The Gas Detection Equipment by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gas Detection Equipment, 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.
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.
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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
Product innovations have emerged as the key trend gaining popularity in the gas detection equipment market. Major companies operating in the gas detection equipment market are developing innovative products to strengthen their position in the market. For instance, in September 2022, Dräger, a German-based manufacturer of gas detection and analysis systems, launched the Draeger X-am 2800, a mobile gas detector to automatically shares real-time information on the chemicals that emergency responders are exposed to. The X-am 2800 is equipped with a newly built CatEX sensor that has been independently dropped tested at a height of >2m to ensure a strong and resilient construction, which is crucial in emergency rescue scenarios. With built-in Bluetooth connectivity, one can send live gas measurements and alarms to Dräger’s Gas Detection Connect cloud service in real time. This gives users secure access to crucial data at any time and from any location via an internet browser.
The gas detection equipment market report table of contents includes:
1. Executive Summary
- Gas Detection Equipment Market Characteristics
- Gas Detection Equipment Market Trends And Strategies
- Gas Detection Equipment Market – Macro Economic Scenario
- Global Gas Detection Equipment Market Size and Growth
. - Global Gas Detection Equipment Market Competitive Benchmarking
- Global Gas Detection Equipment Market Competitive Dashboard
- Key Mergers And Acquisitions In The Gas Detection Equipment Market
- Gas Detection Equipment Market Future Outlook and Potential Analysis
- Appendix
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