New York, NY — (PRESS RELEASE JET) — 10/24/2017 — Gas leak detectors are increasingly used in industries, residences and commercial zones to avoid mishaps form gas leakage. Such equipment can alert on both minor and severe gas leakage using advance reading technologies such as ultrasonic, infrared and electrochemical. In addition, they are capable of detecting air toxicity and presence of combustible gas in the air. There are two different types of gas leak detector available in the market; fixed and handheld. Industry associations and government regulation strongly advocate installation of such equipment in manufacturing units to ensure worker and workplace safety. Thus, installation of gas leak detector is mandatory in several industries as an “employee and personal safety instrument”. The global gas leak detectors market is expected to surpass US$ 3,143. Mn by 2020 end, expanding at 5.3% CAGR during the forecast period 2015 to 2020
Request Sample: https://www.persistencemarketresearch.com/samples/4606
Key Market Dynamics
PMR indicated that the demand for gas leak detector is expected to gain traction owing to increasing residential and commercial infrastructure development, especially in the emerging economies of the world. In addition, factors such as growing investments in chemical and oil & gas industry and stringent safety regulation passed by governments worldwide are expected to support the overall market growth during the forecast period. On the other hand, intense competition, low-profit margins and irregularities in payment cycles in the oil and gas industry may inhibit the market growth.
Key trends observed in the market for gas leak detector include incorporation of artificial neural network technology and inclusion internet of things (IoT) to upgrade gas leak detection technology.
According to a new market report published by Persistence Market Research “Global Market Study on Gas Leak Detector Market – Asia Pacific to Witness Highest Growth by 2020”, The global gas leak detectors market accounted for US$ 2,312.2 Mn in 2014 and while exhibiting a CAGR of 5.3% over the forecast period. The Global Gas Leak Detector Market is expected to reach US$ 3143.67 Mn by the end of 2020, representing a CAGR of 5.29% through 2015 to 2020.
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. However, 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.
The global gas leak detector market report is categorically split under four sections namely: market analysis by region, applications, product type and technology. The report analyses the global gas leak detector market in terms of market value (US$ Mn) and volume (Million Units).
Powered by WPeMatico