- August 12, 2015
- Transparency Market Research
The global gas detection equipment market is forecast to reach $ 3,372.0 Mn by 2022. The increase in demand from oil & gas industry is another factor driving the market for gas detection equipment.
Gas detection is a vital concern in many industries around the world. Undetected leakage of natural gas and several other gases can be highly dangerous, since many industrial gases are highly flammable and pose a severe fire hazard. Several gases are also highly toxic and can cause severe respiratory conditions.Sectors such as mining and oil and gas extraction are particularly prone to damage from gas leakage, since these industries operate in necessarily close proximity to methane gas and other flammable hydrocarbons.Due to the growth of these industries, the global gas detection equipment market is on the rise.
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Growing Concern for Workplace Safety Driving Gas Detection Equipment Market
The major driver of the global gas detection equipment market is the need to ensure safety in workplaces. Health and safety regulations in many countries have now made it mandatory for industries to install gas detection equipment to minimize the risk of damage. Even without the regulatory support, the market for gas detection equipment has gained steady demand from the mining and petroleum industries.
Apart from the industrial sector, the demand for natural gas detectors is the highest in the commercial and residential sectors. Natural gas is one of the most common gases used in day-to-day operations in residential as well as commercial complexes, mainly for cooking and heating. However, left unchecked, the same chemical energy of natural gas that facilitates its use as fuel can lead to devastating accidents. Due to this, the demand for equipment that can detect leakage of natural gas is high.
Wireless gas detection equipment is among the leading sectors of the global gas detection equipment market. Due to the ubiquity of wireless services in developed households, and easy integration with handheld devices such as tablets and smartphones, demand for wireless gas detection equipment is growing. Another factor adding to the allure of wireless gas detection equipment is that it doesn’t require a constant power supply and can thus also function during power cuts.
Price Reduction, Slow Response Times Hampering Gas Detection Equipment Market
Unlike smoke detectors, gas detection equipment needs to be highly sensitive and precise in order to filter out regular environmental stimuli. This slows down the response time of gas detection equipment.
Though this isn’t a major concern in commercial and residential applications of gas detection equipment, industries such as mining and oil and gas extraction could be helped by detection equipment that responds much quicker than is the norm. Innovation in this area is a significant opportunity for major players in the global gas detection equipment market, but lack of competent technology at present could hamper the market’s prospects in the near future.
Browse the full Gas Detection Equipment Market Press Release report at http://www.transparencymarketresearch.com/pressrelease/gas-detection-equipment-market.htm
Sliding prices of gas detection equipment are also a major concern for major market players such as Siemens AG, Industrial Scientific Corporation, and RAE Systems. The highly fragmented nature of the global gas detection equipment market results in cutthroat competition, which forces manufacturers to cut down the prices of their product, which lowers their profit margins.
Demand from Middle East, Latin America to Propel Global Gas Detection Equipment Market
In 2013, the global gas detection equipment market was led by the heavily industrialized regions of North America and Europe. However, oil-rich countries in the Middle East and Latin America are expected to rise in prominence in the global gas detection equipment market in the coming years. Offshore drilling off the coast of Brazil and increasing pressure on GCC countries to up their oil output are expected to be the major drivers boosting demand for gas detection equipment from these two regional segments.
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