According to a latest market study released by Persistence Market Research (PMR), the global gas leak detector market is expected to rise at a 5.30% CAGR between 2014 and 2020. The report, titled “Global Market Study on Gas Leak Detector: Asia Pacific to Witness Highest Growth by 2020”, states that the market will reach a valuation of US$3,143.7 mn by 2020 increasing from US$2,312.2 mn in 2014.
The report states that the global market for gas leak detectors is developing due to several reasons. This includes stringent governmental norms pertaining to the safety standards of domestic and industrial equipment that operate on gas, increasing commercial and residential building development, and increasing investment in chemical and oil and gas industries. However, intense competition due to low-profit margins and deferred investments in oil and gas are posing a challenge for the growth of the global gas leak detector market.
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Lately, some newer technologies have been used for gas leak detection purposes. This includes artificial neural network technology and utilization of internet of things (IoT), adds the report.
Gas leak detectors are devices that can detect the presence of gases in surrounding air with the help of technologies such as electrochemical, ultrasonic, and infrared. These devices are installed to detect toxic and flammable gases for safety purposes.
The report categorizes the global gas leak detector market on the basis of applications, technology, product type, and geography.
Gas leak detectors are mainly of two types - portable and fixed. While the former are handheld and mainly used for personal safety, the latter is permanently placed in manufacturing units for personnel as well as plant safety. The portable gas leak detectors segment dominated the market in 2014 and is expected to retain its position throughout the forecast period. The other type of gas leak detector, i.e., the fixed type will be find increasing use in industrial units with the market for fixed gas leak detectors pegged to rise at a CAGR of 3.80% from 2015 to 2020.
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Portable gas leak detectors are also classified as a ‘personal safety instrument’ as they are meant to detect toxic and flammable gases hazardous for humans. To prevent mishaps that can have severe monetary implications and to ensure added safety for personnel, government regulations and industry associations propagate the use of gas leak detectors in high-density human concentration zones.
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The global market for gas leak detectors has been divided into seven regional segments, namely North America, Asia-Pacific (excluding Japan), Eastern Europe, Middle East and Africa, Latin America, Japan, and Western Europe. In 2014, North America, Eastern Europe, Latin America, and Western Europe collectively accounted for 50% of the global gas leak detector market. The region of Asia Pacific excluding Japan contributed 35% to the overall market to stand as the largest regional segment in that year. The Middle East and Africa segment will exhibit a CAGR of 6.27% through the forecast period.