The refrigeration leak detector market is predicted to reach US$ 107.03 million by 2032, while expanding its roots in the global market at a slower CAGR of 3.0%. (2022 to 2032). In 2022, the market is expected to generate $ 82.03 million.
These detectors aid in the prevention of dangerous gas leaks in a variety of ways. Furthermore, multifunctional detectors that provide extra benefits have recently gained prominence. In 2020, the refrigeration leak detection market is expected to be worth $98.3 million. During the period 2020 to 2030, the market will increase at a CAGR of 3.1%.
The COVID-19 epidemic has caused sluggishness, with the global economy showing severe signs of despair. As a result, the market may experience a substantial fall. National lockdowns have significantly hampered the supply of refrigeration systems in many countries. Taking an optimistic stance, FMI expects the global economy to recover during the next 5 to 8 quarters, mostly due to increased infrastructure investments and healthcare spending. As a result, the refrigerator market has leaked.
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“The refrigeration leak detector market will be profoundly influenced by strict environmental regulations, stimulating players to dole out sophisticated devices on the basis of innovations, allowing them to carve a niche for themselves,” opines FMI analyst.
Refrigeration Leak Detector Market – Key Takeaways
- In terms of end-use, the Industrial-grade category will remain significant, holding close to 60% of the revenue.
- Based on product type, increased demand for efficacy is escalating the implementation of handheld leak detectors.
- Electric detectors category will be towering in the worldwide market as well as will be touching a valuation of US$ 133.3 Mn towards 2030 end.
- South Asia & Pacific will contribute close to a quarter of the overall market share, due to amplifying emission levels.
Refrigeration Leak Detector Market – Key Trends
- Growing trend of utilizing IoT and smart sensors for monitoring the refrigeration will allow the production of these detectors in a flexible manner and offer precise conditions in the market.
- High price of replacing the refrigerant offsets the expenditure sustained on repairing and locating potential leaks, this boosts the market demand for refrigeration leak detectors from residential and commercial grade appliance users in the coming years.
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Refrigeration Leak Detector Market – Regional Analysis
- North America is projected to record notable progression in the forthcoming decade. The region will generate an incremental $ opportunity valuing US$ 5.5 Mn towards 2030 end, with the U.S putting up the highest revenue share.
- South Asia & the Pacific will record a huge rise as the majority of the population resides in the tropical areas, exposing individuals to extremely higher temperatures.
- Increasing industrialization as well as the growth of trade & commerce has increased the implementation of cooling and refrigerating systems over prominent verticals in the East Asian nation. China is at the vanguard of the East Asian expansion, contributing the highest revenue share.
Refrigeration Leak Detector Market – Competitive Landscape
Leading companies functioning in the global refrigeration leak detector market include Fieldpiece Instruments Inc., Elitech Technology Inc., CPS Products Inc., MSA Safety, AGPTEK, ACME Engineering Products Ltd., Bacharach Inc., KANE INTERNATIONAL LIMITED, Emerson Electric Co., Ritchie Engineering Inc., Robinair, INFICON, and Testo SE & Co. KGaA.
Prominent companies in the scenario are focusing on developing multi-functional leak detectors, a combination of IoT as well as leveraging e-commerce platforms to enter potential markets. Furthermore, partnerships and collaborations are assisting them in increasing their distribution networks all over the world.
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Key segments
By Product Type:
- Halide Detector
- Electronic Detector
By Operations:
- Hand-held
- Benchtop
End-Use:
- Industrial
- Research & Academia
- Maintenance Service Providers
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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