The global gas leak detector market was valued at US$ 3,138.2 Million in 2020 and is expected to surpass US$ 4,718.4 Million by 2028, registering a CAGR of 5.6% during the forecast period (2021-2028), according to the Global gas leak detector Market Report, By Product Type (Fixed Gas Leak Detector and Portable Gas Leak Detectors), By Application (Industrial (Oil & Gas, Chemicals, and Power Generation), Commercial Establishment (Shopping Malls, Hotels, and Other), Residential, Other), By Technology (Electrochemical, Infrared, Semiconductor/MOS, Ultrasonic, Other (Holographic, etc.) and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
Gas leak detectors are one of the many must-have devices in the oil & gas industry. These are necessary for protection from personnel and property hazards, which can be caused due to deadly, toxic, and combustible gases. Moreover, gas detectors offer high reliability and high responsive methods to monitor toxicity, oxygen levels, and flammability. The development of gas infrastructures such as pipelines, gas stations, and warehouses is expected to increase the demand for gas worldwide. As a result of this, the demand for gas leak detectors is expected to increase significantly. For instance, in February 2021, the Prime Minister of India announced that the government of India plans to invest around US$ 102.49 billion in oil and gas infrastructure in the next five years. Furthermore, the government of India allowed 100% foreign direct investment (FDI) in upstream and private sector refining projects including natural gas, petroleum products, and refineries among others. Therefore, rising investment in oil & gas and chemical industry is expected to drive growth of the global gas leak detectors market during the forecast period.
Furthermore, in the production of energy, natural gas and crude oil gas are used as primary raw materials. Therefore, gas leak detectors play a vital role in energy production process. Hence, growing demand for energy is expected to drive the growth of gas leak detectors market. For instance, according to India Brand Equity Foundation (IBEF), India’s energy demand is expected to double to 1,516 Mtoe by 2035 from 753.7 Mtoe in 2017.
Many manufacturers are focused on development of gas detectors incorporated with advanced features and novel technologies such as artificial neutral network (ANN) and Internet of Things (IoT), in order to make gas detectors highly efficient. For instance, in February 2020, IntelliView Technologies Inc. launched a dual camera analytic module Methane (DCAM-M) for continuous monitoring and autonomous real-time detection and alerting of methane leaks. Moreover, General Monitor, a U.S.-based manufacturer of gas leak detectors, developed Observer-i, an ultra-sonic multiple gas leak detector, based on ANN technology platform, which can distinguish between real gas leaks and false alarms. Furthermore, in May 2021, Dragerwerk AG & Co. KGaA launched wireless gas detection solution for flexible and cost-efficient monitoring of plants.
Strict regulatory policies and safety norms regarding gas leaks in numerous industries is expected to propel the global gas leak detectors market growth over the forecast period. Stringent regulatory policies, laws, and safety norms are being implemented in various industries including chemical, pharmaceuticals, energy, petrochemicals, etc. Gas leak detectors are used in these aforementioned industries to detect toxic and flammable gas leaks from process containers and chambers. For instance, hazardous CO2 gas is produced during the brewing process, which needs to be safely disposed off. There are number of strict regulatory policies, safety norms, operational safety rules, and management procedures for environmental accountability that are being enforced to ensure safety operational environment for workers and industrial property. For instance, according to the Australia/New Zealand standard AS/NZS60079.29.2:2008, it is mandatory to install a gas detector as per work regulations, to detect flammable gases and oxygen. Thus, these factors are expected to support the market growth over the forecast period.
Gas Leak Detector Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including automotive, electronics, manufacturing, and others. To combat COVID-19 pandemic, most of the countries had implemented lockdown, and are now easing it phase-wise and industry wise. This has significantly impacted manufacturing sector, as the facilities across the globe were temporarily shut down. . Therefore, the global gas leak detector market is affected by the pandemic. As governments are opening up in phases in many countries, production is resuming, however, companies are still working with partial employees on the shop floor and remaining from home. Several global gas leak detector market players witnessed decrease in revenue. The revenue of many market players such as Honeywell, MSA Safety Inc., Schneider Electric SE, and others decreased in 2020 as compared to 2019.
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