The report by TMR projects the global market for gas detection to expand at a 5.6% CAGR. Rising at this rate, the market is expected to become worth US$5.6 bn by 2024 from US$3.4 bn in 2015.
The different types of products purveyed in the market are portable gas detector and fixed gas detector. Of the two, the fixed gas detector accounted for a dominant share of around 55.0% in the market in 2015. The portable gas detectors are seeing surging popularity too.
From a geographical standpoint, North America leads the global gas detection equipment market with maximum revenue generated. The region is predicted to generate north of billion dollars by 2024. In terms of growth rate, however, Asia Pacific is slated to outpace all other regions with a solid 7.9% CAGR from 2016 to 2024.
Strict Norms about Workers’ Safety Drives Market
One of the major factors fuelling growth in the global market for gas detection equipment are efforts to bring about workers’ safety. Both government bodies and industry associations, worldwide, are pushing for workers’ safety by laying down strict norms and regulations pertaining to precautionary measures.
Take for example The Health and Safety Executive of Great Britain. They have made it mandatory to make use of gas detectors in work environments that are dangerous such as gas plants and offshore oil plants.
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Again, the FE-02 policy of Manchester Mental Health and Social Care Trust (the U.K.) stipulates that all gas detection systems have to be checked regularly for their efficiency. It also states that all maintenance activities must be recorded, maintained, and be easily available.
The Code of Federal Regulations in the U.S. is another example. Section 127.1203 says that waterfront facilities, which are transferring flammable liquefied hazardous gas (LHG), must deploy a minimum of two portable gas detectors or one fixed gas detector. The installed gas detectors must be able to show the current level of LHG transferred, and also if this level is below or above the level permitted.