NEW YORK, July 5, 2021 /PRNewswire/ -- Global sales of gas leak detector systems are expected to grow 4.8% in 2021, with sales of over 6,690 thousand units. Persistence Market Research analysis projects the global gas leak detectors market to expand at a healthy CAGR of more than 5% over the forecast period of 2021-2031.
A critical factor driving the sales of gas leak detectors market size is increasing focus on risk management and prevention on the back of rapid industrialization. Other demand drivers include accurate detection and monitoring technologies in industrial settings and commercial spaces across various countries. While measures are laid to ensure personnel and property safety, gas leak detectors are regarded as viable candidates toward risk prevention.
Key Takeaways from Market Study
Around the world, toxic gas monitoring is vital for natural gas power plants, chemical processing, oil and gas production plants, and refrigeration facilities. North America is expected to be the most lucrative market for gas leak detectors.
Government regulatory frameworks will provide ample opportunities for key players to bring out advanced gas leak detectors into the market.
The U.S. is positioned as the top nation in the global market, with the highest market value share. Demand in the U.S. will increase at over 4% CAGR over the next ten years.
In 2021, the market in Japan grew by 3.9% year-on-year, bucking initial skepticism about how the market would perform during a global pandemic.
Fixed gas leak detectors are poised for lucrative growth over the forecast period. They have been developed over the years to include ultrasonic detectors, and use at large hydrogen plants, continuous hydrogen production, and other industrial facilities.
Applications at industrial facilities is expected to create an absolute dollar opportunity of close to US$ 1.6 Bn from 2021-2031. Gas leak detectors are used in industries such as oil & gas, refineries & petroleum, chemical plants, power generation, marine, printing, pulp and paper, electronics, building & construction, HVAC, general manufacturing, and mining.
"The number of industrial and commercial end uses of gas leak detectors will surge with proliferated urbanization and commercialization over the next few years. Government initiatives and regulatory frameworks are crucial for market growth," says a Persistence Market Research analyst.
Industrial Gas Risks Leading to Higher Adoption Rates
Highly dangerous compounds, particularly flammable, poisonous, and oxygen gases, are increasingly being used and manufactured in a wide range of applications and industries. Fixed and portable gas detectors have a wide range of application. Highly dangerous chemicals, notably poisonous and combustible gases, are increasingly being used and manufactured in industrial operations. Gas leaks are unavoidable, posing a risk to industrial companies, their personnel, and those living nearby.
Global occurrences involving oxygen starvation, explosions, and loss of life are a living proof of this danger. Early warning devices such as gas detectors are an important aspect of most business safety plans for reducing risks to workers and equipment. These can help give additional time to take corrective or preventative action. They can also be utilized as part of a comprehensive monitoring and safety system that includes fire detection and emergency process shutdown, among other features. As such gas leak detection systems are in high demand.
According to the Persistence Market Research analysis, Danfoss A/S, Tyco International PLC, Emerson Electric Co., 3M Co, Honeywell, and MSA Safety Inc. are identified as manufacturers of gas leak detectors.
This is a moderately fragmented market with the top players holding nearly 40-45% of the global market share. Product development and providing products according to niche applications is a key supply behavior in the global market. Market participants are vying to be able to provide field support services and maintenance programs as a strategy to work closely around customer demands. Key strategic acquisitions and collaboration initiatives are being observed by many players.
Explore More Valuable Insights
Persistence Market Research, in its new report, offers an impartial analysis of the global gas leak detectors market, presenting estimation statistics for the period of 2021-2031. The study offers compelling insights on the market based on type, technology, and application, across five major regions of the world.
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