconductor segment is witnessing significant CAGR growth over the forecast period.
On the basis of technology, the global gas detection equipment market is segmented into infrared, semiconductor, laser-based detection, catalytic, photoionization detector, and others. Among these, the semiconductor is witnessing significant CAGR growth over the forecast period. The majority of semiconductor-based gas detectors are affordable and detect combustible gases. They are extensively used in industries such as petrochemical, automotive, and medical due to properties such as corrosion resistance and extended life.
The fixed gas detector segment is dominating the market with the largest market share over the forecast period.
On the basis of product type, the global gas detection equipment market is segmented into the portable gas detector and fixed gas detectors. Among these, the fixed gas detector segment is dominating the market with the largest market share of 58.73% over the forecast period. As businesses become more aware of the potential hazards associated with hazardous gases in the workplace, the need for safe and healthy working conditions is a main driving force behind the increased adoption of fixed gas detectors.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 35.7% market share over the forecast period, because of their portability and versatility, portable gas detectors are becoming increasingly popular in the Asia Pacific. Additionally, increased exploration and production by several oil corporations, such as the National Offshore Oil Corporation of China and the Oil & Natural Gas Corporation of India, is increasing demand for the region's gas detection equipment market. The Asia Pacific gas detection equipment market is expected to be led by China. On the other hand, North America is predicted to expand the fastest during the forecast period. The abundance of a big oil and gas pipeline network, as well as oil and gas refinery operations, in nations such as the United States and Canada, predicts significant market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Gas Detection Equipment Market include Airtest Technologies, Inc., Teledyne Technologies Incorporated, Fortive Corporation, Opgal Optronics Industries Ltd., Siemens, 3M Company, ABB, Lynred, Emerson Electric Co., General Electric Company, Honeywell International Inc., Fluke Corporation, Gas Measurement Instruments Ltd., RKI Instruments, Inc., Trolex Ltd., United Technologies Corporation, Thermo Fisher Scientific Inc., and among others.
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