Gas Detection Equipment Market – Remote Monitoring to Be a Key Trend Driving Gas Detection Equipment Sales
The competitive intensity within the global market for gas detection equipment is exceptionally high with a large presence of both globally prominent players as well as regional ones. Industrial Scientific Corporation, Drägerwerk AG & Co. KGaA, Honeywell Analytics, and Siemens AG were considered as the leading manufacturers of gas detection equipment in 2013.
As stated in a publication released by Transparency Market Research, improving brand awareness, dedicating greater funds to product innovation, and forging long-term contracts are the more common strategies employed by key gas detector manufacturers in the world.
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A large number of global gas detection equipment makers are currently focusing on Asia Pacific and the promise of high demand shown by its key industrially evolving countries.
The global market for gas detection equipment is projected at a CAGR of 5.0% from 2014 to 2022 in terms of revenue. This revenue is expected to reach US$2.49 bn by the end of 2016 and US$3.37 bn by the end of 2022.
North America Industrial Stringency Creates Very High Gas Detection Equipment Demand
North America, owing to its highly stringent regulatory frameworks regarding worker safety, is expected to retain its leading consumption rate of gas detection equipment. By the end of 2022, the revenue generated through gas detection equipment in North America is expected to reach US$918.0 mn.
On the other hand, Asia Pacific is expected to show a much faster growth in the demand for gas detection equipment over the coming years. This high demand is driven by increasing awareness on worker safety implementations in several industries and the growing regulations adopted by key countries such as India and China.
Fixed gas detectors have so far been the most popular ones, and due to the level of advancements in them and their lower price, are expected to generate a revenue of US$1.91 bn by 2022. There is, however, a faster growing demand for portable gas detectors for the same forecast period.
Most industries are showing a greater interest in combustible gas detectors over toxic gas detectors. The former is expected to generate US$2.14 bn in revenue by 2022, while the latter is growing in popularity. Toxic gas detectors are projected at a CAGR of 6.9% from 2014 to 2022.
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Wireless Gas Detection Equipment Now a Key Trend
A lot of industries, especially manufacturing industries where gases such as ammonia, chlorine dioxide, and carbon monoxide are emitted, are showing a very high preference for wireless gas detection equipment. Highly toxic gases that must not be inhaled at any cost are some of the crucial gases that industries are helping their workers avoid, and the use of wireless gas detection equipment can do just that.
“The ability to remotely monitor and even control a room or an environment can be extremely beneficial in many situations,” states a TMR analyst. Detectors such as the RAE systems wireless gas detectors by Oilind Safety, Inc., have become an integral part of several industries that benefit heavily from remote monitoring of gas levels.
Price Cuts Creating Serious Reduction in R&D Budgets
Competition in the global market for gas detection equipment is expected to be intense, more so than what it already has been. This is actually creating a phase where manufacturers of gas detection equipment, in order to gain larger market values, are severely cutting the costs of their detectors. As a result, the other players are compelled to do the same. This creates great restrictions on the budget allocations by a large number of companies on the development and innovations of gas detection equipment.
The analyst adds, “The future of gas detection equipment will likely lie in healthcare and building automation. Gas detection equipment can be used to monitor the gas levels in a hospital room, thereby allowing the medical personnel to take better care of their patients. Although still in a rather nascent stage, the healthcare industry can benefit massively from the use of gas detection equipment.”