Gas Detection Tech Foresees US$7.3 Billion Growth by 2032, Riding High on Global Oil & Gas Boom
According to Future Market Insights, the global gas detection equipment market is expected to grow from US$ 4,321.3 Million in 2022 to US$ 7,288.1 Million by 2032, with overall sales exhibiting a CAGR of 5.4% from 2022 to 2032.
One of the main factors influencing demand for gas detection equipment is the quick development of global industries including mining and oil & gas, as well as an increasing emphasis on improving worker safety.
Similar to this, new, cutting-edge technologies that can improve employee safety, minimize risk, and give relevant information at the workplace are predicted to raise demand for gas detection equipment globally. Over the course of the projected period, the market will grow more swiftly due to rising worldwide mining activity and growing oil and gas industry facilities.
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Furthermore, the introduction of workplace safety standards supported by the need to prevent 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.
Key Takeaways from the Gas Detection Equipment Market Study
- 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.
- The 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 European 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.
Key Companies Profiled:
- MSA Safety Incorporated
- Opgal
- Drägerwerk AG & Co. KGaA
- Teledyne Technologies Inc.
- Emerson Electric Co.
- Halma plc
- Honeywell International Inc.
- Danfoss A/S
- RIKEN KEIKI CO., LTD.
- Sensidyne, LP
- Testo SE & Co KGaA
- Fortive Corporation
- Inficon Holding AG
- Trolex Ltd.
- ESP Safety Inc.
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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Key Segments Covered in Gas Detection Equipment Industry Analysis
By Product Type:
- Fixed Gas Detector
- Portable Gas Detector
By Type of Gas Detection Technology:
- Single Gas
- Multi-Gas
By Type of Gas:
- Combustible
- Toxic
- Oxygen
- Dedicated
By End-Use Industry:
- Oil and Gas
- Mining
- Industrial
- Building Automation
- Others
By Sensor Technology:
- Electrochemical
- Infrared
- Metal Oxide
- Catalytic
- Zirconia
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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