Oil & gas investment drives market for gas leak detectors
Gas leak detectors are equipment that indicates the presence of gases in ambient air using technologies such as electrochemical, infrared and ultrasonic. These devices are used to detect toxic and combustible gases in order to maintain safety during operations. Gas leak detectors are generally available in two different types; portable which are handheld can be used for personal safety as well. The other type of leak detectors is fixed i.e. permanently sited which are often used in plants & facilities for personnel as well as plant safety. Portable gas leak detectors are also classified as "personal safety instrument" as they ensure detection of toxic and flammable gases which can cause hazards in plants. Government laws& regulations and industry associations advocate the use gas leak detectors in manufacturing plant to ensure the safety of workers and workplace.
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. 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. The installation rate of the gas leak detector is increasing globally with significant growth rate across various industries such as oil & gas, chemical, etc.
North America, Latin America, Eastern Europe and Western Europe together contributed 50% of the global gas leak detector market value in year 2014. Whilst Asia Pacific excluding Japan contributed about 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 promising CAGR of 6.27% during the forecast period.
The global gas leak detector market is segmented on the basis of region, product type, technology type and application type. The product type is classified into two sub-segment which are, fixed type gas leak detectors and portable type gas leak detectors. On the basis of technology, the market is segmented into electrochemical, infrared imaging, ultrasonic, semiconductor and others. The application segment includes industrial, commercial establishments and others. The industrial application segment is further sub-segmented into oil & gas, chemical and power generation and others. Also, the commercial sub-segments includes shopping malls, hotel & restaurants and other commercial establishments. The regional analysis of gas leak detector market includes Western Europe, Asia Pacific, Eastern Europe, North America, Middle East & Africa and Japan.