Selbyville, Delaware,, July 02, 2024 (GLOBE NEWSWIRE) --
The gas detector market is likely to reach USD 2.9 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing safety regulations and standards across sectors, such as oil & gas, chemicals, mining, and manufacturing is driving the market growth. The rising awareness of workplace safety and the need to prevent hazardous incidents are spurring the demand for reliable gas detection systems. Technological developments, including the integration of IoT and wireless connectivity are enhancing the product efficiency and accuracy.
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As per data from the India Brand Equity Foundation (IBEF), the oil & gas industry of India is projected to attract USD 25 billion investment in exploration and production. Increasing investments in exploration projects will also accelerate the gas detector market demand. The expansion of the construction and infrastructure sectors is further accelerating the deployment of gas detectors. The influx of stringent environmental regulations is augmenting the emphasis on monitoring air quality in both industrial and residential settings. The increasing investments in smart city projects and industrial automation are also favoring the industry growth.
In terms of end-use, the gas detector market from the energy & power segment will expand at notable rate between 2024 and 2032, driven by stringent safety regulations, increasing incidents of gas leaks, and the need for continuous monitoring in high-risk environments. The rise in oil & gas exploration activities and the expansion of power generation facilities are spurring the demand for advanced gas detection technologies. The growing adoption of IoT-enabled detectors for real-time data and predictive maintenance is improving operational safety and efficiency, adding to the segment growth.
The fixed installation segment is estimated to hold sizeable share of the gas detector market by 2032, owing to the growing need for continuous monitoring in industrial settings, stringent safety regulations, and the rising incidence of gas leaks. The surging demand for reliable, long-term solutions in hazardous environments is accelerating the appeal for these installations. The advancements in detection technology and integration with IoT for real-time monitoring and data analysis are driving the segment growth.
Europe gas detector market will record a significant revenue share by 2032, driven by stringent safety regulations, increasing industrial activities, and rising awareness of workplace safety. The expansion of the oil & gas, chemicals, and manufacturing sectors is necessitating advanced gas detection solutions. Technological advancements, including IoT integration for real-time monitoring and predictive maintenance have been witnessed in the region. Additionally, the growing focus on environmental protection and air quality monitoring, along with investments in smart infrastructure may propel the regional market growth.
Some of the leading firms operating in the gas detector market include ABB Ltd., Crowncon Detection Instruments Limited, Dragerwerk AG & Co. KGaA, Emerson Electric Company, General Electric, Hanwei Electronics Group Corporation, Honeywell International Inc., Industrial Scientific Corporation, International Gas Detectors Ltd., MSA Safety Inc., New Cosmos Electric Co. Ltd., Robert Bosch GmbH, Sensidyne LP, SENSIT Technologies, LLC, and Trolex Ltd. These industry players are adopting various business expansion strategies, like mergers & acquisitions, partnerships, and product launches to bolster their market presence.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2018 - 2032
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Growing demand for gas detectors in industrial applications
3.8.1.2 Increasing adoption of gas detection systems in oil & gas facilities
3.8.1.3 Rising concerns about environmental pollution
3.8.1.4 Growing technological advancements enhancing the efficiency and accuracy of gas detectors
3.8.1.5 Growing emphasis on worker health and safety standards
3.8.2 Industry pitfalls & challenges
3.8.2.1 Maintenance requirements
3.8.2.2 Compatibility issues
3.9 Growth potential analysis
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
