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ringier-盛鈺精機有限公司

Portable gas detection market worth US$1.7M by 2023

Source:Market Research Release Date:2016-04-21 187
Metalworking
The global portable gas detection equipment market had generated revenues of US$1,145.3 million in 2014; this is projected to expand at a CAGR of 4.8% during the forecast period (2015-2023) and reach US$ 1,737.3 million by 2023, according to ransparency Market Research.  

The market for portable gas detection equipment is mainly driven by growing preference for flexible, portable equipment for gas leak detection, especially in confined areas with limited access. The expanding applications of this equipment across the mining, industrial, and oil & gas end-use sectors is another driving factor for the market. Moreover, the advent of wearable gas detection equipment is anticipated to offer huge growth potential to the global portable gas detection equipment market in the coming years. On the contrary, a factor hindering market growth is low awareness about portable gas equipment, which receives stiff competition from fixed gas detection equipment that is already installed in major locations.

By end-use, the global portable gas detection equipment market was led by the industrial sector owing to high demand for gas detection equipment in Asia Pacific, North America, and Europe. The market's size is substantial in the mining and oil & portable gas end-use sectors. In the coming years, the oil & gas segment is further expected to embrace gas detection technologies and thus it is anticipated to remain the fastest-growing end-use segment in the global portable gas detection equipment market. The impact of wearable gas detection is also expected to be significantly high in certain applications in these end-use sectors.

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