Global Gas Detection Equipment Market on a Growth Trajectory, Fueled by Petrochemical Industry - By The Business Research Company
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 18, 2023 /PRNewswire/ -- As per The Business Research Company's Gas Detection Equipment Global Market Report 2023, the global gas detection equipment market is poised for substantial growth, with the gas detection equipment market size expected to increase from $4.02 billion in 2022 to $4.39 billion in 2023, demonstrating a strong compound annual growth rate (CAGR) of 9.36%. Looking ahead, the gas detection equipment market is projected to reach a substantial value of $6.12 billion by 2027, driven by a CAGR of 8.66%. This remarkable gas detection equipment market growth is primarily attributed to the burgeoning petrochemical industry, where the demand for effective gas detection equipment is paramount for ensuring safety, environmental compliance, and operational integrity.
Petrochemical Industry Drives Growth
The petrochemical sector plays a pivotal role in propelling the gas detection equipment market forward. Petrochemical facilities engage in the processing of a wide range of chemicals, flammable gases, and volatile compounds. Given the inherent risks, the need for precise gas detection equipment becomes indispensable for safeguarding the well-being of workers, environmental protection, and adherence to regulatory standards. The equipment is pivotal in monitoring and managing hazardous materials, preventing leaks, fires, and explosions.
For instance, the International Energy Agency predicts that petrochemicals will account for a significant portion of the increase in oil consumption through 2030 and beyond, outpacing other sectors like trucks, aircraft, and shipping. The surge in demand for petrochemical products underscores the critical role that gas detection equipment will continue to play in ensuring safety and operational efficiency in this industry.
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Market Concentration and Key Players
The global gas detection equipment market is characterized by a degree of concentration, with a select group of prominent players dominating the landscape. In 2022, the top ten competitors collectively accounted for a substantial 49.28% of the total gas detection equipment market. Notable leaders include Honeywell International Inc., RIKEN KIKIE, Draegerwerk AG & Co. KgaA, ABB, MSA Safety Inc., New Cosmos Electric Co. Ltd., Siemens AG, Fortive, Emersn Electric Co., and Hanwei Electronics Group Corporation.
Emerging Trends: Drone-Based Gas Monitoring
Companies within the gas detection equipment market are increasingly exploring innovative technologies such as drone-based gas monitoring. This approach utilizes unmanned aerial systems (drones) equipped with gas sensors and advanced technology to monitor gas emissions, air quality, and potential leaks in real-time.
For instance, in April 2021, ABB Ltd., a Switzerland-based technology company, launched HoverGuard, a drone-based gas leak detection and greenhouse gas measuring system. HoverGuard swiftly and accurately detects, quantifies, and maps gas leaks, ensuring fast, safe, and reliable assessments. This pioneering unmanned aerial vehicle (UAV) system quantifies critical greenhouse gases, including methane, carbon dioxide, and water vapor during flight.
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The global gas detection equipment market is segmented based on several key parameters:
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