Gas Detection Equipment Market to USD 11.8 Billion by 2031 Driven by Demand for Methane Emission Reduction Technologies

Securing Safety: The Evolution and Future of Gas Detection Equipment Market

TEXES, AUSTIN, UNITED STATES, June 10, 2024 /EINPresswire.com/ — The Gas Detection Equipment Market Size is 5.19 Billion in 2023 and expected to reach USD 11.8 Billion by 2031, growing at a CAGR of 10.85% over the forecast period 2024-2031, according to a report by SNS Insider.

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Top Key Players:

ABB

Airtest Technologies, Inc.

FLIR Systems, Inc.

Fluke Corporation

General Electric Company

Honeywell International Inc.

Lynred

Opgal

Siemens

Thermo Fisher Scientific, Inc.

Growing Demand for Gas Detection Technology to Limit Methane Emissions

The market for gas detection equipment is expanding due to several factors. One key driver is the growing concern for worker safety across various industries, including oil & gas, mining, chemicals, and manufacturing. These industries produce large quantities of toxic gases like hydrogen sulfide, ammonia, and sulfur dioxide, posing a significant health risk to workers. Gas detectors play a vital role in monitoring these gases and preventing worker exposure.

Furthermore, environmental regulations are pushing for stricter emission control measures. For instance, the Canadian government pledged a 40-45% reduction in oil and gas methane emissions by 2025 compared to 2012 levels. Gas detectors equipped with infrared sensors are instrumental in detecting methane leaks during transportation, extraction, and power generation, contributing to emission reduction efforts.

Market Segmentation: Fixed vs Portable Detectors

The fixed gas detector segment dominated the market in 2022, accounting for over 65% of global revenue. This dominance is attributed to the growing awareness of workplace gas hazards, leading employers to prioritize safe and healthy working environments. Furthermore, the adoption of wireless technology in fixed gas detectors facilitates efficient monitoring and data analysis. Additionally, benefits like low sample requirements for gas analysis, real-time monitoring capabilities, and the potential to connect these systems with municipal infrastructure like traffic lights, further enhance their appeal to end-users.

The portable gas detector segment is anticipated to witness the fastest growth during the forecast period. The growing focus on worker safety and health is driving demand for these detectors, as they provide personnel with a convenient and reliable way to monitor gas concentrations in their immediate surroundings. Also known as personal gas detectors, their portability, affordability, and ease of use make them ideal for various applications. Environmental authorities are increasingly utilizing these detectors to check public vehicle emissions and detect flammable gases in restricted areas.

Impact of Russia-Ukraine War and Economic Slowdown

The ongoing Russia-Ukraine war has disrupted global supply chains for essential components used in gas detection equipment manufacturing. This disruption, coupled with rising raw material prices, could potentially hinder market growth in the short term. However, the long-term outlook remains positive, driven by the aforementioned factors.

An economic slowdown could also dampen market growth. Reduced industrial activity and capital expenditure limitations during economic downturns can lead to a decrease in demand for gas detection equipment.

Key Regional Developments: Asia Pacific Leads the Way

The report identifies Asia Pacific as the dominant region in the gas detection equipment market, accounting for over 33% of the global revenue in 2023. This dominance can be attributed to the increasing use of portable detectors due to their ease of use and growing industrial activity in the region.

North America is also expected to witness significant market growth due to the presence of a vast oil and gas infrastructure and a strong focus on worker safety regulations. The increasing need to minimize accidents caused by gas leaks is another factor driving market expansion in the region.

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Recent Developments

In May 2024, CO2Meter announced the release of an industrial gas detector that monitors highly anticipated industrial gas safety rises and will measure either oxygen or CO2.

In December 2023, CO2Meter launched a new industrial gas detector called CM-900 to measure CO2 and oxygen and protect personnel working around.

Key Takeaways

Analyzing the Stringent regulations for methane emission reduction is driving the demand for gas detection equipment.

Understanding that technological advancements like IR camera-based detectors are enhancing market innovation.

The market is segmented into fixed and portable detectors, with portable detectors expected to grow fastest.

The report acknowledges the potential impact of global events.

The market is expected to grow steadily in the coming years due to rising environmental concerns and worker safety considerations.

Akash Anand
SNS Insider | Strategy and Stats
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