Published Date: 6-Apr-2021
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According to a new report Global Gas Detection Equipment Market, published by KBV research, The Global Gas Detection Equipment Market size is expected to reach $8 billion by 2026, rising at a market growth of 11.8% CAGR during the forecast period.
The portable gas detectors market segment would exhibit promising growth rate during the forecast period. This equipment has the capability to remotely track the industrial and commercial plants; as a result, they have high demand in the market as compared to the traditional fixed gas detectors. There are several benefits provided by these portable gas detectors like cost-efficient, easy implementation, and secured & easy connections that fuel the growth of this segment.
Based on end-use, the industrial market segment garnered the highest revenue share of the market in 2019. The gas detection equipment is widely utilized for industrial purposes in order to comply with the safety standards of the working environments. These gas detectors are implemented in mining industries for the detection of carbon dioxide and oxygen in mines. The rising usage of gas detection equipment in sectors like pharmaceuticals and food & beverage is also propelling the growth of the market.
Region-wise, Asia Pacific emerged as the dominating region in the gas detection equipment market in 2019. In the Asia-Pacific region, china acquired the highest share of the market over the forecast period. The Chinese government is undertaking a number of Greenfield projects, which further supports the growth of the regional market. Simultaneously, the increment in operations by many oil companies like the Oil & Natural Gas Corporation of India and the National Offshore Oil Corporation of China is boosting the demand for gas detection equipment in this region.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Fortive Corporation (Industrial Scientific), Dragerwerk AG & Co. KGaA, Siemens AG, Honeywell International, Inc., General Electric (GE) Co., Emerson Electric Co., Thermo Fisher Scientific, Inc., MSA Safety Incorporated, RKI Instruments, Inc., and Sensor Electronics Corporation.
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