June 09, 2021
According to the research report titled ‘Global Gas detection Equipment Market Size study, by Sensor Type (Infrared Sensors, Electrochemical Sensors, Metal Oxide Semiconductor Sensors), End Use (Oil & Gas, Water Treatment, Semiconductors, Mining, Building Automation and Construction, Power Generation/Utilities) Power Source(Battery-Powered Gas Detectors, Hardwired Gas Detectors with Backup Batteries, Hardwired Gas Detectors without Backup Batteries) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global gas detection equipment market size was worth USD 3.63 billion in 2019 and is expected to multiply at a CAGR of 5.7% over 2020-2027, subsequently amassing a valuation of USD 5.66 billion by the end of the forecast timespan.
Rising cognizance regarding favorable government schemes, growing inclination towards natural gases for heating and energy purpose, and increasing investments in safety of local and commercial buildings are the key factors fueling global gas detection equipment market growth.
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For the record, the National Transportation Safety Board of the United States cites that the majority of gas incidents involved a leak, with local fire departments responding to an average of 340 natural gas or LP-Gas leaks without ignition per day. Such incidences could potentially turn into hazardous scenario, leading to increased demand for gas detection solutions.
For the uninitiated, gas detection equipment is a device that detects the presence of gases in the environment and is employed as part of a safety system. This type of device is necessary because certain gases can be detrimental to cellular life, such as people or animals. Operators in an area will be informed about the gas leak incident by a gas detector, giving them the opportunity to take the necessary precautions.
Coming to the regional landscape, Europe presently holds significant portion of global gas detection equipment market share, creditable to presence of a well-established technological infrastructure, readiness of urgent care services, and mounting population.
Meanwhile, Asia Pacific market is projected to garner strong returns by 2027, owing to developing technological infrastructure, rising government cognizance, and increasing cases of gas leaks.
Major firms in global gas detection equipment market sphere are ESP Safety Inc., Trolex Ltd., Industrial Scientific Corp., RAE Systems Inc., Schauenburg Group, GE Measurement & Control Solutions, SE Electronics, Riken Keiki Co. Ltd., Siemens AG, and Honeywell International Inc.