According to a latest market study released by Persistence Market Research (PMR), the global gas leak detector market is expected to rise at a 5.30% CAGR between 2014 and 2020. The report, titled “Global Market Study on Gas Leak Detector: Asia Pacific to Witness Highest Growth by 2020”, states that the market will reach a valuation of US$3,143.7 mn by 2020 increasing from US$2,312.2 mn in 2014.
Gas leak detectors are modern equipment designed to detect the presence of gases in the ambient air, using ultrasonic, infrared, and electrochemical technologies. Gas leak detectors are usually available in compact handheld size so that they may be used for personal safety. The other type of widely used leak detector is fixed, i.e. it is permanently installed in plants and industrial facilities to ensure safety of the personnel at the site.
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Implementation of government regulations mandating compliance with stringent safety norms, particularly across the rising oil and gas and chemical industries, is giving a major boost to the global gas leak detector market. Furthermore, growing commercial and residential applications of gas leak detectors also aid the impressive growth of the market worldwide. The advent of the latest technologies such as artificial neutral network technologies and the Internet of things (IoT) has helped propagate the use of gas leak detectors across major industries across the globe. In its latest report, Persistence Market Research, a leading market research firm, observes that the rate of installation of gas leak detectors is increasing at a significant pace. The chemical and oil and gas industries are at the forefront of this latest practice, cites the report.
Portable Gas Leak Detectors Lead Market, Others Application Segment to Exhibit 7.10% CAGR
Of the two major types of gas leak detectors available in the market, the portable variants are classified under “personal safety instruments”, since they help detect flammable and toxic gases, which can cause hazards in facilities. As awareness regarding workplace safety grows, governments and various law agencies are promoting the use of gas leak detectors across all manufacturing plants to avoid accidents in workplaces. Portable gas leak detectors accounted for 58.2% of the overall gas leak detectors market in 2014, while their fixed counterparts are anticipated to exhibit a 3.80% CAGR between 2015 and 2020.
Among the diverse application segments, as of 2014, the segment of industrial applications held the largest share in the global gas leak detector market. Among the many industries, the oil and gas industry emerged as the major contributor to the overall gas leak detector market. Furthermore, the application segment of commercial establishments has also registered impressive growth in terms of deploying gas leak detectors in the last couple of years. However, the others application segment is likely to exhibit the fastest CAGR, at 7.10% between 2015 and 2020.
Asia Pacific Excluding Japan leads Global Gas Leak Detector Market
Among the leading regional markets, North America, Latin America, Western Europe, and Eastern Europe collectively contributed 50% of the global gas leak detector market in 2014. The regional market in Asia Pacific excluding Japan, however, accounted for over 35% of the global gas leak detector market, thereby emerging as the largest regional segment. The Middle East and Africa gas leak detector market is anticipated to exhibit a promising 6.27% CAGR from 2015 through 2020.
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Despite registering impressive growth over the last few years, the global gas leak detectors market registers lower profit margin due to the prevalence of intense competition. Deferred investments in oil and gas also impede the growth of the global gas leak detectors market.
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