Pune, India, May 29, 2023 (GLOBE NEWSWIRE) — The global gas leak detector market share was valued at USD 4.73 billion in 2022 and is expected to be worth USD 4.99 billion in 2023. The industry is projected to be valued at USD 7.61 billion by 2030, recording a CAGR of 6.2% during the forecast timeframe of 2023-2030.
The increasing efforts by governments to reduce and implement strict emission norms for industrial facility operators has encouraged them to install these detectors and monitor the daily activities of their facilities. This is one of the major factors favoring the market growth. Moreover, residential property developers are increasing their focus on building cleaner and greener properties with the help of connected wireless networks, thereby boosting the installation of modern and wireless gas detectors. Manufacturers are also equipping these detectors with cutting-edge technologies, such as IoT, AI and Bluetooth for industry-specific applications to attract customers from a wide array of sectors. These aspects will also fuel the market growth.
Fortune Business Insights™ presents this information in a report titled, “Global Gas Leak Detector Market, 2023-2030.”
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Key Industry Development:
Xiaomi, a China-based technology giant, decided to venture into a partnership with Honeywell International. Under this joint venture, the company developed and launched a smoke detector. The firm subsequently developed and launched its second product, Xiaomi Honeywell Gas Leak Detector.
Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 6.2% |
| 2030 Value Projection | USD 7.61 Billion |
| Base Year | 2022 |
| Market Size in 2022 | USD 4.73 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 140 |
| Segments covered | By Product Type, By Installation, By Application and By Region |
| Growth Drivers | Incorporation of Wireless Technologies to Drive the Production of Detectors |
| Inability to Restrict Possible Fire Hazards Might Hamper Adoption of Gas Leak Detector |
COVID-19 Impact
COVID-19 Caused Severe Decline in Residential Infrastructure Development, Disrupted Industrial Activities
The COVID-19 outbreak had a severe impact on the gas leak detector market expansion. The pandemic caused a notable decrease in activities of the labor-intensive infrastructure and residential construction sectors. Moreover, the economies of the U.S., China, the European Union, and India experienced considerable contraction as their governments halted many economic operations to cope with the pandemic situation. The shutdown of industrial facilities and reduced activity even in the essential sectors had a negative influence on the market forecast.
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Drivers & Restraints
Wireless Technologies Incorporated to Boost Performance of Gas Detectors
More factories are incorporating wireless technologies to improve their overall performance. Many commercial and residential complexes are also being connected to wireless networks. These are some of the key factors bolstering the gas leak detector market growth. Many manufacturers operating in this industry have started developing wireless detectors for better performance and seamless integration in the operational infrastructure, further improving the market performance.
Gas leak detection systems cannot control the harmful aftereffects of a leakage and act only as an alarm system to detect the leakage. These devices are unable to mitigate a gas leak after it has been detected, resulting in fire hazards and severe damage to the infrastructure. These disadvantages might dampen the gas leak detector market growth.
Report Coverage:
The report provides an in-depth analysis of the market and focuses on crucial factors, such as leading companies, products/services, and key applications of the product. Besides, the report provides insights into the latest industry trends and highlights key developments.
List of Key Players Present in the Market
- Robert Bosch (Germany)
- Bacharach (U.S.)
- Emerson Electric (U.S.)
- ABB Ltd. (Switzerland)
- General Electric (U.S.)
- Honeywell International (U.S.)
- HENGKO Sintered Metal Filters and Humidity Transmitter (China)
- RIKEN KEIKI (Japan)
- PCE Deutschland GmbH (Germany)
- Werner Bayer GmbH Maschinenfabrik (Germany)
- SENSIT TECHNOLOGIES (U.S.)
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Segments:
Electrochemical Gas Leak Detectors and Catalytic Bead Sensors to Gain Significant Momentum among End-users
Based on product type, the market is divided into electrochemical, catalytic bead sensors, photo-ionization, infrared point, optical, ultrasonic, and others (semiconductor, infrared imaging, and holographic).
