Domestic demand, surging industrialization, and changing customer preferences multiply growth opportunities, finds Frost & Sullivan's Visionary Science team
SINGAPORE, May 31, 2017 /PRNewswire/ -- While intense competition and sluggish adoption of technologically advanced products are expected to subdue Asia-Pacific (APAC) gas detection market revenues, several factors are sustaining market potential. These include growing industrialization with high demand for mining of metals and minerals, significant increase in domestic demand due to end-user awareness, and increased energy consumption. Rising safety awareness is shifting customer preference toward the adoption of multiple technologies. Manufacturers that position themselves as one-stop solution providers will gain market share in a highly consolidated ecosystem.
"Manufacturers should forge lasting partnerships with system integrators and distributors to directly increase brand visibility and penetration in the region," said Frost & Sullivan Visionary Science Research Analyst Siddharth Anand Sainath. "Such partnerships will help companies enter new regions, industries and countries such as Vietnam, the Philippines, and Indonesia."
Analysis of the Asia-Pacific Gas Detection Market, Forecast to 2021, new analysis from Frost & Sullivan's Visionary Science Growth Partnership Service program, finds that the APAC gas detection market generated revenues of US$135.4 million in 2016 and is expected to register a compound annual growth rate (CAGR) of 4.5 percent until 2021. The research includes an in-depth analysis of the APAC gas detection market with a specific focus on drivers and restraints, market and technology trends, and regulatory outlook. Market share and competitive landscape for major players such as Honeywell Analytics, MSA, Draeger, Industrial Scientific, Tyco Int., and Det-Tronics are also discussed.
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Developments and trends positively impacting the Asia-Pacific gas detection market include:
- High penetration of fixed and portable gas detectors due to growing safety regulations and enhanced key performance parameters such as reliability, accuracy and ability to detect multiple gases;
- Increased demand for toxic gas detectors due to growing customer awareness;
- Wireless-enabled gas detection systems becoming more interactive in terms of the information they relay back to the station; and
- Boost in adoption of multi-gas detectors within the portable detectors market, especially non-compliance detectors, due to price erosion and better return on invest (ROI) when compared to single-gas detectors.
"End-user requirement for ease of maintenance, durability, and optimization of price-performance parity are driving manufacturers to invest in product development capabilities and manufacture products that are innovative, user-friendly, smart, and offer good ROI to their customers," noted Siddharth. "Providing a comprehensive value-add service that includes renting gas detection equipment, calibration, and maintenance plans at competitive price points will spur adoption and aid market penetration."
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Analysis of the Asia-Pacific Gas Detection Market, Forecast to 2021
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