Gas Leak Detectors Market to reach nearly US$ 1,700 Mn by the end of 2024

?With the growth of oil and gas industries as well as the chemical industry, the APAC gas leak detectors market is expected to register a CAGR of 5.8% over the forecast period to reach nearly US$ 1,700 Mn by the end of 2024. The APAC gas leak detectors market is projected to represent incremental opportunity of more than US$ 600 Mn between 2016 and 2024. Growing demand for gas leak detectors in automotive manufacturing plants, mining, iron and steel, etc. is expected to drive the market over the forecast period.

APAC Gas Leak Detectors Market Analysis and Forecast, by Application

Industrial segment is expected to dominate the APAC gas leak detectors market owing to high sales in oil & gas and chemical industries

Oil & gas and chemical industries need to maintain a high level of security and safety for workers due to the high amount of harmful gases involved in the operational processes. The industrial segment accounted for over 70% of the APAC gas leak detectors market in 2016. However, owing to an increasing use of gas leak detectors in end use industries such as mining and automotive manufacturing, the industrial segment is anticipated to lose 40 BPS between 2016 and 2026. In the treatment of waste water and in iron and steel plants, the demand for gas leak detectors is expected to grow gaining 40 BPS between 2016 and 2024.

APAC Gas Leak Detectors Market Absolute $ Opportunity Analysis, by Application

Industrial

The industrial segment is expected to create total incremental opportunity of nearly US$ 500 Mn between 2016 and 2024. The segment is projected to reach market value of nearly US$ 1,300 Mn by 2024 end, registering a CAGR of 5.8%.

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The commercial and establishment segment is anticipated to witness a CAGR of 5.8% and is expected to create total incremental opportunity of nearly US$ 30 Mn between 2016 and 2024. The segment is likely to represent a share of 4.1% of the total incremental opportunity created between 2016 and 2024.

Residential

The residential segment, registering a CAGR of 5.9%, is projected to create total incremental opportunity of nearly US$ 10 Mn between 2016 and 2024, representing a share of 1.5% of the total incremental opportunity created between 2016 and 2024.

APAC Gas Leak Detectors Market Attractiveness, by Application

Involvement of various government organizations for personnel safety in mining is expected to drive the market of the others segment over the forecast period

The industrial segment of the APAC gas leak detectors market is expected to be a relatively attractive segment in terms of value share and incremental opportunity over the forecast period owing to high utilization of gas detectors in oil and gas as well as in chemical industries. The others segment comprising waste water treatment, iron and steel, mining, etc. is estimated to record a CAGR of 6.2% due to high awareness among workers, and government standards and organizations such as Coal Mine Safety Bureau and China Coal Research Institute. The commercial and establishment segment is mainly driven by the demand for gas leak detectors in hospitals or laboratories and in the basement of shopping malls, movie theatres, etc.

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