London, 18 March 2015: Technavio, the independent tech-focused global research firm, has published a report on the Global Gas Detection Equipment Market 2015-2019, which is expected to grow at a CAGR of 4.80 percent during the forecast period of 2014-2019.
The need for a safe working environment coupled with stringent government regulations for environmental protection has boosted demand for gas detectors in various end-user industries. Growing awareness about safety concerns has made the use of gas detectors in power plants indispensable. Speedy industrialization processes in developing countries such as China, India, Brazil, and South Korea plays a key role in generating demand for these detectors.
“Natural gas plays a crucial role in the Residential sector as it is mainly used in households and because it is highly combustible, results in various accidents such as leakage of gas cylinders and fittings,” says Faisal Ghaus, Vice President of Technavio.
“Also, these detectors have efficient sensors that provide on-time alarms to users, enabling immediate action. Therefore, consumers in the Residential sector have equipped their premises with natural gas detectors.”
Key Market Drivers
- Increased Safety Concerns
- Stringent Government Regulations
- Greater Exploration Activities
- Wide Applications of Gas Detectors
Key Market Trends
- Advances in Technology
- Increased M&A
- Growing Popularity of Natural Gas Detectors in Residential Sector
- Rise in Application of Gas Sensors in HVAC Control Systems
Key Market Vendors
- Drägerwerk AG & Co.
- Honeywell International Inc.
- Industrial Scientific Corp.
- Mine Safety Appliances
To define the market circumstances in the next 3-4 years, analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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