Monday, September 25, 2023

Gas Detection Equipment Market is expected to be worth US$ 7,288.1 Million at a CAGR of 5.4% by 2032 | Data by Future Market Insights, Inc.

Last updated Tuesday, September 5, 2023 15:35 ET , Source: Future Market Insights, Inc.

Newark, United States, 09/05/2023 / Future Market Insights, Inc. /

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.

Rapid growth of industries like oil & gas and mining across the world along with a growing focus on enhancing worker safety, is a key factor driving demand for gas detection equipment.

Similarly, global demand for gas detection equipment is anticipated to increase as a result of new, cutting-edge technologies that can provide useful information at the workplace, enhance employee safety, and reduce risk. Due to expanding facilities in the oil and gas industry and increased global mining activity, the market will expand more quickly over the forecast period.

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Introduction of workplace safety standards supported by need to prevent gas leaking to protect both people and 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 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, 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, electrochemical sensor technology segment is expected to grow at a CAGR of 5% during the forecast period.
  • 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 Europe 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
  • Sensidyne, LP
  • Testo SE & Co KGaA
  • Fortive Corporation
  • Inficon Holding AG
  • Trolex Ltd.
  • ESP Safety Inc.

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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.

Gas Detection Equipment Market Segmentation:

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

Author By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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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 stands as 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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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