Global Gas Detection Equipment Market to Grow at 5.0% CAGR till 2022 thanks to Rising Popularity of Natural Gas Detectors : Transparency Market Research
Transparency Market Research’s new market research report, titled “Gas Detection Equipment Market (Fixed Gas Detection Equipment and Portable Gas Detection Equipment) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2022”.
Albany, NY, Jan. 29, 2016 (GLOBE NEWSWIRE) -- Transparency Market Research’s featured report, offers a 360-degree view of the market. According to this report, the global gas detection equipment market will expand at a 5.0% CAGR during the forecast period from 2014 to 2022. In 2013, the global gas detection equipment market was worth US$2.1 bn and by 2022, the market is projected to be worth US$3.3 bn.
The global gas detection equipment market is driven by the rising popularity of natural gas detectors in both residential and commercial sectors. Furthermore, the rising use of wireless gas detection equipment is projected to propel the global gas detection equipment market in the coming few years. Factors such as the growing concern for occupational safety and health and safety regulations will also fuel the global gas detection equipment market in the foreseeable future. On the other hand, the global gas detection equipment market will be suppressed by the price erosion, challenging the market revenue’s growth, and the high response time to major changes in gas concentration.
By product type, the global gas detection equipment market is divided into portable gas detection equipment and fixed gas detection equipment. The fixed gas detection equipment segment stood out as the dominant sector in the global gas detection equipment market in 2013 and held a market revenue share of 58.4%. The portable gas detection equipment sector is driven by the rising preference for portable, flexible equipment for gas leak detection, particularly in areas that are confined.
On the basis of technology, the global gas detection equipment market is segmented into combustible gas detection and toxic gas detection. By end-use industry, the global gas detection equipment market is divided into building automation, industrial, mining, oil and gas, and others such as educational, R&D labs, and pharmaceuticals. The industrial segment led the global gas detection equipment market in 2013 and was worth US$794.5 mn. Nevertheless, it is the building automation segment that is projected to witness the highest CAGR of 6.6% during the forecast period.
On the basis of geography, the global gas detection equipment market is segmented into Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa (MEA). North America and Europe in the global gas detection equipment market were the two largest contributors in 2013. On the other hand, regions such as the Middle East, Asia Pacific, and Latin America are projected to witness robust growth in the coming few years. The Middle East and Africa market is projected to grow significantly in the global gas detection equipment market as countries such as Iraq, the United Arab Emirates, and Saudi Arabia are driven by the rising demand from the oil and gas industry in this region.
The global gas detection equipment market is highly competitive and fragmented in nature. Some of the key companies operating in the global gas detection equipment market are Sensor Electronics, Sensidyne, RAE Systems, Honeywell Analytics, Trolex, Siemens, Mine Safety Appliances, Dragerwerk, and Industrial Scientific Corporation. Players in the global gas detection equipment market will benefit from the rising demand for this equipment in building automation and healthcare.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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Source: GlobeNewswire
(January 29, 2016 - 7:30 AM EST)
