According
to the revised forecast presented in a recent market report published
by Persistence Market Research titled “Gas Leak Detectors Market:
Global Industry Analysis (2012 – 2016) and Forecast (2017 –
2025),” the global gas leak detectors market was valued at US$
2689.1 Mn in 2016, and is expected to register a CAGR of 6.5% from
2017 to 2025. Growing usage of gas leak detectors in the oil &
gas and chemical industry coupled with increasing infrastructure
development are major factors fueling growth of the global gas leak
detectors market.
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According
to the report ‘Gas Leak Detectors Market: Global Industry Analysis
and Forecast 2015 – 2020’ published in 2015 by PMR, revenue
generated by global gas leak detectors market was estimated to reach
US$ 2,429.2 Mn by 2015 from US$ 2,312.2 Mn in 2014. The CAGR of
global gas leak detectors market during the period 2015 -2020 was
5.2%. Gas leak detectors are equipment that indicate the presence of
gases in ambient air using technologies such as electrochemical,
infrared and ultrasonic technology. These devices are used to detect
toxic and combustible gases in order to maintain safety.
Segmentation
Analysis & Forecast
Global
gas leak detectors market is categorized on the basis of product
type, application, technology and region. On the basis of product
type, the market is segmented as portable and fixed. The portable
segment is anticipated to register a CAGR of 6.5% during the forecast
period. The application segment is segmented into residential,
industrial, commercial and others. On the basis of technology, the
market is segmented as electrochemical, semiconductor, ultrasonic,
infrared and others. Electrochemical segment accounted for highest
market share and was valued at US$ 994.6 Mn in 2016. Moreover,
increasing infrastructure development globally is likely to
contribute primarily to the growth of electrochemical segment in the
market. Ultrasonic segment is predicted to register a healthy CAGR of
7.2% during the forecast period.
Regional
Analysis & Forecast
This
report also covers drivers, restraints and trends driving each
segment and offers analysis and insights regarding the potential of
the gas
leak detectors market in regions including North America,
Latin America, Europe, Asia Pacific, and Middle East and Africa.
Among these regions, Asia Pacific accounted for the largest market
share in 2016 on account of increasing usage of industrial gases and
rapid infrastructure development. The Asia Pacific gas leak detectors
market is projected to register a healthy CAGR of 7.2% during the
forecast period.
Key
Players
Key
competitors in the global gas leak detectors market profiled in the
report include MSA Safety Inc., Honeywell International Inc., Tyco
International PLC, Emerson Electric Co. and Draegerwerk AG & Co
KgaA.
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