Press release
APAC Gas Leak Detectors Market Investigation & Development Forecast during 2016 – 2024
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Strong demand from oil & gas and chemical industries is expected to drive the APAC gas leak detectors market over the forecast period
With the growth of oil and gas industries as well as the chemical industry, the APAC gas leak detectors market is expected to register a CAGR of 5.8% over the forecast period to reach nearly US$ 1,700 Mn by the end of 2024. The APAC gas leak detectors market is projected to represent incremental opportunity of more than US$ 600 Mn between 2016 and 2024. Growing demand for gas leak detectors in automotive manufacturing plants, mining, iron and steel, etc. is expected to drive the market over the forecast period.
APAC Gas Leak Detectors Market Analysis and Forecast, by Application
Industrial segment is expected to dominate the APAC gas leak detectors market owing to high sales in oil & gas and chemical industries
Oil & gas and chemical industries need to maintain a high level of security and safety for workers due to the high amount of harmful gases involved in the operational processes. The industrial segment accounted for over 70% of the APAC gas leak detectors market in 2016. However, owing to an increasing use of gas leak detectors in end use industries such as mining and automotive manufacturing, the industrial segment is anticipated to lose 40 BPS between 2016 and 2026. In the treatment of waste water and in iron and steel plants, the demand for gas leak detectors is expected to grow gaining 40 BPS between 2016 and 2024.
APAC Gas Leak Detectors Market Absolute $ Opportunity Analysis, by Application
Industrial
The industrial segment is expected to create total incremental opportunity of nearly US$ 500 Mn between 2016 and 2024. The segment is projected to reach market value of nearly US$ 1,300 Mn by 2024 end, registering a CAGR of 5.8%.
Commercial & Establishment
The commercial and establishment segment is anticipated to witness a CAGR of 5.8% and is expected to create total incremental opportunity of nearly US$ 30 Mn between 2016 and 2024. The segment is likely to represent a share of 4.1% of the total incremental opportunity created between 2016 and 2024.
Residential
The residential segment, registering a CAGR of 5.9%, is projected to create total incremental opportunity of nearly US$ 10 Mn between 2016 and 2024, representing a share of 1.5% of the total incremental opportunity created between 2016 and 2024.
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APAC Gas Leak Detectors Market Attractiveness, by Application
Involvement of various government organizations for personnel safety in mining is expected to drive the market of the others segment over the forecast period
The industrial segment of the APAC gas leak detectors market is expected to be a relatively attractive segment in terms of value share and incremental opportunity over the forecast period owing to high utilization of gas detectors in oil and gas as well as in chemical industries. The others segment comprising waste water treatment, iron and steel, mining, etc. is estimated to record a CAGR of 6.2% due to high awareness among workers, and government standards and organizations such as Coal Mine Safety Bureau and China Coal Research Institute. The commercial and establishment segment is mainly driven by the demand for gas leak detectors in hospitals or laboratories and in the basement of shopping malls, movie theatres, etc.
Market Trend: Increasing Use of Portable Gas Leak Detectors
Manufacturers are focused on the development of gas leak detectors with advanced features such as wireless connectivity to a central office, data logging and recording, full tracking capabilities, and streamlined compliance reporting. Advanced portable gas leak detectors are finding increasing application as personal protective devices in various industries and also for mobile testing of widespread manufacturing plants. This is mainly due to the ability of these detectors to detect multiple gases and store data for analysis.
Analyst Viewpoint
Use of drones for gas leak detection is an upcoming trend
Gas leak detection systems are being installed on drones for gas leak surveillance in specific areas. In extremely hazardous areas and difficult-to-reach areas, gas leak detection could be made possible by the use of drones fitted with gas leak detection systems. Drones could be able to communicate a combination of infrared and visual views in real time, enabling the participation of many professionals in gas leak detection across geographical locations.
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