Overview and Scope
Gas detection equipment is a device that detects potentially hazardous gases and emits warning signs when they detect elevated quantities of dangerous gas by sounding alarms or flashing lights. It is intended to identify explosive, flammable, and poisonous gases with as little delay as possible.
Sizing and Forecast
The gas detection equipment market size has grown strongly in recent years. It will grow from $4.39 billion in 2023 to $4.8 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to strong economic growth in emerging markets, rapid industrialization, and expansion of oil and gas pipelines.
The gas detection equipment market size is expected to see strong growth in the next few years. It will grow to $6.67 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to growing petrochemical industry, increasing awareness to reduce greenhouse gas emissions, and supportive government initiatives. Major trends in the forecast period include introduction of cloud-based solutions, convergence of iot (internet of things) and ai (artificial intelligence) in gas detection, partnerships and collaborations, drone-based gas monitoring, and adoption of laser technology.
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Segmentation & Regional Insights
The gas detection equipment market covered in this report is segmented –
1) By Product Type: Fixed Gas Detector, Portable Gas Detector
2) By Technology: Semiconductor, Infrared (IR), Laser-Based Detection, Catalytic, Photoionization Detector (PID), Other Technologies
3) By End-Use: Oil And Gas, Chemicals And Petrochemicals, Water And Wastewater, Metal And Mining, Utilities, Other End-Uses
North America was the largest region in the gas detection equipment market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gas detection equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Increased demand for natural gas and petroleum is expected to boost the growth of the gas detection equipment market going forward. Natural gas is a mixture of hydrocarbon-rich gases, whereas petroleum is a liquid mixture that may be utilized to make oil, diesel fuel, and a range of other products. As the world’s population continues to grow, the demand for energy sources such as natural gas and petroleum is also expected to increase. This has led to an increase in exploration and production activities, which in turn has led to an increase in the use of gas detection equipment to ensure worker safety. Gas detection systems are used in the oil and gas industry to detect risks to workers at work and in the industrial environment. For instance, in April 2023, according to the report published by the US Energy Information Administration, a US-based federal statistical system for gathering, processing, and disseminating energy data, in 2021, oil consumption increased by 5.3 million barrels per day (b/d). Global liquid fuel consumption climbed by 1.4 million barrels per day in 2023 and is anticipated to increase by 1.8 million barrels per day in 2024. Therefore, increased demand for natural gas and petroleum is driving the growth of the gas detection equipment market.
Key Industry Players
Major companies operating in the gas detection equipment market report are Honeywell International Inc., RIKEN KIKIE, Draegerwerk AG & Co. KgaA, ABB, MSA Safety Inc.,New Cosmos Electric Co. Ltd., Siemens AG, Fortive, Emerson Electric Co, Hanwei Electronics Group Corporation, Uniphos Envirotronic Private Limited, Omnex India, Jayem Trade Pvt Ltd, RKI Instruments, Inc., Trolex Group, Mind Wisdom Beijing Tech.Co.Ltd., Yantai Chemins Instrument Co., Ltd., Shenzhen Opensea Technology CO., Ltd, Shanghai China Petroleum Instrument Co., Ltd, International Gas Detectors, Duomo, Dräger, Advanced Energy, Edinburgh Sensors, Euro-Gas Management Services Ltd, Ion Science Ltd, ENVEA, BWB Technologies Ltd., Analytik Jena, DILO Armaturen und Anlagen GmbH, IGM-DETECTOR Co. LTD, Senko Co., Ltd., DOD Technologies Inc., Butler Plumbing Heating & Gasfitting Ltd., Gasera Ltd, Bertin Instruments, Hermann Sewerin GmbH, eledyne Gas and Flame Detection, Control Instruments Corporation, Cerex Monitoring Solutions, LLC, Detcon, Industrial Scientific, GMI, Ace Centro Enterprises, Gas Detection & Control Ltd., Al Masaood Trading Supplies & Services Co. Llc, Qtech Control Equipment Fzc, Al Nahdha Group, Carroll Technologies Group, Analox Sensor Technology South Africa, Protégé Analytics, RAE Systems Africa, Gas Alarm Systems, Africa Oil and Gas Services, TROLEX SENSORS
The gas detection equipment market report table of contents includes:
1. Executive Summary
2. Gas Detection Equipment Market Characteristics
3. Gas Detection Equipment Market Trends And Strategies
4. Gas Detection Equipment Market – Macro Economic Scenario
5. Global Gas Detection Equipment Market Size and Growth
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32. Global Gas Detection Equipment Market Competitive Benchmarking
33. Global Gas Detection Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Gas Detection Equipment Market
35. Gas Detection Equipment Market Future Outlook and Potential Analysis
36. Appendix
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