Gas Detection Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The "Gas Detection Equipment Global Market Report 2024" reveals significant growth in the gas detection equipment market globally. This market increased from a valuation of $4.39 billion in 2023 to $4.8 billion in 2024, indicating a robust compound annual growth rate CAGR of 9.3%. Notably, certain triggers have facilitated this progress, including strong economic development in emerging markets, rapid industrialization, and an extension of oil and gas pipelines.
What Does the Market Forecast Look Like for the Gas Detection Equipment Industry?
The gas detection equipment market foresees robust growth in the forthcoming years. The market is predicted to surge to $6.67 billion in 2028, manifesting a CAGR of 8.6%. The forecast period's growth is anticipated to be spurred by factors such as a burgeoning petrochemical industry, escalating awareness to curtail greenhouse gas emissions, and patronage from governmental initiatives. Major trends on the horizon include the launch of cloud-based solutions, IoT and artificial intelligence's integration with gas detection, partnerships and collaborations, drone-based gas monitoring, and the incorporation of laser technology.
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What Are the Key Growth Factors in the Gas Detection Equipment Market?
An escalating demand for natural gas and petroleum is projected to strongly boost the growth of the gas detection equipment market. Both natural gas—a blend of hydrocarbon-rich gases—and petroleum—a liquid mixture used to create oil, diesel fuel, among other products— are expected to amass greater demand as global populations rise. This has led to an uptick in exploration and production activities, thus using more gas detection equipment to ensure worker safety in an industrial environment. For example, in April 2023, the US Energy Information Administration reported that oil consumption rose by 5.3 million barrels per day in 2021. It suggests that the increased demand for natural gas and petroleum is a significant factor driving the gas detection equipment market.
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Who Are the Major Players in the Gas Detection Industry?
Key industry players reported in the gas detection market include Honeywell International Inc., RIKEN KIKIE, Draegerwerk AG & Co. KgaA, ABB, MSA Safety Inc.,New Cosmos Electric Co. Ltd., Siemens AG, Fortive, Emerson Electric Co, Hanwei Electronics Group Corporation, and many others. These companies, and others, undertake strategic positioning within the market to gain competitive advantages, such as developing innovative products and solutions.
What Are the Emerging Trends in the Gas Detection Equipment Market?
Major companies in the gas detection equipment market are focusing on a diverse range of high-end technologies, including the Internet of Things (IoT) and artificial intelligence (AI), to enhance the capabilities of gas detectors, providing several advantages and benefits such as the collection of real-time data, analyzing it using advanced AI algorithms, and providing more accurate and actionable insights into gas levels, potential hazards, and safety conditions.
How Is the Gas Detection Equipment Market Segmented?
The gas detection equipment market segmentation includes:
- By Product Type: Fixed Gas Detector, Portable Gas Detector
- By Technology: Semiconductor, Infrared IR, Laser-Based Detection, Catalytic, Photoionization Detector PID, Other Technologies
- By End-Use: Oil And Gas, Chemicals And Petrochemicals, Water And Wastewater, Metal And Mining, Utilities, Other End-Uses
What Are the Primary Regional Insights in Global Gas Detection Equipment Market?
North America dominated the gas detection equipment market in 2023. However, the Asia-Pacific region is expected to display the most rapid growth during the forecast period. The regions analyzed in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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