The Global Gas Leak Detector Market, By Technology (Industrial (Oil & Gas, Chemicals and Power Generation), Commercial Establishment (Shopping Malls, Hotels & Restaurant and Other), Commercial, Residential and Others), Product Type ( Fixed and Portable), By Technology ( Electrochemical, Infrared, Semiconductor, Ultrasonic Others) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) - Global Forecast to 2027, is expected to be valued at US$ 4,695.7 million by 2027, exhibiting a CAGR of 5.8% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
A gas leak detector detects the presence of gases in an area. Gas leak detection is the process of identifying potentially hazardous gas leaks by sensors. Common sensors include infrared point detectors, gas sensors, ultrasonic sensors, photoionization sensors, metal-oxide-semiconductor sensors, and electrochemical gas sensors. Furthermore, gas leak detectors are used in oil & gas, chemicals, power generation, shopping malls, hotels, restaurants, residential establishments, etc. The global gas leak detectors market focuses on seven regions namely North America, Latin America, Eastern Europe, Western Europe, APEJ, Japan, and Middle East & Africa.
The global gas leak detectors market is estimated to account for US$ 4,695.7 Mn in terms of value by the end of 2027.
Increasing infrastructure development is expected to boost the global gas leak detectors market growth over the forecast period
High growth of residential, commercial, and industrial infrastructure has led to increased demand for gas leak detectors. In commercial and residential applications, gas leak detectors are used for safety purposes namely to detect gas leaks in appliances such as propane tanks and gas pipe fittings. Moreover, rising commercial infrastructure development of sports complex, appliances, shopping malls, hospitals, company headquarters, etc. due to rising urbanization is expected to drive growth of the global gas leak detectors market over the forecast period.
Rising use of industrial gases can provide lucrative growth opportunities
Increasing the application of industrial gases such as nitrogen, helium, and argon across various manufacturing industries is propelling demand for gas leak detectors to ensure better safety. Furthermore, the use of gases in refrigeration and HVAC processes in automotive applications is expected to witness significant growth over the forecast period, which, in turn, presents major growth opportunities for market players in the near future.
Declining oil & gas industry is expected to hamper the global gas leak detectors market growth over the forecast period
The oil & gas industry is one of the major end users of gas leak detectors. However, the industry is witnessing a major slump due to plummeting oil prices since 2014. Therefore, these factors are expected to hinder the global gas leak detectors market growth over the forecast period.
Manufacturers are focused on developing advanced gas leak detectors and upgrading existing products, especially for industries such as chemicals, mining, and food. Advanced portable gas detectors being used for personal protection in several industries. It is also used for mobile testing of extensive manufacturing plants. This is attributed to the capability of these gas detectors to identify numerous gases and store data for future analysis.
Major companies in the market are focused on inorganic strategies such as partnerships, mergers, and acquisitions, in order to gain a competitive edge in the market. For instance, in October 2010, MSA acquired General Monitors, a U.S.-based developer of fixed gas and flame detection systems. Moreover, in October 2014, Honeywell partnered with Houston-based Accudata Systems to sell ConneXt Pro, a first-of-its-kind wireless gas detection system based on the Internet of Things (IoT) technology
Global Gas Leak Detectors Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, chemical industries witnessed significant shift in their business. Chemical companies have slowed down their manufacturing operations due to labor shortage and supply of raw materials. The production of synthetic rubber especially chemicals such as paint and coatings have declined respectively. This is attributed to downfall in the construction activities and restriction on the travel which have direct impact on the demand of chemicals. Despite the downfall in the growth, chemical industries have also witnessed a significant growth due to coronavirus pandemic. Chemical companies are manufacturing fuel-grade alcohol based hand sanitizers to reduce the spread of COVID-19. For instance, in Thailand, Government of Pharmaceutical Organization (GPO) has increased the supply of alcohol based sanitizers. They are supplying 700,000 bottles (60 ml) and 900,000 bottles (450ml) per day. Growing demand of hand sanitizers has increased the demand of gas detectors which are used in the chemical industries to provide safety to the labors.
Key players operating in the global gas leak detectors market are MSA Safety Inc., Tyco International plc, Emerson Electric Company, Honeywell International Inc., Drägerwerk AG & Co. KgaA, PSI AG, Bridger Photonics Inc., Siemens AG, Pure Technologies Ltd., and Schneider Electric SE.