The South East Asia Gas Detection Device Market, By Type (Fixed and Portable), by Device (Detector, Transmitter and Controller), By Application (Mining, Steel Mill, Petro Chemical, Construction, Automobile, Material, Food & Beverage Processing, Electronics, Marine, Utility Services, Government, Security, Medical and Environment Detection) and by Country (Singapore, Malaysia, Indonesia, Thailand, Vietnam, Myanmar, Brunei, Philippines and Rest of South East Asia) – South East Asia Forecast to 2027, is expected to be valued at US$ 408.5 million by 2027, exhibiting a CAGR of 9.7% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Overview
A fixed gas detector is a permanently mounted device that identifies leakage of gas content. Fixed gas detectors do not require a constant human monitor or responder for the detection of gas concentration. Fixed gas detectors require a separate fixed power source to operate. Portable gas detectors are handheld devices used to provide safety to the individual user from a wide range of gas hazards across applications. Portable gas detectors are flexible in use and can be easily handled across any space as the user moves. Portable gas detectors are operated on batteries and do not require a separate power source. These devices are used in mining, steel mill, petrochemical, automobile, etc.
The South East Asia gas detection device market is estimated to account for US$ 408.5 Mn in terms of value by the end of 2027
Market Drivers
Growing demand for reduction in facility downtime during turnaround operations is expected to propel the South East Asia gas detection device market growth during the forecast period
The demand for gas detection devices from numerous industries is increasing rapidly. This is due to reduced operational costs and low gas detection costs provided by these devices. Moreover, businesses are focused on the maximization of efficiency of processes through fast detection of hazardous gases. For instance, Mine Safety Appliances Company, LLC based in Cranberry Township, Pennsylvania, U.S., has designed a gas detection device called the Galaxy GX2 system, which offers gas detection with fast response time to enhance workplace safety in various environments with reduced maintenance costs. Hence, these factors are expected to propel the South East Asia gas detection device market growth in the near future.
Market Opportunity
Increasing use of fixed and portable gas detectors across marine industry
In Singapore, the demand for Gas Detection Device is mainly driven by the marine industry. This mainly due to the increasing use of fixed and portable gas detectors for the safety of crew members and cargo loaded onto the ships. Moreover, the stringent regulations associated with marine safety contribute to the large-scale adoption of gas detectors by shipbuilders and ship owners. For instance, according to the Energy Market Authority of Singapore, in 2015 petroleum products held a 65.3% market share in the import market, followed by crude oil, natural gas, and coal & peat with a market share of 28.5%, 6.0%, and 0.2%, respectively.
Market Restraint
Declined profit margin due to low product differentiation is expected to hamper the South East Asia gas detection device market growth over the forecast period
The pricing strategies of aspirant companies has forced established players in the market to adopt competitive prices. Penetration pricing strategy has thus crunched the profits obtained from products and services. As a result of reduced profits, the market is expected to experience a decline in investments. Therefore, these factors are expected to hamper the market growth over the forecast period.
Market Trends
- Malaysia Trends