New York, July 29, 2015 (GLOBE NEWSWIRE) -- PMR Says: The global gas leak detectors market accounted for US$ 2,312.2 Mn in 2014 and it is projected to reach US$ 3,143.7 Mn by the end of 2020 while exhibiting a CAGR of 5.3% over the forecast period.
Drivers & Trends
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 the internet of everything (IoT) and artificial neural network technology and gas leak detectors.
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The global gas leak detector market is segmented on the basis of region, product type, technology type and application type. The product type is classified into two sub-segment which are, fixed type gas leak detectors and portable type gas leak detectors. On the basis of technology, the market is segmented into electrochemical, infrared imaging, ultrasonic, semiconductor and others. The application segment includes industrial, commercial establishments and others. The industrial application segment is further sub segmented into oil & gas, chemical and power generation and others. Also, the commercial sub-segments includes shopping malls, hotel & restaurants and other commercial establishments. The regional analysis of gas leak detector market includes Western Europe, Asia Pacific, Eastern Europe, North America, Middle East & Africa and Japan.
Global Gas Leak Detector Market Analysis, By Product Type
Portable type gas leak detectors accounted for 58.2% of 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.
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Global Gas Leak Detector Market Analysis, By Application Type
As of 2014, the Industrial application segment of the gas leak detector is the largest segment of the global gas leak detector market. 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 the year 2014 by the 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.
Global Gas Leak Detector Market Analysis, By Technology Type
The electrochemical based gas leak detector is the predominant segment with total share of 38.3%, 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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Global Gas Leak Detector Market Analysis, By Region
North America, Latin America, Eastern Europe and Western Europe together contributed 50% of the global gas leak detector market value in the 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% and expected to account 12.7% in the global gas leak detector market by the end of 2020.
Some of the Major Market Players in Leak Detector Market:
- MSA Safety Inc.
- Honeywell International Inc.
- Tyco International plc.
- Dragerwerk AG & Co. KGaA
- Emerson Electric Company
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Source:Persistence Market Research