New York, May 19, 2015 (GLOBE NEWSWIRE) -- The global gas leak detectors market accounted for US$ 2,312.2 Mn in 2014 and while exhibiting a CAGR of 5.3% over the forecast period. The Global Gas Leak Detector Market is expected to reach US$ 3143.67 Mn by the end of 2020, representing a CAGR of 5.29% through 2015 to 2020.
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Key driving factors: identified in the global gas leak detectors market are stringent government safety norms, growing investment in oil & gas and chemical Industries and increasing commercial and residential infrastructure development. However, lower profit margin due to intense competition, deferred investments in oil and gas might pose a challenge towards the growth of the global gas leak detector market. Some of the major trends identified in the global gas leak detector market are the use of internet of everything (IoT) and artificial neural network technology and gas leak detectors.
The global gas leak detector market report is categorically split under four sections namely: market analysis by region, applications, product type and technology. The report analyses the global gas leak detector market in terms of market value (US$ Mn) and volume (Million Units).
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From a regional perspective: North America, Latin America, Eastern Europe and Western Europe together contributed 50% of the global gas leak detector market value in year 2014. Whilst Asia Pacific excluding Japan contributed total 35%, making it the largest geographical segment in the global gas leak detector market. The Middle East and Africa gas leak detector market is projected to grow at promising CAGR of 6.27% through the forecast period.
From the product type perspective, Portable type gas leak detectors accounted a leading share in the global gas leak detector market value in 2014, which is projected to remain dominant throughout the forecast period. The fixed type gas leak detector market is projected to exhibit CAGR of approximately 3.8% for the year 2015 to 2020.
On the basis of technology type: the electrochemical based gas leak detector is the predominant segment with total share of about 38%, whilst the ultrasonic, semiconductor and infrared based gas leak detector cumulatively accounted for 46.6% % in the global gas leak detector market value in 2014. When compared with other remaining technology segment the infrared based gas leak detectors is projected to grow at higher CAGR of 6.30% over the forecast period.
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From an application perspective: the Industrial application segment of the gas leak detector is the largest segment of the global gas leak detector market in 2014. Out of the sub-segment oil & gas is the major segment, holding the largest market share as compared with other remaining sub-segment. On the other hand, the market value accounted in year 2014 by commercial establishment application segment is approximately 2.5X of the value registered by the residential segment. Others application segment is expected to grow with a CAGR of 7.1% from 2015 to 2020.
Key market participants: covered in the report include MSA Safety Inc., Honeywell International Inc., TycoInternational plc, Drägerwerk AG & Co. KgaA, Emerson Electric Company and other players.
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Source:Persistence Market Research