Air and Gas Leak Detectors Market Report Overview
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The global air and gas leak detectors market size was USD 2911.7 million in 2022. As per our research, the market is expected to reach USD 3402.5 million by 2028, exhibiting a CAGR of 2.6% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the air and gas leak detectors market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
A gas leak detection system ensures the safety of the workplace by warning of the presence of flammable gases, exposure to toxic gases and lack of oxygen in a certain area. There are mainly two types of gas detectors such as fixed gas detectors and portable gas detectors. In 2020, the segment of portable gas leak detectors had the largest share. In commercial and residential settings, gas leak detectors are primarily used to detect propane gas leaks from appliances, gas pipe fittings, and propane tanks.
The increasing development of commercial infrastructure along with various mega projects such as shopping malls, corporate headquarters, airports and hospitals are likely to offer lucrative growth opportunities in the near future. Market players such as Honeywell International Inc. offers a variety of gas detection solutions designed for use in commercial buildings, shopping centers, office towers, universities and more. The gas detectors market is influenced by factors such as the widespread adoption of gas detectors in residential and commercial applications and increasing demand for gas detector systems in various industries such as oil and gas, mining, power generation, petrochemical and water processing plants and the pulp and paper industry.
COVID-19 Impact: COVID-19 caused a significant decline in the development of residential infrastructure, disrupted industrial activity
COVID-19 has significantly disrupted nearly all industries, including automotive, medical and healthcare, consumer electronics, apparel and textiles, food and beverage, automation, manufacturing, aerospace and defense, oil and gas, construction, semiconductors, agriculture and others. A pandemic outbreak can lead to large-scale health crises that negatively affect the economies of developed and emerging markets. Consequently, lack of liquidity, lack of cash, changing customer demand and other factors are limiting the growth of various sectors during the Covid-19 pandemic. The global gas detector market has been affected by the fact that many major players in the market had to temporarily stop their operations to protect the health of their employees. Additionally, on the supply chain side, lack of raw materials for manufacturing components due to complete shutdown is a major hindrance to market growth. Due to delays in the supply of raw materials and components, manufacturing companies could not deliver products to the market
Latest Trends
"Major demand is expected from the oil and gas sector fuel market growth "
Rising demand for gas monitoring equipment used to detect harmful gases is also expected to indicate continued growth of the gas detection equipment market, especially in the industrial segment. The adoption of the Internet of Things in the oil and gas industry has resulted in superior external communications, real-time monitoring, digital oilfield infrastructure, more compact maintenance costs, lower energy consumption, increased productivity, and safety and security of assets and work. For example, gas waste is a critical issue that needs to be addressed. LPG is highly flammable and can cause loss of life and property. Gas detectors with IoT can play an important role in gas detection and can prevent gas wastage.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into Portable detectors, Fixed detectors, Detector tubes. Portable detectors is anticipated to be the leading segment.
- By Application Analysis
Based on application, the market can be divided into Oil and gas industry, others. Oil and gas industry will be the dominating segment.
Driving Factors
"Increase in the number of safety standards in the industry augments the market growth"
One of the main drivers for the growth of the air and gas leak detectors market is the increase in the number of safety standards in the industry. Industry safety standards play a critical role in the development, implementation and installation of A&G detector systems. The standard includes all mandatory project activities, from the concept or definition phase to the decommissioning phase, which are typically required to ensure the operational safety of monitored equipment. In recent years, the implementation of IEC 61511 and S84.01 standards in A&G detection systems has become stricter. Additionally, the International Society of Automation (ISA) Technical Report TR84.00.07 is currently being revised to provide guidance for evaluating the effectiveness of A&G detection systems that will contribute to air and gas leak detectors market growth during the forecast period.
"Construction and expansion of pipelines and wireless technologies that increase the performance of gas detectors "
More and more factories are adopting wireless technologies to improve their overall performance. Many commercial and residential buildings are also connected to wireless networks. These are some of the key factors supporting the air and gas leak detectors market growth. Many manufacturers in this field have begun to develop wireless detectors to improve performance and seamlessly integrate with operational infrastructure, further improving market performance. Oil and gas pipeline projects have been implemented around the world and several projects are planned due to the increase in global consumption of oil and gas. As a result, operators around the world are expanding their existing pipeline networks and building new pipelines to meet the growing demand for natural gas and oil.
Restraining Factors
"Low performance and harmful after-effects may hinder the growth of market"
Gas leak detection systems cannot control the harmful after-effects of a leak and only act as an alarm system to detect a leak. These devices fail to mitigate a gas leak once it is detected, causing a fire hazard and serious infrastructure damage. These shortcomings may hinder the growth of the gas detectors market. Factors restraining the growth of the global gas detectors market are low performance due to intense competition among market players. The global gas detector market is highly fragmented due to domestic and international market players. This tough competition between existing global and local players leads to lower product profit margins. Another limiting factor is the lack of skilled manpower, as training in the specific applications of gas leak detectors is required, usually for workers using portable gas leak detectors.
Regional Insights
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"Governments in the Asia Pacific region are increasing investment in the construction industry "
Asia Pacific can account for a significant global air and gas leak detectors market share as the region invests heavily in its construction industry. Governments are also showing their interest in developing sustainable and high-tech infrastructure services, further strengthening industry development. The growth of the market in the Asia Pacific region is due to the increase in global demand for natural gas. In the Asia Pacific region alone, oil and gas production has increased as the country develops and expands its pipeline infrastructure and attracts investment in natural gas production projects. Consequently, the demand for kelp detection technologies and systems in the Asia Pacific region is increasing as the production and consumption of natural gas in this country increases. The increase in the number of oil and gas exploration and production projects and the expansion of oil and gas pipelines is accelerating the growth of the oil and gas market.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.
List of Market Players Profiled
- Emerson Electric (U.S.)
- MSA Safety (U.S.)
- Honeywell Analytics (U.S.)
- Tyco Fire & Integrated Solutions (U.K.)
Report Coverage
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 2911.7 Million in 2022 |
Market Size Value By |
US$ 3402.5 Million by 2028 |
Growth Rate |
CAGR of 2.6% from 2022 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the air and gas leak detectors market expected to touch by 2028?
Based on our research the air and gas leak detectors market is expected to reach USD 3402.5 billion in 2028.
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What CAGR is the air and gas leak detectors market expected to exhibit by 2028?
The air and gas leak detectors market is expected to exhibit a CAGR of 2.6% by 2028.
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Which are the driving factors of the air and gas leak detectors market?
Increase in the number of safety standards in the industry and Construction and expansion of pipelines and wireless technologies that increase the performance are two main driving factors of the market.
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Which are the top companies operating in the air and gas leak detectors market?
The top key players in the market are Emerson Electric, MSA Safety, Honeywell Analytics, Tyco Fire & Integrated Solutions (U.K.).