Global Gas Detection Equipment Market to Reach $3.4 Billion by 2026
Gas detection equipment are major front-line systems used in various industries for early detection of leakage of flammable and toxic gasses and vapors. Demand in the global market is set to be driven by increasing adoption of these safety devices in industrial, commercial and other industries for ensuring worker safety, minimizing risks and preventing fire breakouts. The market benefits from rising demand from end-use industries, focus on residential and workplace safety standards, and enforcement of tough environmental regulations. The oil & gas and chemicals industries are among the primary end-users of gas detectors owing to increasing emphasis on safety measures related to gas processing. Industry protocols and government laws that require gas facilities to use gas detectors are driving technical innovations such as infrared and photoionization technology. Growth is also anticipated to be influenced by penetration of the Internet of Everything and artificial neural network technologies over the next few years.
Amid the COVID-19 crisis, the global market for Gas Detection Equipment estimated at US$2.6 Billion in the year 2020, is projected to reach a revised size of US$3.4 Billion by 2026, growing at a CAGR of 4.3% over the analysis period. Electrochemical, one of the segments analyzed in the report, is projected to grow at a 4% CAGR to reach US$1.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Metal Oxide segment is readjusted to a revised 4.2% CAGR for the next 7-year period. This segment currently accounts for a 24.8% share of the global Gas Detection Equipment market. Electrochemical gas detectors find applications in a broad spectrum of environments that include refineries, chemical plants, gas turbines and underground gas storage facilities. The growing adoption of electrochemical sensors is attributed to their capability to detect harmful gas emission, detect landfill gases and improve indoor air quality. Metal Oxide Semiconductor (MOS) detectors are primarily used to detect a wide range of gases, commonly hydrogen sulphide and have a long life span even up to ten years.
The U.S. Market is Estimated at $730.2 Million in 2021, While China is Forecast to Reach $671.9 Million by 2026
The Gas Detection Equipment market in the U.S. is estimated at US$730.2 Million in the year 2021. The country currently accounts for a 27.03% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of US$671.9 Million in the year 2026 trailing a CAGR of 6.8% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 3.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR while Rest of European market (as defined in the study) will reach US$717.1 Million by the end of the analysis period. Developed markets such as US and Europe, the traditional regional markets for gas detection equipment, continue to generate a major portion of revenues for the global market. Stringent regulations and guidelines that govern the need and use of gas detection equipment, including gas sensors and other components, are well established in these markets than anywhere else across the globe. Demand for gas detection equipment in recent times has been relatively stronger in the Asia-Pacific market as compared to other markets, thanks to rapid industrialization in the region, and the subsequent increase in adoption of international safety standards and practices. Increased investments on new plants in steel, power, chemical/petrochemical and oil & gas sectors make Asia-Pacific a market laden with tremendous potential for gas detection equipment. Middle East & Africa, given the large concentration of oil & gas companies in the region, represents an equally strong regional market for gas detection equipment market.