Wilmington, Delaware, United States, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global gas detection equipment market size stood at US$ 3.7 Bn in 2021 and is projected to expand at a CAGR of 4.8% between 2022 and 2031. The global gas detection equipment market is anticipated to reach US$ 5.8 Bn by 2031. Growth in emphasis on workplace safety across several industries is estimated to drive business opportunities in the global gas detection equipment market. Several end-use industries, including manufacturing, healthcare, and oil & gas, are stressing on occupational safety owing to the introduction of stringent rules and standards regulating the emission and management of hazardous gases.
Gas detectors are essential to occupational health and safety given the significant risk of toxic gas leaks in industrial settings. Gas detection equipment guarantees safety both for the environment and employees alike, which is projected to drive industry growth. Deploying multi-gas detectors is a strategy adopted by companies in the gas detection equipment market to expand their product line and increase market share.
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Workers now have a far greater knowledge of health and safety issues owing to an increase in workplace accidents in several industries. Companies are implementing robust occupational health and safety management practices to retain employees, comply with rigorous EHS regulations, and improve brand impression. As a result, the adoption of gas detection equipment has increased in workplaces.
Hazards and dangers that negatively affect human health and cause property damage could result from the leakage of dangerous gases. Gas detection equipment alarm systems enable prompt worker and employee evacuation, preventing fatal accidents, which is likely to drive market demand. Furthermore, gas detection equipment is utilized in the metal oxide varistor industry owing to the ability of metal oxide gas sensors to identify flammable, reducing, and oxidizing gases through conductive measurements.
Key Findings of Market Report
- Based on product type, the portable gas detection segment leads the global industry. Handheld gas detectors are convenient and safe to use in hazardous situations. They can also be connected to mobile devices by worldwide Interoperability for Microwave Access (WiMAX), Bluetooth, or Wi-Fi. The global gas detection equipment market is expected to expand rapidly due to these advantages.
- The oil & gas segment is anticipated to hold leading market share due to growth of the oil refining industry. Hazardous, nontoxic, and toxic gases are used or produced in processing facilities, LPG/LNG facilities, storage farms, pipelines, oil refineries, and offshore platforms. The buildup of nontoxic gases in large quantities can cause oxygen levels to drop at a workplace, which can cause workers to experience hypoxia. As a result, gas detection equipment is essential for reducing a range of threats and hazards in the oil and gas industry.
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Global Gas Detection Equipment Market: Growth Drivers
- The oil and gas industry often uses toxic and flammable materials. They are dangerous and can result in serious or fatal injuries when handled incorrectly by employees. High-pressure distribution pipes, turbines, and reactors are among the sites where gas leakage is a serious risk. As a result, firms in the oil & gas industry are making large investments to upgrade their pipeline infrastructure. Companies are deploying efficient gas detection systems to prevent accidents.
Global Gas Detection Equipment Market: Regional Landscape
- North America is anticipated to account for a sizable share of the global market between 2022 and 2031, given the presence of key suppliers and the adoption of stringent EHS rules. The gas detection equipment market in the US is predicted to grow due to increase in incidence of accidents caused by toxic gases, including carbon monoxide and sulfur dioxide.
- The market in Asia Pacific is likely to expand at a rapid pace in the near future owing to rising number of greenfield projects. The Asia Pacific market is also expanding owing to growing focus on workplace safety and rapid industrialization.
Global Gas Detection Equipment Market: Key Players
Some of the key market players are
- Honeywell International Inc.
- Drägerwerk AG & Co. KGaA
- Thermo Fisher Scientific Inc.
- Riken Keiki Co., Ltd.
- ESP Safety Inc.
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Global Gas Detector Equipment Market: Segmentation
Product Type
- Fixed Gas Detection
- Portable Gas Detection
Gas Type
- Oxygen
- Flammable
- Toxic
Technology
- Single Gas Detection
- Multi-gas Detection
Industry Vertical
- Oil & Gas
- Chemicals & Specialty Chemicals
- Mining
- Water Treatment
- Emergency Services
- Semiconductors
- Building Automation & Construction
- Food & Beverages
- Power Generation/Utilities
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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