LONDON–(BUSINESS WIRE)–#GasDetectionEquipmentMarket–The new Gas Detection Equipment Market Research from Technavio indicates Neutral and Inferior in the short term as the business impact of COVID-19 spreads.
"One of the primary growth drivers for this market is the growing production volume of shale gas,” says a senior analyst for Industrials at Technavio. Owing to the continuous advances in the extraction technologies, the production of shale gas has increased considerably in the US. Similarly, emerging economies, including China, have been contributing to the overall shale gas production significantly in recent years. Also, China has started one of the most significant shale gas projects in the country, named Fuling shale gas project. The rising shale gas production from economies, including the US, Russia, Qatar, Canada, Saudi Arabia, Norway, and others, has further fueled the adoption of gas detection products and solutions. The gas detection equipment is allowing all the stakeholders of several end-user industries to minimize casualties while increasing the safety measures. Consequently, the rapid adoption of shale gas will drive the gas detection equipment market. As the markets recover Technavio expects the gas detection equipment market size to grow by USD 1.06 billion during the period 2020-2024.
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Gas Detection Equipment Segment Highlights for 2020
- The gas detection equipment market is expected to post a year-over-year growth rate of 4.34%.
- Fixed gas detection equipment dominated the market in 2019. It is mostly adopted in large facilities and is configured using relays and customizable alarm point settings, primarily to ensure that the detectors instantly respond to atmospheric hazards.
- The demand for fixed detectors is expected to grow, especially from two user end-user segments, which are industrial and commercial sectors due to an increasing number of industries including chemical, petrochemical, textile, food, and biotechnology.
- These industries require continuous monitoring of gas emissions in areas, including production units, laboratories, and other places.
- Therefore, the gas detection equipment market share growth by the fixed segment will be significant during the forecast period.
- 35% of the growth will originate from the APAC region.
- APAC was the largest gas detection equipment market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period.
- Factors such as the growing sales of automobiles, thereby increasing the demand for diesel and petrol, will significantly drive gas detection equipment market growth in this region over the forecast period.
- China and India are the key markets for gas detection equipment in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The gas detection equipment market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The gas detection equipment market is segmented by product (fixed and portable), application (industrial, commercial, and residential), and geography (APAC, North America, Europe, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including 3M Co., Dragerwerk AG & Co. KGaA, Emerson Electric Co., General Electric Co., Honeywell International Inc., MSA Safety Inc., RAE Systems Inc., Robert Bosch GmbH, Siemens AG, and United Technologies Corp.
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