Gas Detection Equipment Market to Surpass a Valuation of US$ 7,288.1 Mn by 2032 amid Substantial Growth of Oil & Gas Sector Worldwide – Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The U.S. holds will continue to dominate the global gas detection equipment industry during the forecast period, accounting for over 16.4% share. Rapid Industrial Growth Generating Demand for Gas Detector in Germany
DUBAI, United Arab Emirates, Dec. 11, 2022 (GLOBE NEWSWIRE) -- According to Future Market Insights, the global gas detection equipmentmarket is expected to grow from US$ 4,321.3Mn in 2022 to US$ 7,288.1 Mn 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 growing focus towards 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.
Furthermore, introduction of workplace safety standards supported by need for preventing 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 EquipmentMarket 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 asindustrial 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.
Some of the key players in this industry include but are not limited to MSA Safety Incorporated; RKI Instruments, Inc.; Drägerwerk AG & Co. KGaA; Honeywell International Inc.; Halma plc; Danfoss A/S; Emerson Electric Co.; Teledyne Technologies Inc.; Testo SE & Co KGaA; Inficon Holding AG; Sensidyne, LP; ESP Safety Inc.; Opgal; Fortive Corporation and Sensor Electronics.
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.
About Future Market Insights – Industrial Automation
Future Market Insights Industrial Automation division provides a unique approach and perspective on the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about installed base, consumables, replacement, and the USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
