Gas Leak Detector Market to Surpass US$ 4,659.4 Million by 2026

Published On : Sep 03, 2018

The Global Gas Leak Detector Market was valued at US$ 2,728.3 million in 2017, and is expected to increase to US$ 4,659.4 million by 2026 , registering a CAGR of 5.8% over the forecast period from 2018 to 2026, according to Gas Leak Detector  Market Report, by Product Type (Fixed Type Gas Detector and Portable Gas Detector), by Technology Type (Electrochemical, Ultrasonic, Infrared, and Semiconductor), by Application (Industrial, Commercial, and Residential), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) published by Coherent Market Insights.

Major factors driving growth of the gas leak detector market is rise in incidents of leakages in the oil and gas pipelines and storage tanks at production facilities, development and expansion of existing pipelines, and construction of new pipelines. For instance, according to Inside Energy, in the U.S., the number of people injured from oil and gas leakage was 112 in 2013 and it has grown to 142 in 2014. Therefore, rise in fatalities due to oil and gas leakage will turn increase demand for gas leak detectors as these detectors act as protection system, which in turn helps in avoiding such incidence caused due to leakage of oil and gas.

Rising installation of gas turbine plants is one of the key factors propelling growth of the market

Ultrasonic-based gas leak detector accounted for the largest market in share in 2017 and it is expected to be dominant segment over the forecasted period (2018-2026). For instance, according to Coherent Market Insights’ analysis, the installation power generation capacity of natural gas was 1,298 GW in 2015 and it has grown to 1,398 GW, globally. The growth of the global gas turbine market is driven by increasing demand for replacing coal-fired power plants by natural gas-based turbine power plants. For instance, global installed gas-fired generation capacity is forecast to increase from 1,311 GW in 2010 to 2,008 GW in 2030, with electricity generation rising from 4,444 TWh to 7,187 TWh over the same period. Therefore, rise in installation of gas turbines is expected to significantly increase demand for ultrasonic gas leak detectors as this technology has the capability to detect gas leak even when the gas is diluted in the wind. This advantage is responsible for increasing demand for installing ultrasonic gas leak detector in offshore and onshore platform.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/gas-leak-detector-market-2096

Key Trends and Analysis of the Global Gas Leak Detector Market:

  • Gas leak detector market in Asia Pacific region is expected to exhibit the highest CAGR over the forecast period (2018 - 2026). The factor attributed growth of the market is increase in consumption of oil and gas inadvertently increasing the pipeline infrastructure of oil and gas for fulfilling demand for it in this particular region. Therefore, rise in pipeline infrastructure will positively increase demand for gas leak detector for controlling hazardous accidents related to the leakage of oil and gas. For instance, according to the India Brand Equity Foundation, the consumption of petroleum products in India in 2016 was 186,209 MMT (Million Metric Tons) and it has grown to 194.597 MMT in 2017.
  • Major players operating in the global gas leak detector market include Honeywell International Inc., city Technology Ltd., Honeywell International Inc., Mine Safety Appliances Co., Dragerwerk AG & Corporation., Testo AG, ABB Ltd, Industrial Scientific Corporation, Figaro Engineering Inc., Yokogawa Electric Corporation, and Hitech Instruments Ltd. Mine Safety Appliances Corporation., Dragerwerk AG & Corporation., Testo AG, ABB Ltd, Industrial Scientific Corporation, Figaro Engineering Inc., Yokogawa Electric Corporation, and Hitech Instruments Ltd.

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