Gas Detection Equipment Market to Attain US$ 8.12 Billion at a CAGR of 5.4% by 2034: Fact.MR Study

IoT Integration and Miniaturization Trend Increasing Adoption of Advanced Gas Detection Equipment

Rockville , Nov. 10, 2023 (GLOBE NEWSWIRE) — As per a detailed study by Fact.MR, a market research and competitive intelligence provider, the global Gas Detection Equipment Market is estimated at US$ 4.8 billion in 2024 and is projected to reach US$ 8.12 billion by 2034-end.

Gas detection equipment plays a vital role in ensuring safety across several end-use industries, from oil and gas to manufacturing and environmental monitoring. Continuous innovations, growing safety regulations, and industrialization across the globe are driving demand for gas detection equipment.

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Key Segments of Gas Detection Equipment Industry Research Report

Integration of wireless technology into gas detection equipment is enabling real-time data monitoring and remote notifications, leading to enhanced operational efficiency. Gas detection equipment is becoming an integral part of the Internet of Things (IoT) ecosystem, facilitating predictive maintenance and comprehensive safety solutions. The trend of shrinking gas detectors is further making them more portable and versatile, opening new opportunities for gas detection equipment manufacturers.

Devices capable of simultaneously detecting multiple gases are gaining traction, reducing the need for multiple sensors and enhancing user convenience. The ongoing improvements in sensor technology, battery life, and user interfaces are making gas detectors more user-friendly and efficient.

Key Takeaways from Market Study

• Global demand for gas detection equipment is projected to rise at a CAGR of 5.4% from 2024 to 2034.
• Strict safety regulations, rapid industrial growth, and technological advancements are boosting gas detector sales in the United States.
• A robust export-oriented manufacturing sector and a strong environmental consciousness are key factors driving the sales of gas detection systems in Germany.
• A diverse industrial landscape, disaster preparedness, and a significant focus on nuclear energy safety are fueling the demand for gas detection solutions in Japan.

“Gas detection devices are finding major applications in healthcare facilities and laboratories for monitoring medical gases and ensuring patient safety,” says a Fact.MR analyst.

Competitive Analysis

Key manufacturers of gas detection equipment are focusing on offering diverse product portfolios, innovations, strategic partnerships, global presence, and customization services. The introduction of gas detectors with data analytics and IoT capabilities is attracting customers seeking efficiency and data-driven insights. This move is further leading to high profit margins for players.

• In December 2021, Drager unveiled the MetCam optical gas detection camera, providing real-time methane leakage detection, even in challenging environments.

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In Europe, regional authorities are actively implementing fire safety norms, setting national or state-defined goals. The European market for fire alarm and detection is anticipated to witness a Compound Annual Growth Rate (CAGR) of 7.4% from 2022 to 2032, as projected by Fact.MR.

For instance, Germany has seen firefighters’ associations spearheading initiatives to increase the installation of fire alarms and smoke detectors in residential areas. Fire brigades in the country have also conducted campaigns to disseminate information about the installation of fire safety equipment. These efforts, mirrored in various European countries, collectively contribute to the growth of the regional market.

In the Asia Pacific region, a rapid growth trajectory is expected, positioning it as the fastest-growing market in the coming years. With a focus on infrastructure development, the region provides lucrative opportunities for fire safety vendors. The demand in this region is propelled by advancements in countries such as India, China, Japan, and other Southeast Asian nations. Fact.MR estimates that Asia Pacific will accumulate approximately 45% of the revenue share.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global gas detection equipment market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights on the market based on type (fixed, portable), end-use industry (oil & gas, government & military, manufacturing, chemicals & petrochemicals, water & wastewater, metal & mining, utilities), communication type (wired, wireless), gas type (combustible, toxic, oxygen, dedicated), and sensor technology (electrochemical, infrared, metal oxide, catalytic, zirconia), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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