Gas Detection Equipment Market in South East Asia is Likely to Reach US$172.4 Million in 2024, Foreign Investments in Greenfield Projects to Aid Growth in Coming Years

The global Southeast Asia gas detection equipment market is highly competitive. The prevailing competitive trends are likely to get fiercer in the future as players focus on innovation and product differentiation to strengthen their position. Among the leading enterprises, Honeywell International, Inc., Dragerwerk AG & Co., and KGaA, Riken Keiki Co., Ltd. held the dominant share of 83.3% in the market in 2015, finds Transparency Market Research (TMR) in a new report. These companies are majorly gaining from their strong distribution network across Southeast Asia. In addition, these companies maintain a diverse product portfolio to cater to the dynamic consumer demand. As they offer value-added services besides gas detection equipment, consumer loyalty is expected to increase in the coming years.

South East Asia Gas Detection Equipment Market: Snapshot

Stringent regulations aimed at ascertaining workplace safety are driving the gas detection equipment market in Southeast Asia. In countries such as Singapore, Indonesia, and Malaysia wherein several large industries are domiciled have stringent laws implemented to keep workplace safety under strict vigil and ensure high standards of occupational health and safety especially across hazardous applications. Spurred by these factors, the uptake of gas detection equipment has considerably increased across Southeast Asia.

The demand gas detection equipment market is rising on account of its application across diverse industries. Installing gas detection equipment can help petrochemical, marine, mining, electrical, and other industries keep check on emission of hazardous gas. Thus enabling them maintain a high standards of occupational health and safety. Besides this, deploying these devices also help in the reduction of turnaround time. However, the prevalence of fierce competition has compromised with the profit margin of the leading market players thereby negatively impacting the overall market. Nonetheless, FDI in this sector is forecast to increase, which will aid in the market’s expansion in the coming years.

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Petrochemical Industry to Exhibit Highest Application of Gas Detection Equipment

Based on application, the Southeast Asia gas detection equipment market can be segmented into petrochemical, mining, steel mill, construction, material, food and beverage, automobile, electronics, marine, processing and making, utility services, medical, security, government, and environment detection. Of these, holding nearly 15% of the Southeast Asia gas detection equipment market, the petrochemical segment emerged dominant in 2016. Through the forecast period, the segment is expected to remain at the lead, however, considering investments in other sectors overall the market will witness steady growth across key application segments. Besides the petrochemical industry, the use of gas detection equipment in the marine sector is expected to rise in the coming years. The implementation of stringent health and safety regulations is expected to aid the market’s expansion across the aforementioned application segments.

Country-wise, the Singapore gas detection equipment held the dominant share of 51.8% in the Southeast Asia gas detection equipment market in 2016. In addition, Malaysia is forecast to exhibit lucrative market opportunities during the forecast period.

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Favorable Government Policies Aid Market’s Expansion

Government and industry associations across Southeast Asia have consciously implemented regulations to ascertain improved workplace safety. Besides this, the countries across Southeast Asia have stringent regulations in place to address occupational health and safety concerns across hazardous industries. Besides ensuring worker’s health and safety, these regulations will prove chief drivers of the gas detection equipment market in Southeast Asia.

Also industries are exhibiting high demand for enhanced monitoring and reducing operational costs and safety concerns. Due to the growing emphasis on health and safety regulations, the demand for monitoring across industries is expected to rise further. This according to TMR will give significant impetus to the Southeast Asia gas detection equipment market.

Besides helping them incur lesser operational expenditure, installing gas detection equipment can also help industries reduce downtime during turnaround operations. Spurred by these factors, the Southeast Asia gas detection equipment market will exhibit higher momentum in the coming years.

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