Yahoo Finance Gas Detection Equipment Market Value Projected To Reach US$ 5.6 Billion By 2027: Acumen Research And Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Gas Detection Equipment Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 13, 2021 (GLOBE NEWSWIRE) -- The Global Gas Detection Equipment Market is anticipated to grow at a CAGR of around 5.3% during the forecast period 2020 to 2027 and to reach around US$ 5.6 Bn by 2027.
Increasing accidents of gas explosion across the globe and rise in awareness among consumers are major factor expected to drive the growth of the global gas detection equipment market.
North America is expected to account for a major revenue share in the global gas detection equipment market due to stringent government regulations related to work safety. Government is imposing various rules & regulations related to work place safety. Deployment of advanced sensors at work place in order to avoid any mishap is expected to increase demand for gas detection equipment. According to the International Safety Equipment Association, the company must install fire (flame, heat, or smoke) sensors in all enclosed classified areas. They must install gas sensors in all inadequately ventilated, enclosed classified areas. A fuel-gas odorant or an automatic gas-detection and alarm system is required in enclosed, continuously manned areas of the facility which are provided with fuel gas. A gas detection system is not required for living quarters and doghouses that do not contain a gas source and that are not located in a classified area.
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Increasing demand from various industry verticals such as food & beverage, oil & gas manufacturing, etc. is expected to boost the growth of the regional gas detection equipment market. In addition, major players approach towards high investment for product development and focus on introduction of innovative solutions is expected to impact the growth of target market.
In 2020, Sensirion AG a global manufacturer of environmental and flow sensors launched a new SGP40 VOC (volatile organic compound) sensor for indoor air quality applications for residential purposes. This is expected to help the company to enhance the business presence and increase the customer base.
The market in Asia Pacific is expected to witness faster growth in the gas detection equipment market due to changing government regulations related to consumer safety. Rapid industrialization in developing countries, establishment of new facilities, is resulting in demand for gas detection equipment this is expected to impact the growth of target market in this region.
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Major players approach towards enhancing the business capabilities through enhancing the business in emerging economies is expected to augment the growth of target market. Along with, favorable business policies by the government and emergence of small & mid-size enterprises with innovative solutions are factors expected to impact the growth of gas detection equipment market.
Increasing demand from various end use industries, changing government safety regulations and rising awareness among consumers related to toxic gases impacting health are factors expected to increase demand for gas detection equipments which is major factors expected to drive the growth of global gas detection equipment market. Major players focus on strategic business development activities through merger & acquisitions is expected to support the growth of target market. In 2019, MSA Safety Inc, a global manufacturer and supplier of safety products acquired Sierra Monitor Corporation. The acquisition was focused on enhancing the company product portfolio in fixed gas and flame detection (FGFD) instruments and Industrial Internet of Things (IIoT) solutions. This helped the company to enhance the customer base and increase the revenue share. Factors such as technological glitches and complex manufacturing of these devices are expected to hamper the growth of global gas detection equipment market.
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In addition, high competitive scenario is forcing players to operate on low profit ratio this is expected to challenge the growth of target market. However, rapid technological advancements by major players, introductions of more enhanced and precise products, and increasing green building concept are factors expected to create new opportunities for players operating in gas detection equipment market over the forecast period. In addition, increasing partnerships between regional and international players is expected to support the revenue transaction of target market.
The global gas detection equipment market is segmented into product, technology and end use. The product segment is bifurcated into fixed gas system and portable gas system. Players operating in the global gas detection equipment market are RKI Instruments, Inc., Industrial Scientific, Drägerwerk AG & Co. KGaA, MSA, Siemens AG, Honeywell International, General Electric Company, Emerson Electric Co., Thermo Fisher Scientific Inc., and Sensor Electronics. The market is highly competitive due to presence of large number of players operating on global level.
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