Gas detection equipment market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Rising Accidents Due to Gas Leakage to Bolster Growth of Gas Detection Equipment Market
Increasing cases of accidents in workplaces have been triggering awareness regarding safety and health among workers. For instance, in June 2022, about thirteen individuals were killed and approximately 265 were injured in a toxic gas leakage in Jordan. Similarly in September 2022, a worker died in a serious gas leak at the Aarey Drugs & Pharmaceuticals Ltd. in India, while four individuals sustained heavy injuries. Thus, in order to establish a safe working environment, companies are investing in implementation of robust safety measures. This has resulted in retention of workers while adhering to stringent regulations at the same time. Moreover, it has also supported brand image among customers thus complementing good will. This factor has fuelled the demand for advanced gas detection equipment in factories, plants and other workplaces. This factor remains instrumental in driving the growth of the gas detection equipment market on the global front.
Growing Use for Oil and Gas Applications Bodes Well for Gas Detection Equipment Market
The use of gas detection equipment in the oil and gas industry is likely to grow. Several processes involved in the oil and gas applications result in the production of non-toxic gases, which in higher volume can cause oxygen depletion. In addition, LPG and LNG plants, oil refineries and offshore platforms use hazardous toxic and combustible gases. This has fuelled the need for high safety of workers and facilities, consequently augmenting the growth of the gas detection equipment market.
Portable Detectors to Gain High Traction than their Fixed Counterparts in Gas Detection Equipment Market
The demand for portable gas detection equipment is expected to increase at a significant pace in the forthcoming years. Portable detection systems can monitor commercial and industrial units remotely. Along with portability and remote operations, these gas detectors come with benefits such as cost effectiveness, ease of implementation and easy and secured connectivity. In addition, these gas detecting units can provide real time detection and are widely used by environment agencies to carry out inspection of gases emitted from vehicles. In this backdrop, the sales of portable gas detectors are likely to pick up speed in turn contributing towards value growth of the gas detection equipment market in the coming years.
North America Remains the Largest Revenue Contributor to Gas Detection Equipment Market
Developed economic in North America are likely to prevail as large revenue generating nations in the gas detection equipment market. This is mainly due to presence of key distributors and vendors along with favourable government regulations apropos to limiting gas emissions. Moreover, the Environmental Protection Agency (EPA) has come up with New Source Performance Standards to measure and limit methane emissions from modified, new, or reconstructed assets. In addition, the Department of Energy (DOE) has launched the Advanced Research Projects Agency – Energy (ARPA-E) program referred to as Methane Observation Networks with Innovative Technology to Obtain Reductions (MONITOR). Via this program significant amount of funding would be provided to develop next generation methane detection systems. Furthermore, in 2020, the Act labelled “Protecting Our Infrastructure of Pipelines and Enhancing Safety” was included in the US law. As per this act, gas pipeline operators need to use enhanced leak detection technology for gas pipeline leak detection to protect environment alongside ensuring safety of pipeline. Such government initiatives in the region have fuelled the demand for advanced gas detection equipment in the region.
Moreover, backed by this favourable government support, gas detection vendors in North America are developing new equipment for transmission pipelines. For instance, in 2021, drone based gas detection system was launched by ABB to detect and quantify gas emissions in transmission pipelines. All these developments are mainly due to increasing number of accidents caused by gas leakages. For instance, in January 2021, around 6 individuals died due to liquid nitrogen gas leak in a food processing factory. About 130 individuals were transferred to a medical facility for evaluation whereas 10 were transported to hospital in proximity owing to severity of symptoms. This factor continues to influence the demand for higher safety, in turn complementing the sales of gas detection equipment in North America.
Gas Detection Equipment Market: Competitive Landscape
Innovations and development to introduce new products have been witnessed in the gas detection equipment market by major players. For instance, in 2021, Honeywell introduced two new gas detectors that can be connected by Bluetooth and carry out continuous monitoring of gases in extreme conditions like rain, fog, snow and inclement weather. On the other hand, same year in September, International Gas Detectors Ltd. and mPower Electronics Inc. partnered to provide mPower detectors, thus expanding their gas detection equipment portfolio. In August 2022, GX-Force which is a portable four gas detector was launched by Riken Keiki Co. Ltd. This gas detector can reliably and rapidly detect combustible gases and toxic gases such as hydrogen sulfide and carbon monoxide that can potentially cause explosions or poisoning incidents or oxygen deficiency. Same year in September, IGD introduced a novel and exclusive range of portable N2O detectors especially for the medical sector.
A few of the major players in the gas detection equipment market include Honeywell International Inc., Hanwei Electronics Group Corporation, Dragerwerk AG & KgaA, SENSIT Technologies, Emerson Electric Company, Fortive Corporation, Enmet LLC, MSA Safety Inc., Trolex Ltd., United Technologies Corporation, and Riken Keiki Co. Ltd.
Regional Classification of the Global Gas Detection Equipment Market is Described Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability
Key Elements Included In The Study: Global Gas Detection Equipment Market
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