Gas Detection Equipment Market Set for Rapid Growth by 2032
According to Future Market Insights, the global gas detection equipment market is expected to grow from US$ 4,321.3 Million in 2022 to US$ 7,288.1 Million by 2032, with overall sales exhibiting a CAGR of 5.4% CAGR from 2022 to 2032.
Rapid growth of industries like oil & gas and mining across the world along with a growing focus towards enhancing worker safety is a key factor driving demand for gas detection equipment.
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According to Future Market Insights, the global gas detection equipment market is expected to grow from US$ 4,321.3 Million in 2022 to US$ 7,288.1 Million by 2032, with overall sales exhibiting a CAGR of 5.4% CAGR from 2022 to 2032.
Rapid growth of industries like oil & gas and mining across the world along with a growing focus towards enhancing worker safety is a key factor driving demand for gas detection equipment.
Similar to this, new, cutting-edge technologies that can improve employee safety, minimise risk, and give relevant information at the workplace are predicted to raise demand for gas detection equipment globally. During the course of the projected period, the market will grow more swiftly due to rising worldwide mining activity and growing oil and gas industry facilities.
Furthermore, within the future decade, there will be a significant need for gas detection equipment due to the implementation of workplace safety requirements and the necessity of avoiding gas leaks to safeguard both people and the environment.
As a value-added proposition, relevant manufacturers in the market provide their clients with a variety of after-sales service packages and field support services. They are also focusing on the production & development of advanced & end-user-specific custom products to achieve maximum sales. The market’s income will be supported and fueled by a variety of activities, such as repair help, maintenance services, replacement services, technical services, and equipment downtime monitoring.
Key Takeaways from Gas Detection Equipment Market Study
Based on product type, the fixed gas detector segment currently holds around 52.1% of the volume share of the global market.
By end-use industry, the oil & gas industry is set to hold around 30.6% of the market share on a value basis by the end of the forecast period.
In terms of sensor technology, the electrochemical sensor technology segment is expected to grow at a CAGR of 5% during the forecast period.
South Asia & Pacific gas detection equipment market is expected to grow at a CAGR of 7.5% over the assessment period.
North America holds around 25.4% share of the global gas detection equipment market.
Germany held approximately 18.6% share of the Europe gas detection equipment market in 2021
Key Segments Covered in Gas Detection Equipment Industry Analysis
By Product Type:
Fixed Gas Detector
Portable Gas Detector
By Type of Gas Detection Technology:
Single Gas
Multi-Gas
By Type of Gas:
Combustible
Toxic
Oxygen
Dedicated
By End-Use Industry:
Oil and Gas
Mining
Industrial
Building Automation
Others
By Sensor Technology:
Electrochemical
Infrared
Metal Oxide
Catalytic
Zirconia
Others
