The global gas detection equipment market is anticipated to grow from US$ 4,321.3 Million in 2022 to US$ 7,288.1 Million by 2032, with overall sales exhibiting a CAGR of 5.4% CAGR from 2022 to 2032.
One of the main factors influencing the demand for gas detection equipment is the rapid growth of global industries like mining and oil & gas, as well as a growing emphasis on improving worker safety.
Similarly, global demand for gas detection equipment is anticipated to increase as a result of new, cutting-edge technologies that can provide useful information at the workplace, enhance employee safety, and reduce risk. Due to expanding facilities in the oil and gas industry and increased global mining activity, the market will expand more quickly over the forecast period.
Furthermore, the introduction of workplace safety standards supported by the need for preventing gas leaking to protect both people and the environment will generate high demand for gas detection equipment during the forthcoming decade.
As a value-added proposition, relevant manufacturers in the market provide their clients with a variety of after-sales service packages and field support services. They are also focusing on the production & development of advanced & end-user-specific custom products to achieve maximum sales. The market’s income will be supported and fueled by a variety of activities, such as repair help, maintenance services, replacement services, technical services, and equipment downtime monitoring.
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Key Takeaways :
- Based on product type, the fixed gas detector segment currently holds around 52.1% of the volume share of the global market.
- By end-use industry, the oil & gas industry is set to hold around 30.6% of the market share on a value basis by the end of the forecast period.
- In terms of sensor technology, the electrochemical sensor technology segment is expected to grow at a CAGR of 5% during the forecast period.
- South Asia & Pacific gas detection equipment market is expected to grow at a CAGR of 7.5% over the assessment period.
- North America holds around 25.4% share of the global gas detection equipment market.
- Germany held approximately 18.6% share of the Europe gas detection equipment market in 2021
“Demand for gas detection equipment is deemed to surge at a steady pace in the upcoming period amid increasing investments in the oil & gas sector as well as industrial development, especially in developing countries,” says a Future Market Insights analyst.
Who is Winning?
The gas detection equipment market is moderately consolidated, with around 25–30% market share held by top players across the globe. To achieve more sales, top companies are creating contracts with end users and developing custom products according to the needs of the customer. Along with that, manufacturers have focused on enhancing their sales network to achieve a strong global presence.
Some of the key players in this industry include but are not limited to MSA Safety Incorporated; RKI Instruments, Inc.; Drägerwerk AG & Co. KGaA; Honeywell International Inc.; Halma plc; Danfoss A/S; Emerson Electric Co.; Teledyne Technologies Inc.; Testo SE & Co KGaA; Inficon Holding AG; Sensidyne, LP; ESP Safety Inc.; Opgal; Fortive Corporation and Sensor Electronics.
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Find More Valuable Insights
The research report examines the demand for Gas Detection Equipment. The impact of COVID-19, various macroeconomic factors, market trends, and market background have all been considered in the global Gas Detection Equipment market. As per Future Market Insights, the market has been analyzed based on product type, type of gas detection technology, type of gas, end-use industry, sensor technology and region. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both supply-side and demand factors.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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