The global market for gas detection equipment is gaining from mandates in place for workplace safety especially in the industrial sector. Gas detection equipment can identify the presence of harmful gases in the environment and raise an alarm to prevent accidents. Government bodies and industry associations have formulated regulations that businesses need to adhere to maintain a safe work environment.
Apart from this, technological advancements leading to increased product efficiency is stoking demand for newer equipment. This bodes well for gas detection equipment market.
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However, entry of new players and competitive prices offered by them has forced established players to offer competitive prices. This is leading to reduced profits of established players thereby resulting in decline in investments. The growth of gas detection equipment market is thus impacted. Considering a host of factors, the global market for gas detection equipment is likely to clock a CAGR of 5.7% between 2017 and 2024.
Fixed Gas Detection Product Type to Continue to Remain at Fore
The gas detection equipment market is segmented depending upon product type, technology, type of gas, end-use, sensor technology, and geography. By product type, portable gas detector and fixed gas detector are the segments into which the gas detection equipment market is segmented. Of the two, fixed gas detector segment holds the leading share in the overall gas detection equipment market. However, the portable detector segment is anticipated to surpass in terms of growth rate between 2017 and 2024.
By type of gas detection technology, single gas and multi gas are the segments into which the gas detection equipment market is divided. Between them, single gas detection technology segment holds dominance in the overall market.
Depending upon type of gas, combustible, oxygen, toxic, and dedicated are the segments into which the gas detection equipment market is segmented. Of them, the segment of combustible currently leads the gas detection equipment market; the segment is anticipated to be worth US$1,574.5 mn by 2024.
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On the basis of end-use, oil and gas, mining, industrial, building automation, and others are the segments into which the gas detection equipment market is classified. Out of these, industrial is the leading end-use segment of the gas detection equipment market; the industrial end-use segment is anticipated to be worth US$1,128.1 mn by 2024.