Gas leak detectors are equipment that indicate the presence of gases in ambient air using technologies such as electrochemical, infrared and ultrasonic. These devices are used to detect toxic and combustible gases in order to maintain safety. Various industries are focusing on the use of advanced portable gas leak detectors in order to maintain higher safety standards. The demand for portable gas detectors is increasing as they are mobile and help ensure better personal safety in hazardous work environments.
Global Market Forecast
The global Gas Leak Detectors market was valued at US$ 2,689.1 Mn in 2016, and is expected to register a CAGR of 6.5% during the forecast period (2017–2025). Demand for gas leak detectors is likely to be driven by increasing investment in oil & gas and chemical industry.
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, witnessing an increase from US$ 2,312.2 Mn in 2014. The CAGR of global gas leak detectors market during the period 2015 -2020 was 5.2%.
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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. Portable segment is anticipated to register a CAGR of 6.5% during the forecast period. The application segment is segmented into industrial, commercial, residential and others. Industrial segment is projected to register a CAGR of 6.4% during the forecast period. On the basis of technology, the market is segmented as electrochemical, semiconductor, ultrasonic, infrared and others. Electrochemical segment accounted for highest market share 37.0% in 2016. Moreover infrared segment accounted for a market share of 21.0% in 2016. Ultrasonic segment is predicted to register a healthy CAGR of 7.2% during the forecast period.
Among the regions, Asia Pacific accounted for the largest market share in 2016 on account of growing need of gas leak detectors in oil & gas industry and increasing infrastructure development. In addition to this, demand for gas leak detectors is increasing in the markets in North America as well.