Gas detection market shows no slowdown
Many vendors at the AIHce exhibition hall are rolling out new gas detection equipment this week at the meeting in Salt Lake City. Technology is driving many innovations, with cloud-based software and storage handling the management of gas detection programs, and wireless gas detection enabling enterprise-wide closed-loop exposure monitoring and analysis.
The global gas leak detector market is predicted to reach $3,143.67 million by the end of 2020, according to Persistence Market Research.
Key driving factors: identified in the global gas leak detectors market are stringent government safety norms, growing investment in oil & gas and chemical Industries and increasing commercial and residential infrastructure development. But lower profit margin due to intense competition, deferred investments in oil and gas might pose a challenge towards the growth of the global gas leak detector market. Some of the major trends identified in the global gas leak detector market are the use of internet of everything (IoT) and artificial neural network technology and gas leak detectors.
From a regional perspective: North America, Latin America, Eastern Europe and Western Europe together contributed 50% of the global gas leak detector market value in year 2014. Asia Pacific excluding Japan contributed total 35%, making it the largest geographical segment in the global gas leak detector market. The Middle East and Africa gas leak detector market is projected to grow at a promising rate through the forecast period.
On the basis of technology type: the electrochemical based gas leak detector is the predominant segment with total share of about 38%, whilst the ultrasonic, semiconductor and infrared based gas leak detector cumulatively accounted for 46.6% % in the global gas leak detector market value in 2014.