Electrochemical and catalytic bead sensors are the two segments estimated to capture a sizable market share and register a strong CAGR during the forecast timeframe. Electrochemical gas detectors can identify toxic gas in the environment at an extremely low concentration, making them a highly versatile product. Also, simple technology and wide availability of catalytic bead sensors at affordable prices are contributing to the market progress.
Detection of Harmful Gases in Crammed and Isolated Locations to Boost Adoption of Portable Gas Detectors
Based on installation, the market is bifurcated into fixed and portable. Factory operators need to detect gases at relatively crammed and isolated locations. This has increased the adoption portable gas detectors for effective and precise monitoring. The rising usage of these devices in different applications is estimated to boost their sales. The growing installation of detectors equipped with wireless network technologies will also aid the portable gas leak detector market growth.
Gas Leak Detectors to be Extensively Used Due to Growing Establishment of Commercial Complexes
Based on application, the market is categorized into residential, and commercial/industrial. The commercial/industrial application segment might capture a large industry share during the forecast timeframe. The importance of monitoring leakages in industrial and commercial facilities is rising to create safe working conditions for workers. Factory owners are also looking for various ways to gather real-time data to protect the vulnerable sites, thereby helping the gas leak detector industry share grow.
Regional Insights:
Governments across Asia Pacific to Boost Investments in Construction Sector
Asia Pacific is might account for a major share of the global market as the region is heavily investing in its construction industry. Governments are also showing their interest in the development of sustainable and high-tech infrastructural amenities, further reinforcing the industry development.
Europe is predicted to hold a sizeable market share after Asia Pacific, with Germany and the U.K. being major contributors to the product demand. Gas detectors are becoming a mainstream product in several application sectors in these countries. The well-established manufacturing sector of these nations might aid the product supply across the region.
Competitive Landscape:
Companies Might Launch Innovative Products and Sign Collaboration Agreements to Strengthen their Market Position
Many well-established organizations are making robust investments in research and development (R&D) activities and are trying to introduce diversity in their product portfolio to make their presence felt in the global market. These industry participants are launching new products to gain a strong competitive edge over their rivals. Moreover, many product suppliers are focusing on the effective execution of inorganic growth strategies by signing merger & acquisition agreements, partnership contracts, and launching joint ventures to enhance the product sales.
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Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Gas Leak Detector Key Players Market Share/Ranking, 2022
- Global Gas Leak Detector Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Product Type
- Electrochemical
- Photo-ionization
- Infrared Point
- Optical
- Ultrasonic
- Others (Semiconductor, Infrared Imaging, Holographic, etc.)
- By Installation (USD)
- By Application (USD)
- Residential
- Commercial / Industrial
- Oil and Gas
- Energy and Power
- Electronics
- Steel
- Shipbuilding and Shipping
- firefighting and Rescue
- Civil Engineering and Construction
- Others
- By Country (USD)
- North America
- Latin America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Gas Leak Detector Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Product Type
- Electrochemical
- Photo-ionization
- Infrared Point
- Optical
- Ultrasonic
- Others (Semiconductor, Infrared Imaging, Holographic, etc.)
- By Installation (USD)
- By Application (USD)
- Residential
- Commercial / Industrial
- Oil and Gas
- Energy and Power
- Electronics
- Steel
- Shipbuilding and Shipping
- firefighting and Rescue
- Civil Engineering and Construction
- Others
- By Country (USD)
- United States
- Canada
- Mexico
- Latin America Gas Leak Detector Market Size Estimates and Forecasts, By Segments, 2019-2030
- Key Findings
- By Product Type
- Electrochemical
- Photo-ionization
- Infrared Point
- Optical
- Ultrasonic
- Others (Semiconductor, Infrared Imaging, Holographic, etc.)
TOC Continued…!
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