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Gas Detection Equipment Market to Reach USD 6,801.6 Million by 2034 Amid Need for Elaborate Surveillance Networks in Industries | Future Market Insights, Inc.
NEWARK, Del. , July 15, 2024 /PRNewswire/ -- According to a Future Market Insights (FMI), the global gas detection equipment market size reached in 2023. Over the forecast period, demand is anticipated to rise at CAGR. The total value is predicted to increase from in 2024 to in 2034.
Gas leaks pose serious threats to both companies and nearby communities, often resulting in oxygen starvation, explosions, and loss of life. To mitigate these risks, companies prioritize safety measures, including the adoption of commercial gas leak detectors.
Gas detectors like early warning devices, are indispensable for safety policies as these offer more time to remedy the situation or prevent disasters from occurring. These are also capable of forming an integral part of elaborate surveillance networks and security measures.
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In the oil and gas sector, safety awareness is significant as it operates with toxic and harmful gases. Governments worldwide have made it mandatory for industries to undertake safety awareness programs by enforcing new laws and regulations.
The risk of explosions can be decreased significantly by utilizing gas detection equipment . These quickly locate gas leaks and provide a chance for the operator to manage the issue. Gas monitor detectors are witnessing innovations as government bodies implement strict regulations for the safety of workers.
Highly hazardous substances, particularly poisonous and flammable gasses, are being developed and utilized in a growing number of applications and end-use sectors. Gas leaks are rather inevitable and can be dangerous for adjacent residents, industrial businesses, and their staff. This danger has historically been demonstrated by instances when gas leaks have caused explosions, oxygen shortages, and fatalities as a result.
Most firms' safety plans include early warning systems, such as gas detectors, as a key component of minimizing the threat to employees and equipment. These gas detection solutions could buy companies more time to make a change or take precautionary measures. They can also be used as a component of an extensive monitoring and safety system that has capabilities like emergency process shutdown and fire detection, among others. As a result, there is a considerable need for gas leak-detecting systems which will eventually lead to higher sales of gas-detection equipment.
Gas detection equipment is particularly necessary for toxic and hazardous gasses, as they can cause disastrous outcomes if they leak and combine with the surrounding air. As a result, governments have made several laws and guidelines available, and each industry is mandated to take part in a safety awareness program. In the oil and gas business, where mistakes or a lack of awareness are not tolerated, these programs increase crucial safety awareness.
These considerations are driving up the demand for gas detection technology because it significantly reduces the risk of explosions by spotting gas leaks quickly and providing enough time for the operators to take control of the situation. Government intervention and growing awareness in the oil and gas industry will therefore continue to boost sales of safety products like gas detection equipment during the forecast period.
– opines Nikhil Kaitwade , Associate Vice President at Future Market Insights (FMI).
The gas detection equipment market is characterized by fierce competition from a wide spectrum of competitors, ranging from multinational corporations to niche businesses. Prominent firms in the industry, renowned for extensive product lines and worldwide presence, are Industrial Scientific Corporation, Honeywell International Inc., MSA Safety Incorporated, and Drägerwerk AG & Co. KGaA.
Together with these well-established behemoths, the sector also benefits from the efforts of up-and-coming businesses and local firms that fill certain geographic niches. These frequently concentrate on providing affordable solutions like sewer gas detection equipment.
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global gas detection equipment market, providing historical data from 2019 to 2023 and forecast statistics for the period 2024 to 2034. To understand the global market potential, growth, and scope, the market is segmented based on product type, gas type, connectivity, end-use, and region.
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Simple Measurement Procedure and Less Expensive Nature Making Electrochemical Sensor Technology Popular
Based on sensor technology, the global gas detection equipment industry is segmented into electrochemical, infrared, metal oxide, catalytic, zirconia, and others. Among these, the electrochemical technology segment is expected to lead the global market during the forecast period, accounting for more than 36.7% share.
This can be attributed to the rising end-user preference for electrochemical-based gas detection equipment due to their simple measurement procedure, short response time, and cost-effective nature.
On the other hand, IR and catalytic gas detection equipment are also expected to grow at a significant pace over the next ten years.
The Industrial Automation division of Future Market Insights offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, and 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.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai , and has delivery centers in the UK, U.S. and India . FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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